INCHAM PARTICIPATES IN THE ANNUAL VIETNAM BUSINESS FORUM (VBF)

With the theme “FDI enterprises pioneer in implementing Green Growth Strategies”, the Prime Minister’s meeting with FDI enterprises and Annual Vietnam Business Forum (VBF) was held in Hanoi on March 19 under the co-chairing of Minister of Planning and Investment Nguyen Chi Dzung, World Bank and IFC. Prime Minister Pham Minh Chinh attended and gave speech in the forum.

Speaking at the meeting, Minister Nguyen Chi Dung spoke highly of the business community’s contribution over the past time, adding that enterprises, including FDI ones, will be both object and subject that actively participating in implementing the Party and the State’s guidelines and policies, especially in building and perfecting institutions towards a rapid and sustainable development in the new period.

FDI enterprises are being the pioneer and taking the lead in realising the Green Growth Strategy for the 2021-2030 period with a vision to 2050, including applying ESG (Environmental, Social and Governance) in business production.

With its potential and position in the global supply chain, Vietnam sees huge opportunity in realising green growth goals and having ability to transform, catch up, move forward, surpass and make a leap in economic, social and environmental development. Green growth is the key to ensuring the successful implementation of the Socio-Economic Development Strategy for the 2021-2030 period, creating opportunities for Vietnam to speed up transformation towards an efficiency and innovation-driven growth model that promoting the quality and sustainability of the entire economy as well as enterprise.

In his remarks, PM Chinh hailed the support of international friends and contributions by FDI firms to Vietnam’s socioeconomic achievements over the past time. Against the backdrop of a global FDI slowdown, Vietnam has remained a silver lining in this regard, attracting nearly 36.6 billion USD in FDI in 2023, up 32.1% year-on-year. As of the end of February 2024, the country counted over 39,500 valid FDI projects, with a total registered capital of more than 473 billion USD, by investors from 145 countries and territories worldwide, the leader said.

Informing the participants about Vietnam’s development orientations, he stressed that to achieve the set targets, it requires people and businesses, including FDI enterprises, to further uphold their roles. The PM suggested FDI firms, along with Vietnam, take people as the centre, subject, resources, momentum and target of development, stressing economic growth should not be achieved at the expense of social progress and equality, and the environment.

Regarding green growth, the government leader noted that Vietnam has viewed it as a core element in economic restructuring and growth model reform towards higher productivity, quality, efficiency and competitiveness, and rapid, sustainable development.  He elaborated on Vietnam’s net-zero commitments and its green growth strategies and plans, and called on foreign investors and partners to work together with Vietnam to achieve them. FDI firms and foreign investors should lead in changing both mindset and actions, pursuing sustainable development, transferring technologies, and promoting development research, he suggested.

The PM also called on development partners to enhance cooperation, especially in high-quality personnel training, share experience with Vietnam, provide consultations, and intensify financial and technological support to the country.

In return, Vietnam will ensure legal, legitimate rights and interests of businesses, guarantee political stability, social order and safety and national independence, sovereignty and territorial integrity to help investors feel secured during operations; and ensure energy security towards green transition, he pledged.

At the same time, the country will implement the three breakthroughs of institution, law, mechanism, policy; infrastructure, including transport, digital, logistics and social infrastructure; and administrative reform and personnel training, the leader continued.

It will also work to raise businesses’ confidence in the Government and all-level administration; promote openness, transparency in tandem with the fight against negative phenomena and wastefulness; and step up support to enterprises in green, sustainable development, he said.

INCHAM Hanoi Chairman Mr. Indronil Sengupta and Board of Governors member Mr. Rajeev Garg  attended the meeting. During the event, INCHAM was honored to receive a Certificate of Merit from Minister Nguyen Chi Dzung of the Ministry of Planning and Investment, recognizing our significant contributions and achievement in foreign investment attraction in Vietnam.