Vietnam aims to emerge as the premier investment destination in the region

On January 17, Prime Minister Pham Minh Chinh led a seminar titled “Vietnam – Pioneering Sustainable Investment in ASEAN” in Davos, Switzerland, as part of his visit to attend the 54th Annual Meeting of the World Economic Forum (WEF-54).

The seminar, a collaborative effort by the Vietnamese Ministry of Planning and Investment, Vietnam’s permanent mission in Geneva, the Young Presidents’ Organisation (YPO), and the VinaCapital Foundation, aimed to showcase Vietnam’s commitment to sustainable investment.

During the WEF-54, themed “Rebuilding Trust,” Prime Minister expressed optimism that the event would contribute to reinforcing trust among nations, businesses, and the partnership between nations and businesses, including enhanced confidence in Vietnam. The Prime Minister outlined key factors that position Vietnam as a secure, healthy, and sustainable investment destination. He emphasized Vietnam’s adherence to principles such as national independence and socialism, leveraging national and international solidarity, innovative application of Marxist-Leninist ideology, President Ho Chi Minh’s principles, and cultural and historical traditions—all under the leadership of the Communist Party of Vietnam.

Regarding Vietnam’s future direction, Prime Minister conveyed the country’s commitment to building a socialist democracy and a law-governed socialist state that serves the people. He stressed the importance of the people as the central focus and driver of development, asserting that Vietnam prioritizes social equality, welfare, and environmental concerns over mere economic growth.

Maintaining consistency in its foreign policy, Vietnam remains committed to independence, self-reliance, peace, friendship, cooperation, and comprehensive international integration. The PM highlighted the “four no’s” defense policy, emphasizing Vietnam’s diplomatic ties with over 190 countries, including strategic partnerships with all five permanent UN Security Council members and numerous G20 economies. Additionally, Vietnam has signed 16 Free Trade Agreements (FTA) with over 60 countries.

Prime Minister outlined Vietnam’s aspirations to become a developing country with a modern industry and upper-middle-income status by 2030, progressing to a developed, high-income nation by 2045. To achieve these goals, the country will focus on strategic infrastructure construction, high-quality personnel training, and institutional improvement.

In line with its vision, Vietnam will introduce mechanisms and incentives for priority sectors like digital transformation, science-technology, AI, and green transition. Prime Minister highlighted the nation’s efforts in maintaining macroeconomic stability, controlling inflation, fostering growth, and managing public finances responsibly.

Despite global challenges, Vietnam remains committed to a balanced approach that harmonizes the interests of the State, people, businesses, and investors. The Prime Minister invited investors to contribute capital and advanced technologies to Vietnam, encouraging dialogue and pledging government readiness for negotiations.

Seminar participants acknowledged Vietnam’s notable socio-economic achievements in 2023, including a 5.05% GDP growth, controlled inflation, and a substantial volume of foreign direct investment. Delegates expressed confidence that Vietnam would assume a more significant role in the global supply chain. Thomas Serva, CEO of France’s Baracoda Group, praised Vietnam as an attractive destination with abundant, high-quality human resources, expressing his group’s interest in contributing to innovation centers and AI development in the country.