PM calls for more Chinese investments

Beijing - Prime Minister Pham Minh Chinh called on Chinese investors to expand investment in Vietnam, while addressing the Vietnam - China Trade and Investment Cooperation Forum in Beijing on June 28 within the framework of his official visit to China.

The forum, jointly organised by the China Council for the Promotion of International Trade and the Vienamese Ministry of Planning and Investment, was also attended by Chinese Vice Premier Liu Guozhong, leaders of ministries and agencies, and representatives from more than 350 enterprises of both Vietnam and China.

Participants introduced the economic development situation, the business and investment environment, and investment attraction policies of each country, as well as the bilateral cooperation situation; and shared lessons and experiences in investment and business in each country.

Vice Premier Liu said that the China-Vietnam political trust is being enhanced, and economic, trade and investment collaboration maintaining growth.

Vietnam is China's fourth largest trade partner in the world, with two-way trade hitting 175 billion USD in 2022, accounting for a quarter of the total trade turnover between China and ASEAN. Meanwhile, China is the largest trade partner of ASEAN, of which Vietnam is an active member.

According to the leader, China plans to organise many business and investment cooperation and promotion activities; prioritises green development, digital economy, and climate change adaptation; and encourages and creates favourable conditions for competent enterprises to invest in Vietnam.

He suggested Vietnam continue to create favourable conditions and protect the legitimate interests of enterprises in general and Chinese ones in particular, for the development of each country and for peace, security, prosperity and friendship in the ASEAN region and the world.

PM Chinh stressed the need to find the best solution for investors and researchers to contribute to the development of bilateral relations, and requested authorities to continue reviewing and perfecting the legal framework, mechanisms and policies, improve the business environment to create favourable conditions for businesses to promote trade and investment between the two sides.

It is necessary to have an exclusive working group on trade and investment, he said.

According to him, there remains an ample room to further develop the bilateral economic, trade and investment relations.

To help Vietnamese products gain a firm foothold in the Chinese market, he asked Vietnamese firms to exert more efforts in improving the quality of exports.

Vietnam is prioritising investment projects in high technology, innovation, and development research, and encouraging public-private partnership, Chinh stated, calling for Chinese investments to strategic infrastructure works such as highways and railways.

The country will continue improving its business and investment environment towards transparency, convenience and international competitiveness; review and perfect mechanisms, policies and laws; reduce and simplify administrative procedures and business conditions; develop high-quality human resources and infrastructure; and have timely policy response to arising issues.

Regarding trade promotion, it is necessary to have specific mechanisms and policies to promote bilateral trade in a more balanced direction; encourage border trade and study the formation of appropriate border trade zones; develop logistics systems; connect supply chains; promote e-commerce; and strengthen cooperation against smuggling and trade fraud, the Vietnamese PM stressed.

He also welcomed the building of a smart border gate model between Lang Son province of Vietnam and Guangxi province of China.

On the same day, the Vietnamese Government leader hosted a reception for leaders of several major economic groups of China that are investing in and wishing to expand production and business in Vietnam.

The groups' officials proposed the Vietnamese Government and the PM continue to reform administrative procedures, provide a stable supply of electricity for production and enough materials for ground clearance to build industrial parks, and remove obstacles in regulations on fire prevention and control.

Acknowledging the Chinese enterprises’ proposals, Chinh said that Vietnam is encouraging businesses, including those from China, to invest in renewable energy, power transmission system building, and supporting industry for the garment and textile sector.

Nghe An Province has emerged as a hot investment destination when many areas in the North and South have shown signs of saturation with increasing capital flowing in the province in recent years, attendees told a workshop on investment attraction and support in the province held on March 9.

As a growing number of companies in the real estate industry are embracing technology to promote their sales since the pandemic, investments are flowing into proptech start-ups to capture the opportunity.

Two Chinese companies, Xiamen Hithium Energy Storage Technology and Growatt New Energy, are contemplating significant investments worth hundreds of millions of dollars in Vietnam's renewable energy industry. The news comes as the country's economy flourishes and electricity shortages persist.