Prime Minister Affirms Three Commitments to Foreign Investors

Speaking at the Conference “Prime Minister Pham Minh Chinh with FDI Enterprises Companionship and Development” in October, the Prime Minister highly appreciated the enthusiastic, profound, and responsible opinions of foreign businesses and investors. Leaders’ representatives of ministries, branches, and localities also discussed and clarified issues of mutual concern.

Accordingly, the Prime Minister requested the Ministry of Planning and Investment, the Government Office, relevant ministries and branches to seriously absorb the opinions of businesses and investors; and complete and submit for promulgation the Prime Minister's conclusions after the Conference.

Conference “Prime Minister Pham Minh Chinh with FDI Enterprises Companionship and Development” (Photo: Nhat Bac)

Responding to the trust and expectations of investors, the Prime Minister stated clearly that Vietnam has three commitments to investors:

Firstly, Vietnam commits to protecting the legitimate rights and interests of investors in any circumstances, he said.

Secondly, Vietnam accompanies enterprises in overcoming difficulties and challenges as well as tapping opportunities and advantages to help foreign investors carry out stable long-term operations in the country, on the principle of harmonizing benefits and sharing risks.

And thirdly, Vietnam commits to not criminalizing economic relations but strictly handling violations and wrongdoings to protect those who do the right thing, helping to create an open, transparent, equal, healthy, and sustainable business and production ecosystem.

Regarding investors' concerns mentioned at the conference, the Prime Minister emphasized that Vietnam will deploy three pillars. Specifically, building socialist democracy, a socialist rule-of-law state, a socialist-oriented market economy

At the same time, Vietnam consistently implements a foreign policy of independence, self-reliance, peace, friendship, cooperation and development, diversification, and multilateralization. Vietnam is a friend, a trusted partner, and an active and responsible member of the international community.

The Prime Minister affirmed that Vietnam will consistently pursue its foreign policy of independence, self-reliance, peace, friendship, cooperation and development as well as its "four nos" defense policy which means: (i) no partaking in military alliances, (ii) no siding with one country to act against another, (iii) no foreign military bases in the Vietnamese territory or using Vietnam as leverage to counteract other countries, and (iv) no using force or threatening to use force in international relations.

In the January-September period, Vietnam drew US $20.21 billion of FDI, up 7.7 percent year on year, while US $15.91 billion of FDI was disbursed, representing a rise of 2.2 percent. As of the end of last month, 144 countries and territories had invested in Vietnam with more than 38.3 trillion projects worth over US $455 billion, generating jobs for millions of laborers.

The Prime Minister emphasized that the significant results achieved are thanks to the efforts of the entire political system, the support of the people and businesses, and especially the effective support of the international community, including foreign-invested businesses.

For the business community and investors, the Prime Minister recommends: Researching and developing long-term, sustainable, friendly environmental development strategies; and closely following national plans, sector plans, and regional plans of Vietnam. These plans are developed and issued with strategic thinking, and long-term vision, promoting distinct potential, outstanding opportunities, and competitive advantages. Businesses and investors need to proactively innovate production and business models, and restructure businesses associated with development according to the green economy, digital economy, circular economy, knowledge economy, and response to climate change.

Chinh stressed that Vietnamese authorities will continue accompanying enterprises to access markets, boost exports and local sales, reform administrative procedures, and improve the investment environment to further attract FDI.

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