Prime Minister expects Chinese enterprises to establish Vietnam as production hub

At the conference, Prime Minister Pham Minh Chinh stated that although he has met and worked with Chinese enterprises multiple times recently, the strong Vietnam-China friendship—characterized as "comrades and brothers," "mountains connected to mountains, rivers linked to rivers," and "neighbors growing closer through exchanges"—means that both sides still have much to discuss, many tasks to undertake, and numerous matters to address, with the hope of achieving more tangible outcomes to report to the leaders and people of both nations.

The Prime Minister observed that Vietnam is a developing country with a transitioning economy, restricted resilience, a high level of openness, and a modest economic scale, rendering it highly susceptible to external influences.

Vietnam's economy has maintained a fundamentally stable state, despite the extended effects of the COVID-19 pandemic in recent years. Inflation has been controlled, growth has been encouraged, macroeconomic stability has been preserved, significant economic balances have been ensured, and public debt, government debt, and foreign debt are within permissible limits. These factors provide room for expanding investment and development.

Vietnam is currently focusing on and accelerating economic growth, with the goal of attaining a GDP growth rate of at least 8% in 2025. This will establish the foundation for double-digit growth in the years ahead. China's development experience, according to the Prime Minister, also confirms the importance of maintaining double-digit growth for decades.

Vietnam's long-term development objectives necessitate the pursuit of this ambitious and exceedingly difficult objective, as the Prime Minister underscored. Ministries, sectors, local authorities, enterprises, and the public must collaborate with a high degree of determination, significant effort, and decisive, effective action in order to achieve this objective.

While simultaneously seeking support and cooperation from international friends and partners, including Chinese enterprises, Vietnam must predominantly rely on self-reliance and resilience.

The Prime Minister stressed the importance of Vietnamese and Chinese businesses taking the lead in the implementation of high-level agreements and the directives of the two General Secretaries in order to deepen economic integration, foster business connections, and promote people-to-people exchanges within the broader framework of bilateral relations. In the spirit of "only discussing progress, not retreat," this collaboration will make a significant contribution to the 75th anniversary of diplomatic relations between the two countries, thereby reinforcing unity and shared commitment to the pursuit of common objectives.

 Vietnam as a center of manufacturing and trade

The Prime Minister underscored Vietnam's dedication to speedy yet sustainable development by outlining the country's primary policies and strategic objectives. This includes maintaining macroeconomic stability, promoting growth, controlling inflation, and ensuring major economic balances.

In order to facilitate and support businesses and investors, Vietnam is currently implementing three strategic breakthroughs: infrastructure development, institutional reform, and human resource enhancement. The government is committed to enhancing the business and investment environment to ensure that civil and economic relations are not criminalized, thus fostering a more open and equitable environment.

Efforts are being made to simplify and expedite administrative procedures, intensify the fight against corruption and malfeasance, and streamline the administrative apparatus for greater efficiency. The government is also striving to reduce the time and costs for businesses and citizens, eradicate bureaucratic bottlenecks, and minimize red tape and harassment.

Vietnam is dedicated to the rapid advancement of the digital economy, green economy, circular economy, sharing economy, and knowledge-based economy, all of which are fueled by technological innovation, digital transformation, and advancements.

The Prime Minister delineated 13 critical expectations and proposals for Chinese enterprises, encouraging them to establish Vietnam as a production and business center. This will contribute to the development of the digital and green economy, circular economy, and Vietnam's pursuit of rapid yet sustainable growth. Additionally, he advocated for businesses to participate in social welfare initiatives in conjunction with their commercial operations.

Furthermore, he encouraged businesses to conduct themselves in a legal and ethical manner, thereby cultivating an atmosphere of mutual respect, shared vision, collaborative action, and collective success, particularly during challenging periods.

The Prime Minister encouraged Chinese enterprises to facilitate technology transfer and assist Vietnamese companies in expanding and technologically advancing, thereby facilitating their integration into the global value chain.

He also advocated for the expansion of investment in Chinese businesses, with a particular emphasis on traditional growth drivers (investment, exports, consumption) and emerging sectors such as big data, cloud computing, optoelectronics, the Internet of Things (IoT), biomedical industries, high-end services, and advanced technologies—particularly digital payment services and tech-driven industries.

Furthermore, the Prime Minister expressed his support for the development of sustainable energy, with a particular emphasis on renewable energy, as well as transportation infrastructure, such as railways, airports, seaports, and expressways. His emphasis was on the necessity of investments in industrial zones, economic zones, and financial centers, as well as collaboration in QR payments, digital payments, and local currency transactions. Additionally, he advocated for the establishment of smart border gates, the promotion of bilateral commerce, and the creation of border economic zones.

The Prime Minister directed relevant ministries and agencies to respond to business proposals and recommendations within a maximum of one week, thereby guaranteeing clear accountability, defined tasks, transparent timelines, and measurable outcomes.

He reiterated the importance of a spirit of cooperation that is founded on "harmonized interests and shared risks," which is indicative of the profound relationship between Vietnam and China as "comrades and brothers." He reiterated the senior leaders of both countries' consensus on the "Six Enhancements" approach to bilateral collaboration.

The Chinese enterprises that participated in the conference represented a variety of sectors, such as Chinese Railway No. 6, China State Construction, China Communications Construction, Pacific Construction, Commercial Aircraft Corporation of China (COMAC), China Energy Engineering, Power China, Huadian Group, Chery, BYD, Geely, Tianneng Battery, Sailun Tires, TCL, Goertek, Huawei, ZTE, Bank of China (BOC), Agricultural Bank of China, and Industrial and Commercial Bank of China.