Vietnam Prime Minister Pham Minh Chinh and representatives from Asean businesses in Vietnam. - VNA/VNS/ANN
HANOI: Prime Minister Pham Minh Chinh chaired a dialogue in Hanoi on Tuesday (March 4) with businesses from Asean member countries that are operating in Vietnam.
This was the tenth working session in a month that the Vietnamese government leader had held with both domestic and foreign business communities, aiming to promote investment, production, and business activities, helping Vietnam achieve a growth target of eight per cent in 2025 and double-digit rates in the following years.
Over the years, Vietnam-Asean relations have stood as a vivid testament to solidarity, mutual support, cooperation and successful regional integration.
Vietnam's total trade with Asean countries reached US$83.6 billion in 2024. Asean is now Vietnam's fourth largest export market and third biggest import market.
Several Asean countries are also among the top foreign investors in Vietnam. Specifically, Singapore takes the lead with 3,946 projects worth US$84.3 billion, followed by Thailand with 755 projects worth US$14.3 billion, and Malaysia with 767 projects totaling US$12.9 billion.
Conversely, Vietnam has invested in 871 projects across Asean countries, with a total investment nearing US$12.1 billion, mainly in Laos, Cambodia, Myanmar, Malaysia and Singapore. However, these results remain modest compared to Asean’s potential and the expectations of Vietnam.
At the dialogue, Asean businesses pledged to work with Vietnam to achieve at least eight per cent growth in 2025 and double-digit expansion in the following years. They plan to boost investment in key sectors such as high technology, semiconductors, AI, aviation, energy, e-commerce agriculture, finance and logistics.
They also urged Vietnam to improve its legal framework, enhance tax transparency, simplify customs procedures, ease land and visa regulations, and speed up investment licensing, while raising concerns about ongoing projects.
Chinh thanked the firms for their proposals, and assigned ministries and sectors to promptly address businesses’ concerns.
He affirmed that Vietnam is actively addressing these matters, guided by the spirit of "harmonising interests, sharing risks and ensuring no one is left behind." He urged businesses to maintain close collaboration with relevant ministries, sectors, and local authorities to resolve any remaining bottlenecks through open, equal and honest dialogue.
Analysing the current world situation, he proposed that Asean countries and businesses pursue greater political and diplomatic solidarity and unity; stronger economic connectivity and more effective, deeper cooperation; bolder and more effective mindset reforms; more practical and responsive solutions to meet real-world demands; and more decisive and focused implementation, with tighter coordination between countries and businesses.
Chinh underlined that Vietnam views Asean as a common home and close neighbour, identifying it as a strategic priority in its foreign policy. Vietnam is committed to working with Asean to build a united and strong community, he stated.
However, the cooperation potential between Vietnam and Asean remains substantial, he held, urging both sides to exert even greater efforts, moving from effective to even more effective, with Asean businesses taking the lead in this process.
The leader affirmed Vietnam consistently pursue its renewal process and foreign policy, aiming for at least eight per cent growth in 2025 and double-digit growth in following years, with the goal of becoming a developing country with modern industry and high middle income by 2030 and a high-income developed nation by 2045.
He highlighted Vietnam's improved business environment and upgraded global rankings in 2024, positioning the country as a strategic production hub. Vietnam is focusing on three breakthroughs - institutional reform, infrastructure, and human resources development, to support sustainable business operations, calling on Asean businesses to expand investment, transfer technology, support legal reforms and help train skilled workers.
Particularly, the PM urged Singaporean businesses to actively support the implementation of the Vietnam-Singapore Economic Connectivity Framework Agreement and the Green and Digital Economy Partnership, initially focusing on digital transformation, circular economy, innovation, and clean energy.
He encouraged the expansion and transformation of Vietnam-Singapore Industrial Parks into smart, green, sustainable ones, and called on Singapore to maintain its position as Vietnam's top Asean investor while improving FDI quality, especially in high-tech, digital economy, circular economy, clean energy, semiconductors and AI, and to help Vietnam develop international financial centres.
For Thai businesses, he urged efforts to raise bilateral trade to US$25 billion, with a more balanced trade structure. He highlighted cooperation opportunities in the "three connectivity" strategy, particularly supply chains, transport, tourism, digital economy, and green economy.
As Vietnam targets US$18 billion in bilateral trade with Malayia, Chinh called for reduced trade barriers, easier Halal certification and increased imports of Vietnamese Halal products. He also highlighted cooperation in digital economy, green economy, energy transition, innovation, smart agriculture, e-government and cybersecurity.
For Indonesian businesses, he proposed removing agricultural and Halal trade barriers, targeting US$20 billion in trade. He encouraged investments in new sectors such as digital economy, green economy, e-commerce, digital transformation and EV ecosystems.
Talking to Philippine businesses, he said he hopes two-way trade will reach US$10 billion soon, with smoother agricultural trade and increased cooperation in food processing, infrastructure, automotive, renewable energy and high-tech agriculture.
The leader also reaffirmed Vietnam's commitment to a fair, transparent and competitive investment environment, protecting businesses’ legal rights and interests, ensuring political and social stability, and maintaining consistent laws and policies.
He concluded by stressing that the Vietnamese Government will always stand by businesses to foster breakthroughs, unite strengths, and shape the future, keeping Asean a dynamic, innovative and growth-centered region that benefits all member countries. - Vietnam News/ANN
