Top Irish firms keen on high-tech, energy, agri investments in Vietnam

The top leaders of 15 major Irish companies have shown their interest in investing in Vietnam, particularly high-tech, agriculture, industry-energy, and health care.

They revealed their keenness at a meeting with Vietnam’s Party General Secretary and State President To Lam in Dublin on Thursday. Lam was the first Vietnamese leader to pay a state visit to Ireland since the two nations established diplomatic relations in 1996.

Lam expressed hope that Irish businesses, with their capacity and resources, will pour more investments into the country.

Lam lauded the operations of many Irish firms in various fields in Vietnam, noting Vietnam is prioritizing such areas as agriculture, health care, energy transition, low emission industries, and especially high-tech, biotechnology, and semiconductors.

He said the 41 projects with a total investment capital of $60.82 million Ireland is running in Vietnam remain modest as compared to the potential of both sides.

The leader briefed the participants on Vietnam’s economic situation, emphasizing that it has signed 16 free trade agreements (FTAs), including one with the European Union (EVFTA), to which Ireland is a member.

The country’s GDP grew 5.05% to exceed $430 billion last year, and the rate is expected to stand at 6-6.5% this year, he continued.

Vietnam has been seen as a safe and attractive destination, luring investors from 141 countries and territories with more than 40,500 projects worth over $484.7 billion. It is also named among the world’s top 20 host economies for foreign direct investment.

Highlighting cooperation achievements Vietnam and Ireland have recorded since they established diplomatic ties nearly 30 years ago, Lam elaborated that two-way trade rose 2.5-fold over the past six years despite global economic uncertainties.

Ireland has emerged as Vietnam's sixth largest trade partner and second largest import market in the EU, he said, stressing they are working towards the goal of raising bilateral trade to $5 billion by 2026, which marks the 30th anniversary of the diplomatic relations.

The leader remarked that Vietnam is committed to effectively capitalizing on the opportunities presented by the Fourth Industrial Revolution to accelerate its growth model reform and economic restructuring. This strategy is associated with the country's efforts to implement key breakthroughs and drive modernization.

The nation is also focusing on fostering a robust digital economy and promoting rapid and sustainable development driven by science and technology, innovation, and high-quality human resources.

With a long-term vision, Vietnam will selectively attract investments aimed at advancing its digital economy, green economy, circular economy, and knowledge-based economy, prioritizing high-tech projects, and those in electronics, semiconductors, innovation, renewable energy, new energy, biotechnology, health care, modern trade and services, infrastructure, and research and development.

Lam pointed out that potential for bilateral cooperation has yet to be fully tapped, and suggested the two countries strengthen collaboration in the time ahead.

He called on Irish businesses that are running projects in Vietnam to expand operations, and those that are interested in the market to take it as a strategic investment destination where they can optimize FTAs Vietnam has signed to boost exports to others in the region and the world.

Vietnamese agencies are ready to support foreign businesses, including those from Ireland, Lam said, expressing his hope that they will help local firms participate in value chains and contribute to Vietnam's digital transformation, green transition, and governance transformation.

Universities, businesses enter cooperation deals

The same day, To Lam witnessed the exchange of several cooperation pacts between Vietnam and Ireland in Dublin, shortly after meeting with the Irish businesses.

In the top leader’s witness, Le Quan, president of Vietnam National University, Hanoi, and Dolores O'Riordan, vice president for global engagement at University College Dublin, exchanged a framework agreement on promoting cooperation in education and scientific research, as well as staff, lecturer, and student exchanges.

Additionally, chairman Truong Gia Binh of Vietnam’s tech giant FPT Corporation and professor Cathal Gurrin, head of the ADAPT Research Center at Dublin City University, exchanged a memorandum of discussion regarding collaboration between FPT University and ADAPT in developing high-tech workforce in the field of artificial intelligence (AI).

Dublin City University will send lecturers to Vietnam to train students at FPT University in Danang, organize teaching experience exchange workshops, and provide PhD scholarships for young FPT lecturers as well as short-term internships for AI-majoring students.

FPT CEO Nguyen Van Khoa and Chris Davis, managing director of the IT infrastructure services provider Kyndryl Ireland, exchanged a framework agreement regarding cooperation in digital transformation and AI application development.

The two sides plan to discuss the signing of a contract to jointly develop AI technologies and digital transformation solutions for clients in sectors such as banking, insurance, and retail in Ireland. FPT and Kyndryl have previously collaborated in expanding customer bases in markets like the U.S., Japan, the UK, and Germany.

Nguyen Thanh Hung, vice chairman of Vietnamese carrier Vietjet, and Sankalp Garg, head of Asia-Pacific at Castlelake Aviation, exchanged a framework agreement on the leasing and purchasing of aircraft.

Accordingly, Castlelake will finance four modern A321neo aircraft from Vietjet’s existing order with Airbus, with delivery scheduled for 2024.