Vietnamese Prime Minister Pham Minh Chinh has called for further promoting multifaceted collaboration between Vietnam and other ASEAN member states, emphasizing several key initiatives to this effect.

Speaking at a roundtable discussion in Hanoi on Tuesday with representatives from leading ASEAN businesses operating in Vietnam, PM Chinh highlighted the vast potential for cooperation and urged the businesses to strengthen multifaceted ties.

He reassured participants that Vietnam is actively improving its business and investment environment through strategic reforms focused on institutional frameworks, infrastructure development, and human resource training.

To enhance cooperation between Vietnam and other ASEAN nations, the prime minister outlined several crucial initiatives.

Chinh emphasized the need for political and diplomatic solidarity while advocating deeper economic connectivity and stronger collaboration across key sectors.

He also underscored the necessity of bold and innovative thinking to drive sustainable growth.

The PM stated that practical and responsive solutions are very important to facilitate cooperation and boost efficiency.

Additionally, he stressed the importance of enhanced coordination mechanisms between governments and businesses to ensure efficient decision-making and policy implementation.

Building on these initiatives, PM Chinh encouraged enterprises to expand their investments in Vietnam, particularly in high-quality and advanced technology sectors.

He also urged for greater economic integration between Vietnam and other ASEAN nations, with a focus on infrastructure, transportation, digital payment systems, and tourism. 

He further emphasized the importance of institutional harmonization and regulatory alignment to facilitate smoother trade and investment processes.

The PM reaffirmed Vietnam’s commitment to ASEAN, describing it as a shared home and a strategic priority in the country’s foreign policy.

He pledged Vietnam’s continued efforts to strengthen the ASEAN community, ensuring it remains united and resilient in the face of global economic challenges.

During the discussion, representatives of the ASEAN businesses in Vietnam expressed their strong support for these initiatives and confirmed their willingness to collaborate with Vietnam to achieve these economic growth targets.

Many enterprises outlined plans to increase investments in Vietnam, particularly in high-tech industries such as semiconductors, artificial intelligence, aviation, energy, e-commerce, agriculture, food processing, industrial infrastructure, urban development, finance, and logistics.

The ASEAN businesses also recommended that Vietnam continue refining its legal framework, ensuring consistent and transparent policy implementation.

They called for tax policy simplifications, streamlined customs procedures, and the elimination of technical trade barriers.

In addition, they proposed more flexible regulations regarding work permits and visas, more open land use and housing policies for foreign investors, and accelerated approval processes for investment and energy projects.

In response, PM Chinh acknowledged these recommendations and directed relevant ministries and agencies to address them promptly, ensuring clarity in responsibilities, timelines, and outcomes.

He also provided specific responses to issues raised, including electricity pricing for energy projects, foreign banking regulations, and investment challenges in logistics, e-commerce, and sustainable agriculture.

Official data highlights the strong economic ties between Vietnam and ASEAN nations.

In 2024, Vietnam’s total trade with ASEAN countries reached $83.6 billion, making the bloc Vietnam’s fourth-largest export market and third-largest import market. 

Several ASEAN countries are among the top foreign investors in Vietnam, with Singapore leading the way with $84.3 billion in investment across 3,946 projects, followed by Thailand and Malaysia.

Conversely, Vietnam has invested nearly $12.1 billion in 871 projects across ASEAN countries, primarily in Laos, Cambodia, Myanmar, Malaysia, and Singapore.

Established in 1967, ASEAN, or the Association of Southeast Asian Nations, comprises ten member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!