Meeting between the Prime Minister and the FDI business community and participation in the Vietnam Business Forum

The event was organized by the Ministry of Planning and Investment of Vietnam, the World Bank Group (WB), and the International Finance Corporation (IFC). Attendees included leaders from central ministries, agencies, central agencies, diplomatic agencies, international organizations, FDI enterprises, and economic experts.

VBF is a continuous and close dialogue mechanism between the Government of Vietnam and the business community to improve the necessary business conditions to promote the development of the private business sector, facilitate the investment environment, and contribute to sustainable economic growth of Vietnam.

According to the Report on the Roadmap to Sustainable Economic Recovery, VBF confirms that despite many difficulties, Vietnam still maintains attractiveness to foreign businesses and ranks in the top 3 attractive destinations for investors.

The business environment in Vietnam is attractive due to stable political conditions, low labor costs, and an expanding consumer market. Therefore, the Government needs to continue providing support measures to ensure sustainable growth, focus on improving the skills of the workforce, especially in the field of processing and manufacturing, and promote the creation of a prosperous and flexible business environment.

In his opening remarks, Minister of Planning and Investment Nguyen Chí Dung highlighted the significance of the conference in the context of the increasingly important role of the foreign investment economic area, an important part of the national economy, with a large role in attracting investment, technology, modern management methods, expanding export markets, and being an important driving force for economic development, enhancing international cooperation, and participating in global value chains.

The participation and important directives by Prime Minister Pham Minh Chinh demonstrate the special concern of the Head of Government for the business community in general and FDI enterprises in particular, spreading resolute action and always accompanying the Government and the Prime Minister’s enterprises.

The Minister emphasized that he is aware of the importance of green growth for the future of the country. The Prime Minister approved the National Strategy on Green Growth in the period 2021-2030, with a vision to 2050.

The strategy clearly defines green growth as an important solution to promote economic restructuring associated with the innovation of the growth model, enhance competitiveness, directly contribute to reducing greenhouse gas emissions, and aim for a carbon-neutral economy in the long term.

Green growth focuses on people-centered development, based on modern institutions and management, advanced science and technology, high-quality human resources, investment in advanced technology, digital transformation, smart and sustainable infrastructure.

In the process, the business community is identified as the key factor, playing an important role. With strengths in capital, technology, management, networks, and markets, FDI enterprises must take the lead, guide, and accompany domestic enterprises in implementing the goals of the green growth strategy.

With its economic potential, economic geographical position in the global supply chain, Vietnam is facing great opportunities in green growth to transform, catch up, advance, leapfrog, and create momentum for a leap in economic, social, and environmental development.

The green growth orientation is the key to ensure the successful implementation of the goals in the 10-year Economic Development – Social Development Strategy 2021-2030; it creates opportunities for Vietnam to continue its innovation, accelerate the transformation of the growth model in depth, promote quality, efficiency, and sustainability throughout the entire economy, and at the enterprise level.

With that significance, the choice of the theme “FDI enterprises take the lead in implementing the green growth strategy” for this conference strongly demonstrates the determination of the Government and affirms the special importance of the business community, especially FDI enterprises, in implementing green growth to realize the strategic goals of reducing greenhouse gas emissions, greening the economy, and promoting a strong process of green transformation based on the principle of universality, equality of interests, enhancing resilience, and not leaving anyone behind.

Mr. Nitin Kapoor, Co-Chair of VBF, evaluates this as a landmark event demonstrating the development determination of businesses in Vietnam – one of the fastest-growing economies in the world. Green growth plays an important role for Vietnam.

He delivers a strong message: Let us stand side by side with Vietnam to take care of the planet and achieve the goal of future green growth.

Immediately after the opening part, the Forum proceeded to the discussion part with 2 main contents: The Role of FDI in the new context and the responsibilities of FDI enterprises in implementing the green growth strategy.

Accordingly, the Forum listened to presentations from foreign business associations in Vietnam such as BritCham, AmCham, KoCham, JCCI, EuroCham… assessing the potential and great cooperation opportunities in the Vietnamese market, and proposing recommendations to the Government, Prime Minister, and Vietnam’s ministries and sectors for solutions to further improve the investment and business environment. This was followed by the response from the leaders of Vietnam’s ministries and sectors.

The Government Portal will continue to update information about this event.