Vietnam welcomes Chinese high-tech investments: PM

Vietnam welcomes major investments from Chinese business giants, particularly in the high-tech sector, Prime Minister Pham Minh Chinh said Tuesday.

Addressing a working session held with representatives of 19 Chinese corporate majors including ZTE, Huawei, Huadian, China Southern Power Grid, and Energy China, Chinh highlighted the foreign direct investment (FDI) sector is a key part of the Vietnamese economy.

Vietnam aims to further boost the connection between the FDI and domestic sectors, and the public-private partnership (PPP) form of investment, he said.

It was the first meeting between the PM and the Chinese business community after top leaders of both countries agreed last December on building a Vietnam-China community with a shared future that carries strategic significance.

Chinh said the Vietnamese government encourages Chinese businesses to invest in prioritized sectors like innovation, green growth, digitalization, renewable energy, clean energy, smart urban areas, high-quality manufacturing, road traffic infrastructure, railway, healthcare and education.

He called on major Chinese businesses to make major, quality investments in line with Vietnam’s aspirations.

Another area with immense cooperation potential is the application of a sustainable business model in green economy, digital economy, knowledge-based economy, circular economy and sharing economy, facilitating Vietnamese firms joining global and regional supply chains.

PM Chinh also suggested that the two nations further integrate their economies, focusing on building transnational railways and roads, launching smart border gates, and facilitating and digitalizing trade activities.

He recommended that China import more Vietnamese farm produce and other high-quality goods.

For his part, Chinese Ambassador to Vietnam Xiong Bo, also the leader of the Chinese delegation, affirmed China would continue encouraging businesses to invest in Vietnam, per the guidelines set by Prime Minister Pham Minh Chinh.

China and the U.S. were Vietnam's biggest trade partners in January-April, with total values of $59.6 billion and $38.6 billion, respectively, according to the General Statistics Office.

During this period, Vietnam imported goods worth $41.6 billion from China and exported goods worth $18 billion, up 28.4% and 14.4% year-on-year, respectively.

As of April, mainland China was the sixth-biggest FDI source for Vietnam with a total of 4,507 projects and registered capital of $27.9 billion, according to the Ministry of Planning and Investment. The figure did not include FDI from Taiwan and Hong Kong, the fourth and fifth-biggest sources, respectively.

EVN cooperates with SPIC, Huadian

A day earlier, delegations from China’s State Power Investment Corporation Limited (SPIC) and Vietnam’s state utility EVN met in Hanoi to discuss further cooperation and exchange experiences in energy transition to green and newer energy forms.

SPIC, active in Vietnam since 2006, has invested in seven power generation projects with a combined capacity of 1,520 MW. As of end-2023, SPIC-invested projects had generated 43.42 billion of kWh for Vietnam, said CEO Li Baoqing..

Also Monday, the EVN leadership met with Huadian Corporation (CHD), a top five power producer in China. EVN requested the Chinese giant to continue helping it with energy transition, power grid management, upgrading coal-fired power plants, and new energy.