Prime Minister Pham Minh Chinh has called on international investors to boost their investments in Vietnam, reaffirming the government's commitment to supporting foreign investors, in his remarks at the ASEAN Business and Investment Summit 2024 (ASEAN BIS 2024).

PM Chinh made his appeal while delivering a speech at ASEAN BIS 2024 while attending the 44th and 45th ASEAN Summits in Vientiane, Laos on Tuesday.

With the theme 'ASEAN: Enhancing Connectivity and Economic Resilience,' ASEAN BIS 2024, the region's largest annual business forum, began the same day, drawing over 800 leading business figures from ASEAN and around the world.

Organized by the ASEAN Business Advisory Council (ASEAN-BAC) within the framework of the ASEAN Summits, the four-day ASEAN BIS 2024 focuses on topics of interest to regional businesses such as digital transformation, sustainable development, MSME (micro, small, and medium enterprises) empowerment, food security, health resilience, trade and investment facilitation, and human capital.

During his speech, PM Chinh briefed delegates on his country's economic situation and emphasized that amid the world facing many difficulties and challenges, Vietnam will continue to maintain an independent and autonomous economic policy while promoting and expanding effective cooperation with its partners around the world.

He thanked foreign enterprises and investors, including the ASEAN network, for their investment and cooperation activities in Vietnam.

PM Chinh urged foreign enterprises to continue their investment and cooperation efforts in Vietnam, embracing the spirit of the ‘four togethers’: listening and understanding together; sharing vision and taking action together; working, succeeding, and celebrating together; and sharing joy, happiness, and pride together.

He told the audience that Vietnam is serious about implementing commitments within the framework of the ASEAN Economic Community and with its partners, while continuously improving the investment and business environment.  

PM Chinh re-affirmed his vision to create more favorable conditions for foreign investors which allow them to fully develop their capabilities and creativity, make the best use of Vietnam’s competitive advantages, and optimize their operational efficiency.

The PM pledged that “the Vietnamese government will continue to promote its role as a ‘constructor’ with the motto of ‘open policies, smooth infrastructure and smart governance,’ to further support people and businesses.”

Currently, Vietnam is concentrating on executing three strategic breakthroughs, including perfecting its institution, developing strategic infrastructure systems, and improving human resources, especially a high-quality workforce.

PM Ching added that Vietnam will give priority to promoting high-tech industries such as AI, information technology, semiconductor chip manufacturing, and comprehensive digital transformation.

He emphasized the goal of building an honest, creative, and action-oriented government while promoting the fight against corruption, reforming administrative procedures, and minimizing bureaucracy and compliance costs for people and businesses.

PM Chinh told the delegates that Vietnam's economy has achieved important results, with stable macroeconomics, inflation under control, and major balances of the economy ensured.

In 2023, the country gained a gross domestic product value of US$430 billion, ranking 34th among the world’s major economies, and a per capita income of $4,300.

In the first nine months of 2024, Vietnam achieved an economic growth rate of 6.82 percent and attracted $24.78 billion in foreign direct investment (FDI), marking an 11.6 percent spike from a year back. Realized FDI approximated $17.3 billion, up 8.9 percent, the highest year-on-year growth since 2021.

PM Chinh highlighted that Vietnam signed 16 new-generation free trade pacts with over 60 countries and territories. 

Regarding the global context, PM Chinh said the world is facing many challenges including increased geopolitical competition, risks of local conflicts, fierce trade competition, threats of supply chain disruption, the impact of climate change, natural calamities, epidemics, natural resource depletion, and an aging population.

Under this situation, PM Chinh said that ASEAN remains united in diversity, maintains its self-reliance and self-resilience, and stands confident as a center for growth.

He urged businesses and entrepreneurs to lead the way in building a self-reliant ASEAN by enhancing economic connectivity, advancing science, technology, and innovation, and developing strategic infrastructure both within and across nations.

He also insisted on deepening the bloc's global integration.

PM Chinh's closing remarks stated, “No country can solve the world’s problems by itself. Every country should promote multilateralism, and so should businesses. I call on businesses to unite and join hands to deal with global issues, leaving no one behind.” 

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