President Nguyen Xuan Phuc with delegates at the event (Photo: VNA) Bangkok (VNA) – Vietnamadvocates switching from attracting FDI to cooperating with foreign investorsin the spirit of equality for mutual benefits and development, with prioritygiven to hi-tech and eco-friendly projects, said President Nguyen Xuan Phuc ata high-level seminar with the US-APEC Business Alliance for Competitive SMEs inBangkok on November 17.
President Phuc said with macro-economicstability and controlled inflation, Vietnam has been named among the world’s top20 economies in terms of trade, with GDP growing by 8.83% in the first nine months ofthis year. International organisations like the World Bank and theInternational Monetary Fund predicted the growth at about 7.5-8.2% this year.The UN Conference on Trade and Development listed Vietnam among the top 20 FDIdestinations globally.
He suggested US firms enhanceconnectivity, make it easier for Vietnamese enterprises to join their manufacturingsupply chain, thus turning Vietnam into one of the value chain hubs in the regionand the world.
Representatives from US firms and economic groups spokehighly of Vietnam’s economic growth in recent years, especially FDI attractionpolicy, COVID-19 response, and political and economic stability.
Michael Michalak, Senior Vice President and Regional ManagingDirector of the US-ASEAN Business Council and former US Ambassador to Vietnam, recalledthat the US firms and investors always receive support from President Phuc inhis different positions as well as relevant Vietnamese agencies.
Quint Simon, representative of Amazon Web Services, said he hopes Vietnam will offer more incentives to develop digital economic servicessuch as cloud computing and cyber security. He also committed to partneringwith Vietnam in digital transformation process.
Representatives from US 🦩firms and corporations vowed tocontinue expanding investment in Vietnam and bring💦 new products and moderntechnology to the country in health care, population, digital transformation infinance-banking, smart agriculture, renewable energy, infrastructure building,hi-tech, information technology, and research and development.
President Nguyen Xuan Phuc at the event (Photo: VNA)
The Vietnamese leader stressed that Vietnam will step upgreen growth, digital economy, sci-tech, innovation and deeply join the global investmentstructure, trade order and supply chain.
Vietnam will further open its economy, switch to quality andfocused FDI coop♋eration; help domestic enterprises improve production 🦩capacityto join the supply chains of foreign-invested firms, he said, adding that thecountry will also strive to create a transparent and favourable businessenvironment in line with new-generation free trade agreements and toward practicesof the Organisation for Economic Cooperation and Development (OECD).
These include maintainingsocio-political and macroeconomic stability; removing economic bottlenecks relatedto legal institutions, infrastructure and human resources; develop supplychains, reduce transaction costs, especially logistics and administrativecosts; and building an environment with stable policies, transparency andaccountability.
He wished that with th𓆉eir pioneering roles, US firmswill expand their operatio💝ns in Vietnam to contribute to its socio-economicdevelopment in the near future./.
