Vietnam protects legitimate rights, interests of foreign investors: PM

Vietnam is committed to protecting the legitimate rights and interests of foreign investors in the country “in any circumstances,” Prime Minister Pham Minh Chinh has said.

The government will continue its efforts to help businesses overcome challenges and seize opportunities for long-term operations in Vietnam on the principle of harmonious benefits and shared risks, the prime minister said at a conference with foreign-invested firms in Hanoi on Monday.

The event drew the participation of 15 business associations, 180 foreign firms, and several senior government officials.

The government chief also pledged not to criminalize economic and civilian relations, but violators must be handled to ensure a transparent, equal, and healthy operating environment.

In response to investors’ queries regarding the government’s actions to create a stable and enabling environment, the PM affirmed that Vietnam adheres to the principles of conducting an independent and peaceful foreign policy, and a “four nos” defense policy.

The "four nos" defense policy means no military alliances, no siding with one country to act against another, no foreign military bases in Vietnamese territory or using Vietnam as leverage to counteract other countries, and no using force or threatening to use force in international relations.

Besides building an independent and self-reliant economy based on its internal resources, Vietnam is proactively deepening international integration. The country is now a party to 16 free trade agreements, including new-generation deals such as the CPTPP, EVFTA, and RCEP.

Vietnam continues to make breakthroughs in institutional reforms, human resource development, and infrastructure building, thus reducing input and compliance costs and raising competitiveness, he added.

Despite headwinds, Vietnam has managed to keep macroeconomic fundamentals stable, boost economic growth while taming inflation, and secure debts within safe limits, resulting in a sound environment for businesses, Chinh said.

The PM asked government agencies to continue revising and perfecting foreign cooperation policies, and improving the business environment for reduced costs to make Vietnam more competitive.

Regarding foreign firms, Chinh asked them to make long-term, sustainable and environment-friendly strategies in Vietnam, fitting the country’s master plans.

He encouraged them to innovate their business models, prioritizing the green, digital, circular, and knowledge-based economies, and climate change adaptation.

Since Vietnam opened up its economy more than three decades ago, foreign firms have been a driving force, helping boost economic growth. During that time, Vietnam has become more selective about foreign investment, now focusing on innovation and sustainability.

As of September 20, 2023, Vietnam had attracted 38,379 FDI projects worth a combined $455 billion, mainly in manufacturing and real estate. Actual investment has reached $290 billion, according to official data.