PM Phạm Minh Chính Chính witnessed the exchanges of memoranda of understanding with a total capitals of US$8.5 billion for three Vietnamese businesses to help with sustainable development projects. — Photo from the Việt Nam Government Portal

GLASGOW — Prime Minister Phạm Minh Chính along with many foreign investors and business executives attended a forum on the prospects of business and sustainable development in Việt Nam held on the sidelines of 26th United Nations’ Conference of Parties (COP26).

The dialogue, themed prosperous and sustainable future through private sector investment, was held by Standard Chartered Bank, the Ministry of Planning and Investment, and the Vietnamese embassy in the UK.

Under the chair of Jose Vinals, Chairman of Standard Chartered Bank, the conference drew the participation of more than 300 senior leaders of businesses and foreign investors who are customers of Standard Chartered and businesses that are members of the British Chamber of Commerce in Việt Nam (Britcham).

At the meeting, PM Chính discussed in detail the major policies of Việt Nam, the prospects of doing business and investing in Việt Nam, Việt Nam’s goals at COP26 and sustainable development objectives it sets sight out as well as the opportunities and challenges Việt Nam is facing in the context of global shift in supply chains.

The Prime Minister emphasised that Việt Nam was steadfast in its foreign policy of independence, self-reliance, diversification and multilateralisation; proactive and active integration into the world in a comprehensive and profound manner, and that the country wanted to be a friend, a reliable partner and an active and responsible member of the international community.

Việt Nam was currently focusing on restructuring the economy, with a focus on restructuring investment (public investment, promotion of public-private partnership, etc.), restructuring the banking system towards increasing the scale and quality, and national restructuring the country’s growth model towards sustainable development and green growth.

The Vietnamese Government leader held firm that peace, cooperation, sustainable development and green growth are global issues that affect all people, so a global and all-people approach is needed to address them.

On climate change, "Việt Nam is one of the countries most heavily affected due to its geographical location and natural conditions," PM Chính stressed.

Việt Nam started out as a poor country, experienced consecutive wars and then a prolonged economic embargo, and was still suffering from many socio-economic difficulties. Therefore, the PM called for fairness and justice in climate change response, developing green economy, and sustainable growth.

Việt Nam’s efforts at green development would require support in climate technology and green finance from developed countries, he underlined.

The country could make strong commitments on emission targets, especially methane gas, he noted.

Chính said in the first months of 2021, Việt Nam still managed to keep its macroeconomy stable, ensuring balances in state budget revenues and expenditure, export-import, energy, and food.

The PM said that another opportunity of Việt Nam was the human factor.

Many investors in Việt Nam believe that the people are the decisive factor in attracting investment.

“Việt Nam sees people as both the actor, the centre, the goal and the driving force of development, and would not sacrifice social progress and justice in pursuit of unabated economic growth," he said.

He stressed that "the more difficulties Vietnamese people face, the more they unite and strive to overcome all problems and move forward".

"We are never confused or afraid of any enemies or difficulties, but naturally, we seek the support and help of international partners in the current integration trend," he said, reiterating how Việt Nam has shifted from a place of poverty with an average GDP per capita less than US$100, to its current $3,500 level after 35 years of đổi mới (renewal).

At the conference, PM Chính witnessed the exchanges of memoranda of understanding with a total capital of US$8.5 billion for three Vietnamese businesses to help with sustainable development projects.

In a separate meeting with PM Chính, Standard Chartered Bank leader Jose Vinals expressed his gratitude for the support that the Vietnamese Government had provided for the bank, and reiterated the commitment to accompany Việt Nam in its sustainable development efforts.

He proposed a number of cooperation initiatives, including ways for Việt Nam to participate more deeply in the fields of insurance, commerce, services and retail; measures on promoting foreign direct investment attraction; contributing to sustainable growth and respond to climate change through multi-billion dollar cooperation agreements and technology support with Vietnamese partner.

PM Chính appreciated various cooperation initiatives that the bank had made in Việt Nam, especially in green development.

He noted that previously when renewable, clean energy was not developed enough, Việt Nam had to go with coal power to boost the economy as a developing nation, so the country’s transition to clean energy now would need a lot of help from developed nations.

PM Chính said that Việt Nam was currently focusing on restructuring the economy, including encouraging foreign banks to participate in restructuring banks that are weak in human resources, capital resources and management capacity.

Việt Nam was also continuing to improve the investment and business environment, including promoting digital transformation in the banking system to attract more foreign investment.

VIệt Nam also needed cooperation in the field of insurance and construction of large financial centres, he suggested to the Standard Chartered Bank leader. — VNS