Vietnam seeks WEF help with high-quality investment attraction

Vietnamese Prime Minister Pham Minh Chinh on Monday suggested the World Economic Forum (WEF) assist Vietnam in attracting high-quality investments, particularly in high tech, energy transition, digital transformation, and strategic infrastructure.

Receiving WEF founder and executive chairman Prof. Klaus Schwab within the framework of the 14th Annual Meeting of the New Champions (AMNC) of the WEF in China’s Tianjin, Chinh urged the WEF to enhance the exchange of views on the global development trends and offer policy advices to help Vietnam improve its competitiveness and business environment in adaptation to new regulations and trends.

Prof. Schwab expressed his impression on Vietnam's socio-economic achievements and macro-economic stability, and stressed his strong commitment to boosting cooperation with Vietnam. He vowed to work closely with relevant agencies to propose and launch practical joint projects which are in line with Vietnam's interests and WEF’s strengths.

He said he admired the dynamism of Vietnam's young generation amid technological advancements, considering it one of Vietnam's significant competitive advantages.

On the same day, PM Chinh attended the World Economic Forum's (WEF) Country Strategic Dialogue on Vietnam, which saw the participation of Klaus Schwab, WEF president Borge Brende, and about 50 global corporate leaders.

The dialogue aimed to share experience of Vietnam as a model for economic recovery and growth model transition promotion. It provided an opportunity for participants to exchange views on the Southeast Asian nation’s business-investment directions, policies, and environment.

In his remarks, PM Chinh said that his country is stepping up the implementation of three strategic breakthroughs: comprehensive institutional improvement, high-quality workforce development, and construction of modern and synchronous infrastructure.

“Vietnam is strongly reforming its growth model, restructuring the economy, promoting innovations, digital transformation and energy transition, and developing a green and circular economy,” he noted.

Chinh expressed his wish that the WEF and its members continue to collaborate with and support Vietnam in technology, finance, high-quality human resources training, and modern governance.

In response, the WEF leaders and business representatives acknowledged Vietnam as one of the bright spots in the region's economic recovery, a successful model in pandemic prevention, and a pioneer in growth model transformation and energy transition.

Many participating enterprises, impressed by the Vietnamese government's strong commitments and support for the business community, said the nation is among the most suitable choices for long-term investment and cooperation.

The Vietnamese leader also received Robert H. McCooey, Jr., vice chairman of Nasdaq – a U.S.-based multinational financial services corporation.

Lauding Nasdaq's support for Vietnamese businesses, the PM hoped that the company will share information about monetary policies of major countries, global financial market trends, and experience to help Vietnam develop its domestic capital market.

On this occasion, Vietnamese Minister of Foreign Affairs Bui Thanh Son and WEF President Borge Brende signed a memorandum of understanding (MoU) on cooperation between Vietnam and the WEF for the 2023-2026 period under the witness of PM Chinh and Prof. Schwab.

The MoU serves as an important foundation to boost cooperation between Vietnam and the WEF in the new period, focusing on six key areas of innovation in food; skill development for innovation and green transformation; zero-emission industrial clusters; plastic actions, including the Global Plastic Action Partnership (GPAP); finance for renewable energy transition; digital transformation cooperation and the establishment of the fourth industrial revolution center.

The MoU signing will enable Vietnam to access resources, experience and join the WEF’s global programs, thereby establishing a comprehensive ecosystem to drive new growth engines, attract investment and improve national competitiveness.