NEW YORK — Prime Minister Nguyễn Xuân Phúc chaired a seminar on attracting investment to Vietnam in the context of the Fourth Industrial Revolution with more than 40 leading businesses of the US in New York City on September 27.

The event, part of  the PM’s trip to attend the high-level General Debate of the 73rd Session of the UN General Assembly, attracted US businesses operating in such fields as information technology, telecommunications, retail, logistics, food, beverage, energy and construction. It was held by the Business Council for International Understanding and the FPT Company of Việt Nam.

Addressing the seminar, PM Phúc expressed his wish to listen to US businesses’ aspirations and comments on the investment environment in Việt Nam and showed his readiness to answer their questions so as to help facilitate American projects and business cooperation programmes in the country.

Highlighting the huge potential of the Vietnamese stock market – one of the world’s fastest-growing markets, he asked US investors and enterprises to point out problems that need support and more favourable conditions from the Vietnamese Government.

He also voiced his delight that US investors want to expand investment and business activities in Vietnam, adding that his Government always welcomes foreign businesses and investors to the country to tap into local technological and labour advantages.

PM Phuc also asked them to suggest solutions to shortcomings in Việt Nam’s investment and business climate, as well as ideas to help boost local development in all spheres, including agriculture, health care and education, in the Industry 4.0 era.

With a stable macro-economy and low inflation, Vietnam’s economy may expand by 7 per cent in 2018, he said, adding that there had been 24,000 foreign invested projects worth over US$350 billion in the Southeast Asian nation.

Calling on US firms to promote investment in Việt Nam, the PM also asked them to recommend ways to help the country capitalise on Industry 4.0, particularly in dealing with the risks of job losses or lagging behind.

At the seminar, US investors showed their optimism about investment and business opportunities and prospects in Vietnam, with many firms having been present in the country for decades. 

They said they believed in Prime Minister Nguyễn Xuân Phúc’s drastic efforts to improve the business and investment climate, and boost infrastructure development and digital economy in Việt Nam.

Bernerd Da Santos, Vice President and CEO of AES Corporation, one of the 200 energy firms with the largest revenue on the globe, said his corporation wished to participate in Việt Nam’s socio-economic development. 

Introducing the company’s 10-year investment process in the field of electricity in Việt Nam with a total investment of US$2 billion, Bernerd Da Santos said there are numerous opportunities for US companies to invest in Việt Nam in renewable energy, gas and liquefied petroleum gas. 

He also spoke highly of Việt Nam’s development achievements over the past 30 years, saying that they had been made thanks to the economic reform efforts and determination of the country.

The PM and the Vietnamese Government had always paid attention to stepping up IT application and innovation, he added.

A representative from GE Global, one of the leading US and world groups in aviation and mechanical engineering, expressed the wish that the Vietnamese Government will direct relevant agencies to speed up the making of decisive policies toward creating more favourable conditions for investors.

Meanwhile, a representative from Medlife Insurance Group, said that the group wanted the Vietnamese Government to continue accelerating the reform of State-owned enterprises, especially in terms of finance and banking, and give more chances for foreign investors to engage in business cooperation activities. 

Some other groups expressed their interests in e-government and improvement of import-export goods customs clearance.

Concluding the event, PM Phúc highlighted the Việt Nam-US comprehensive cooperation, firstly in economy and trade, with priority given to technology. He affirmed that "Việt Nam always rolls out the red carpet for investors and will do its utmost to help them succeed in the country".

On the same day, the PM received Phil Falcone, Senior Managing Director of Harbinger Capital, and Timothy Geithner, Director of Warburg Pincus, in New York.

At the meetings, Phúc said that Harbinger Capital and Warburg Pincus - the two major financial investment companies – have expanded their operations and investment in Việt Nam, especially in tourism, contributing to the country’s economic development and job generation.

He affirmed the Vietnamese Government always creates favourable conditions for foreign investors, including those from the United States, via building a fair and favourable business and investment environment for enterprises.

Leaders of the two US firms expressed their pleasure to meet PM Phúc in the US, and said they believe in Việt Nam’s growth potential as well as economic development policies of the Vietnamese Government. They pledged to continue long-term investment in Việt Nam. — VNS