Việt Nam sees public-private partnership as key driver for recovery, growth

October 30, 2021 - 06:08

World Economic Forum (WEF) Founder and Executive Chairman Professor Klaus Schwab and Prime Minister Phạm Minh Chính on October 29 co-chaired the Country Strategy Dialogue on Việt Nam for the first time in an online format with the theme " Public-private partnership: The key driver for comprehensive recovery and sustainable, resilient and innovative growth".

Prime Minister Phạm Minh Chính on October 29 co-chaired the Country Strategy Dialogue on Việt Nam. VNA Photo Dương Giang

HÀ NỘI - World Economic Forum (WEF) Founder and Executive Chairman Professor Klaus Schwab and Prime Minister Phạm Minh Chính on October 29 co-chaired the Country Strategy Dialogue on Việt Nam for the first time in an online format with the theme " Public-private partnership: The key driver for comprehensive recovery and sustainable, resilient and innovative growth".

WEF President Borge Brende, Vietnamese ministry and sector leaders, and nearly 70 leaders from top global corporations and enterprises participated in the dialogue.

In his opening remarks, Professor Klaus Schwab emphasised that the Vietnamese Government and the Prime Minister personally worked tirelessly to protect the lives and livelihoods of the Vietnamese people. He expressed his pleasure that Việt Nam had rapidly and drastically implemented the vaccination strategy and that this is a positive signal that the difficulties caused by the pandemic could be overcome, and it would continue to be firmly on the path to becoming the economic locomotive of the region.

Professor Klaus Schwab believed that Vietnam would continue to maintain its impressive development momentum in the coming decades. However, the new context created by the pandemic and the Fourth Industrial Revolution  adaptability and innovation in all aspects. The professor highly appreciated the Prime Minister’s approach through this dialogue with global business leaders. 

Prime Minister Pham Minh Chính then delivered an important speech with a strong policy message affirming Việt Nam's efforts and determination in recovery and socio-economic development, realising the vision, goals and aspirations of developing the country.

The Prime Minister emphasised that this was a time to test the bravery, creativity and adaptability of both the Government and businesses; This was also the time when the Government and businesses need to strengthen the public-private partnership to overcome difficulties together in the spirit of sharing both risks and benefits in harmony.

The Prime Minister said Việt Nam's socio-economic situation recovered in October because the pandemic was basically controlled and the economy gradually opened. In the first 10 months of the year, newly registered FDI capital increased by 11.6 per cent and realised capital reached over US$15 billion; exports increased by 16.6 per cent over the same period in 2020. Compared with September, the number of newly established enterprises in October increased by 111 per cent, registered capital increased by 74 per cent. Especially, total demand recovered strongly, total retail sales of consumer goods and services increased by over 18 per cent. The average consumer price index in 10 months only increased by 1.81 per cent. 

This showed that the current difficulty is only temporary; The potential, advantages, new driving force for long-term development and macro foundation, the major balances of Việt Nam's economy were still outstanding, stable and solid.

The Prime Minister shared about the master plan for economic recovery and development in the coming period, including the master program to open the economy associated with COVID-19 disease prevention and control; programmes on social security and job creation; restoring enterprises, cooperatives and business households; developing infrastructure, unleashing social resources for development investment. The Prime Minister affirmed Việt Nam's determination in accelerating institutional improvement, reducing administrative procedures, and fighting corruption and negative phenomena.

Chính expressed his heartfelt thanks for the cooperation, consensus and support of the whole society and the international community, including foreign investors, in the recent efforts to control the epidemic and recover the socio-economic situation in Việt Nam.

The Prime Minister emphasised Việt Nam's six important policy directions, including: Restoring the supply chains, ensuring goods circulation, and safe and smooth production and business activities of enterprises in the new normal; supporting businesses and people to promote production and business in order to restore economic growth and stabilise the society; drastic implementation of large-scale investment programmes, especially inter-regional transport infrastructure, energy, green infrastructure, national digital infrastructure projects to create a driving force for the economy; remove difficulties for businesses, including FDI enterprises in Việt Nam; improving the quality and modernising institutions according to international standards is a prerequisite, one of three strategic breakthroughs for the country's development in the next 10 years; The most important factor is human resources in order to best utilise the most important resource, the Vietnamese people, as both the subject and the highest goal of development.

Simultaneously, Vietnam prioritises promoting economic restructuring in association with strongly renovating the growth model, improving productivity, quality, efficiency, and self-reliance of the economy in line with the needs of the changing economy after the COVID-19 pandemic.

On the basis of Vietnam's development orientations, the Prime Minister called on investors to cooperate in implementing the policy of safely restoring production in industrial parks, economic zones, high-tech parks, export processing zones to meet orders, maintain the supply chains; invest in the fields Việt Nam is giving priority and offering many special incentives such as high technology, information technology, supporting industries, smart agriculture, environmental protection, renewable energy; building infrastructure and projects for social security, training high-quality human resources, promoting research and development, innovation, contributing to making Việt Nam one of the centres in the regional and global value chains.

The Prime Minister affirmed that the Vietnamese Government was ready to strengthen dialogue and coordination within the framework of public-private partnership to encourage the response and participation of all businesses and people. The Prime Minister suggested that models such as the Public-Private Partnership Program for Sustainable Agriculture would be replicated in other potential areas of cooperation; The Việt Nam  country strategy dialogue - WEF will become a regular mechanism between the leaders of the Government of Việt Nam  and WEF businesses and experts.

Many regional and global business leaders responded warmly, highly appreciated the Vietnamese Government's decision to safely adapt to the epidemic; recognised Việt Nam's efforts in the campaign of universal vaccination, disease control and support packages for businesses and workers. The foreign business community made many policy recommendations to revive and stimulate the economy, promote FDI, and improve domestic and cross-border goods transport connections.

Large technology corporations suggested policies to promote public-private cooperation to develop digital infrastructure, encourage investment in digital transformation, strategies to take advantage of 4IR technology to respond and for post-pandemic recovery. The business community strongly welcomed the acceleration and implementation of Việt Nam's carbon neutrality commitments to 2050 and related environmental regulations; proposed policies to promote new growth drivers such as green economy, circular economy, etc.

In the field of renewable energy, an enterprise proposed that Việt Nam set up an Energy Forum with the participation of the private sector and the Government to strengthen cooperation in this area. The global business community highly appreciated Việt Nam's potential, aspiration and development goals, shared the determination of the Government and the Prime Minister personally and committed to accompanying Việt Nam on the development road.

Closing the Dialogue, Professor Klaus Schwab once again expressed his belief in the potential and position of Vietnam and said that WEF would continue to give maximum cooperation and support to the Government of Việt Nam.

The country strategy dialogue on Việt Nam is one of the most important events in the program of the WEF in 2021 to support global corporations to expand their investment and business, and anticipate new trends in the context of the recovering global economy. For Việt Nam, the dialogue is an opportunity for the Prime Minister to discuss directly with global business leaders to mobilize resources, promote public-private relations to serve the implementation of the Government’s plan for recovery and socio-economic development as well as realising its aspiration and development goals in the medium and long term. VNS