Prime Minister Pham Minh Chinh speaks at Vietnam-WEF Country Strategy Dialogue 2021 (Photo: VNA)The following is the translation of his full remarks at theevent.
"Professor Klaus Schwab, Founder and Executive Chairman of the World EconomicForum,
Mr. Borge Brende, President of the World Economic Forum,
Presidents, CEOs, and business leaders,
Ladies and gentlemen,
I am pleased to join you all in thefirst ever Viet Nam - WEF Country Strategy Dialogue under the theme of “Public- Private Partnership - The Key Driver for Comprehensive Recovery andSustainable, Resilient and Innovation-Driven Growth.”
On behalf of the Government of VietNam, and with my personal sentiment, I wish to extend to Professor KlausSchwab, Mr. Borge Brende, and all distinguished delegates my warmest greetingsand best wishes. I wish to thank Professor Klaus Schwab and the World EconomicForum for working closely with Viet Nam to organize our Dialogue today, and forsupporting Viet Nam over the past years.
This Dialogue bearsgreat significance, as it is convened at a time when the global economy isfacing a myriad of risks, and the pandemic continues to evolve in a complexmanner. This is truly a test for our mettle, innovation and responsiveness, includingthose of governments and businesses alike. It is also high time that allparties concerned stepped up public - private partnership to together overcomechallenges, in the spirit of “burden-sharing”, “harmonized interestsand shared risks”, and “win-win cooperation.”
Ladies and gentlemen,
While the path ahead remains arduous,we are fully confident in a brighter future. The 35-year journey of DoiMoi and international integration, and our experiences in undergoing numerouscrises in the region and the world have provided Viet Nam with invaluablelessons. One of those is to transform “risks” into “opportunities.” And challengesshould also be seen as a robust driver for reform and further development,thereby affirming our mettle and stature.
This time of hardship poses two majorissues for us. First, how can we pursue socio-economic recovery and developmentwhile safely adapting to and effectively containing the pandemic? Second, howcan we find opportunities amid countless hurdles to create fresh impetus for growth,and harness prevailing trends of the time for development? I do hope that our Dialoguetoday will provide us with fruitful inputs and recommendations in shapingdirections and measures to foster comprehensive recovery and sustainable andinclusive development.
Ladies and gentlemen,
Over the past two years, with the concertedefforts of the entire political system and people, and the assistance from friends,partners and the business community at home and overseas, Viet Nam has managedto fundamentally overcome this period of trememdous hardships. We are gaining confidencein shifting to safely and flexibly adapting to novel circumstances, and effectivelycontaining the pandemic. Initial successes as such enable us to resumeproduction and supply chains, ensuring macroeconomic stability and major balances,and serve as a springboard for rapid and sustainable development in the future.We also remain steadfast to the whole-of-people approach, with the people andbusinesses serving as goals, subjects and actors in containing the pandemic andfostering socio-economic recovery.
Viet Nam has a highly open economy,with 17 FTAs spanning over 60 countries. We also have a robustmarket of 100 million people, and enjoy all favorable conditions, suchas institutions, infrastructure, geographical location, and socio-politicalstability. In this connection, Viet Nam continues to assert itself as an attractivedestination that offers numerous opportunities for businesses and investors. VietNam’s economy has increased 1.4 times in scale within five years,becoming the 4th largest economy in ASEAN, and ranking 37th worldwide. In infrastructure alone, Viet Nam has a great demand for investmentbetween now and 2030, totaling up to 30 billion USD per annum.
The socio-economic situation in VietNam has steadily recovered, and witnessed encouraging progress by October,as the pandemic is fundamentally under control and the economy is graduallyreopened. In the first 10 months of 2021, total registered FDI capitalincreased by 11.6%, and realized capital surpassed 15 billionUSD. Export revenues saw an increase of 16.6% against the same periodlast year. In comparison with the number of newly established businesses in September,that of October went up by 111%, while registered capital recorded anincrease of 74%. In particular, total demand experienced a robust recovery,and the total revenues from retail and consumer services increased by 18%.Average consumer price index in the past 10 months only saw an increase of 1.81%.These statistics show that the current hardships are just temporary, and that theVietnamese economy, with its solid macroeconomic foundation and stable majorbalances, is still capable of offering vast potential, advantages, and driversfor future growth.
I am deeply touched by the sympathyand trust of the business community, and the pledge to continue to accompanyViet Nam, as reflected in recent meetings. I also highly appreciate the supportand concerted efforts of the entire society and international community,including foreign investors, in Viet Nam’s endeavors to contain the pandemicand foster socio-economic recovery.
Ladies and gentlemen,
In the immediate terms, Viet Nam’smaster plan to foster economic recovery and development includes the masterplan to reopen the economy in tandem with containing COVID-19, and the plans tobolster healthcare capacity, particularly preventive and grassroots healthcarecapacity, ensure social security and create jobs, assist businesses,cooperatives and proprietors in fostering recovery, develop infrastructure, andmobilize social resources for development. We are also making every effort toimprove our institutions, cut down on administrative procedures, and combatcorruption.
In the long run, our goal, vision,and aspiration are to strive towards a strong and prosperous Viet Nam. We aimto become a modern and industrialized country by 2030, and a high-incomedeveloped country by 2045. In this process, we reiterate our commitment andresolve to provide international businesses and investors with every favorablecondition to contribute to and share the fruits of the Vietnamese economy, onthe principle that “your success is also Viet Nam’s success.”
With a strongaspiration for development, we plan to focus on the following major policyorientations:
First, to focus onmeasures to revive supply chains and the flow of goods, and safely resume businessand production operations in the new normal. As the pandemic has beenfundamentally contained, industrial parks are gradually reopened. With everypassing day, more factories are back on track, workers now can return to theirassembly lines, and transportation is resumed.
Second, tosupport the business circle in stepping up their operations, and returning tonormalcy. On macro-economic scale, the Government is flexibly harnessing monetary,credit, fiscal and social security policies. These four primary tools helpmobilize all resources for the economy, and provide full-fledged support to enterprisesand the people. Recently, Viet Nam also made tax and cost waiver and reductionfor sectors affected by COVID-19, and resumed international flights to safedestinations. At the same time, we are finalizing new entry and vaccinepassport procedures, and creating green lanes to best facilitate the entry ofexperts and investors.
Third, toactively carry out large-scale investment programs, particularly in criticalinfrastructure. We are actively promoting projects pertaining to inter-regionaltransportation infrastructure, green energy and infrastructure, and national digitalinfrastructure with rippling impacts. Such endeavors will provide fresh economicimpetus. Apart from the pioneering role of public investment, we urge for newbusiness and investment models, including public - private partnership, that encourageforeign and private investment in infrastructure.
Fourth, to betteraddress difficulties facing businesses, including FDI enterprises, in VietNam. The Government has established a Special Working Group to addressoutstanding issues. Having considered the FDI sector as an important partof our economy, we pledge to protect the legitimate and lawful rights andinterest of investors, and ensure the shared benefits of the State, investorsand laborers. We have recently endorsed a special and preferential decision oninvestment pertaining to timeframe and conditions applied to large-scaleprojects, utilizing advanced technology and having close connection withVietnamese businesses.
Fifth, ensuring synchronized and modern institutions andintensive integration are prerequisites, and constitute one of the threestrategic breakthroughs for national development in the next 10 years. Weare amending many important laws, including the Law on Public Investment, theLaw on Investment, the Law on PPP Investment, and the Law on Business, in waysthat strengthen delegation of authorities and post-check, and minimize businessand investment procedures. To foster thedevelopment of key sectors in the digital age, Viet Nam is improving its legalframework on intellectual property and legal foundation for new businessmodels, e-commerce, digital banking, and fintech.
Lastbut not least is human resources. To bring into full play the potentialof the Vietnamese people, who constitutes Viet Nam’s most important resource,and serves both as the subject and highest goal of development, we have been steppingup capacity building, with a focus on the development of digital humanresources and a skilled workforce to make the most of the shift in supplychains.
By thesame token, we are also stepping up technological development, innovation, anddigital transformation. We are also restructuring our economy, in tandem withrobustly transforming our growth model and improving productivity, quality,efficiency, and self-reliance of our economy, in line with emerging global economiccircumstances in the post-COVID-19 era.
Ladies and gentlemen,
The stability and robust developmentof the Vietnamese economy offer numerous opportunities for investors worldwide.I call on investors to cooperate in safely resuming production to fulfillorders and maintain supply chains. I also kindly ask that you work closely withus in seizing the opportunities ushered in by the FTAs that Viet Nam hassigned, including high-quality FTAs with major partners.
The Government of Viet Nam willcontinue to provide every favorable condition for your investment inprioritized sectors with preferential benefits in Viet Nam, such as advancedtechnology, information technology, supporting industries, smart agriculture,environmental protection, renewable energy, and infrastructure projects inservice of social security. We look forward to the assistance of FDI businessesin training a high-quality workforce, utilizing scientific advancements forprogressive and effective governance, stepping up research and development,promoting innovation, and helping Viet Nam become a hub in regional and globalvalue chains.
Ladies and gentlemen,
The Vietnamese Government standsready to intensify dialogue and cooperation under public - private partnership,with a view to encouraging the engagement of businesses and the people. I dohope that such models as the WEF’s Public - Private Partnership for SustainableAgriculture will be multiplied, particularly in other potential areas of cooperation.Let me take this opportunity to propose that we make the Viet Nam - WEF CountryStrategy Dialogue a regular event between Vietnamese leaders and the WEF’s businessesand experts.
As you understand Viet Nam wellenough, I do hope that you will always have a special affection for ourcountry, and work closely with the Vietnamese Government and people to realizeour shared aspirations and goals for development. In Vietnamese, we have asaying, “Fire tests gold, and adversity tests the brave.” And I hold a firmbelief that together, we will realize our shared aspirations!
Now I wish to hear from you. And letme take this opportunity to wish you all good health and greater success. I lookforward to seeing you in Viet Nam.
Thank you."/.
VNA
