The Vinhome Central Park luxury complex, featuring Landmark 81 — the HCM City's tallest skyscraper. Việt Nam is tapping into global expertise and establishing new business partnerships to sustain its ambitious growth targets. — VNA/VNS Photo Thanh Vũ

Compiled by Mai Hương

Việt Nam is intensifying efforts to attract foreign investment and deepen economic cooperation with major global partners as part of its strategy to sustain high economic growth.

The Government has set an ambitious target of 8 per cent GDP growth this year, with aspirations for double-digit expansion in the years to follow. To achieve this, alongside domestic resources, Việt Nam is tapping into global expertise and establishing new business partnerships.

Last week, Prime Minister Phạm Minh Chính met with 64 US businesses, while Deputy Prime Ministers Nguyễn Chí Dũng and Nguyễn Hòa Bình visited China and the United Kingdom, all working to boost international economic ties.

A delegation from the US-ASEAN Business Council (USABC), led by President & CEO Ted Osius to Việt Nam during March 18-20, has reaffirmed US businesses' strong interest in expanding investment in Việt Nam, particularly in green transition, technology, digital economy, AI and sustainable development.

The delegation, comprising senior executives from 64 major US firms – including Boeing, Apple, Intel, Meta, Coca-Cola, Nike and Amazon – marks the largest-ever US business mission to Việt Nam.

Marking 30 years of US-Việt Nam ties, the visit underscores strengthening economic relations. Since the 2023 Comprehensive Strategic Partnership, bilateral trade had surged to nearly $150 billion in 2024, up over 20 per cent year-on-year, with US investment reaching 1,400 projects worth nearly $12 billion.

US businesses expressed confidence in Việt Nam’s growth prospects and called for further regulatory reforms, administrative streamlining and investment incentives to enhance trade and investment.

Members of the US-ASEAN Business Council delegation attend the meeting with Prime Minister Phạm Minh Chính. — VNA/VNS Photo Dương Giang

PM Chính reaffirmed Việt Nam’s view of the US as a top strategic partner in trade and investment. He urged American businesses to expand investment, particularly in energy, high technology, semiconductors, AI, aerospace, and climate change mitigation.

He also called for stronger business ties, government-business dialogue, and deeper Vietnamese participation in US supply chains, aiming to make Việt Nam a key production hub in Southeast Asia.

Besides key events at home, high-level diplomatic activities are also active, reflecting its commitment to expanding relations with key global partners.

Last week, Deputy Prime Minister Nguyễn Chí Dũng led a delegation to China’s Guangdong province, a long-standing economic powerhouse with a GDP reaching nearly $2 trillion in 2024. His visit underscored Việt Nam’s interest in learning from China’s economic model, particularly in areas such as private sector development, free trade zones, and high-tech industrial parks.

Guangdong’s success is largely driven by its strong manufacturing base and its role as a global trade hub. In 2024, Guangdong's foreign trade reached $1.24 trillion, accounting for nearly one-fourth of China’s total trade value.

Deputy PM Dũng emphasised that Việt Nam seeks to implement strategic economic breakthroughs, accelerate digital transformation, and enhance the role of the private sector.

With the private sector accounting for over 50 per cent of GDP, the Government aims to boost its growth by enhancing access to capital and cutting red tape, striving for a 70 per cent contribution by 2030.

The visit also saw discussions on infrastructure development, supply chain integration, and high-tech cooperation, particularly in semiconductors, artificial intelligence (AI), and big data. With China being the world’s largest semiconductor consumer, Việt Nam aims to position itself as a key supplier within the global value chain.

Deputy Prime Minister Nguyễn Chí Dũng (first, left) and his delegation visit the Shenzhen Bay Ecological Science and Technology Park in Guangdong Province. — VNA/VNS Photo Công Tuyên

Guangdong-based companies have also expressed interest in investing in Việt Nam’s high-tech zones, particularly in Bắc Ninh and Bình Dương, where semiconductor and electronics manufacturing clusters are developing.

For another key pillar of Việt Nam’s investment strategy – the establishment of an International Financial Centre (IFC) in HCM City and Đà Nẵng – Permanent Deputy Prime Minister Nguyễn Hòa Bình last week visited the United Kingdom and Luxembourg to promote financial sector collaboration and attract investment.

Luxembourg, known as one of Europe’s leading financial hubs, manages over 5.5 trillion euros in assets. Việt Nam seeks to leverage its expertise to develop its own financial ecosystem, particularly in areas such as green finance, fintech and digital banking.

Việt Nam has evolved as one of the fastest-growing digital economies in Southeast Asia with digital banking sector recording a 40 per cent year-on-year growth in the past few years, demonstrating the increasing demand for fintech solutions.

Permanent Deputy Prime Minister Nguyễn Hòa Bình holds talks with Luxembourg’s Ministry of Finance. — VNA/VNS Photo Hương Giang

In the UK, Permanent Deputy PM Bình engaged with London-based financial institutions, exploring best practices for establishing a globally competitive financial centre. The UK, home to one of the world's largest capital markets, has expressed interest in supporting Việt Nam’s financial reforms and investment climate improvements.

Việt Nam’s goal is to create an IFC that serves as a gateway for international capital, supports domestic economic expansion and fosters financial innovation.

Việt Nam is among the top 20 economies projected to experience the strongest growth this year, with an estimated GDP expansion of 6.1 per cent, according to the International Monetary Fund (IMF).

In 2025, Việt Nam is set for strong FDI growth, with registered inflows reaching nearly $6.9 billion in the first two months – a 35.5 per cent increase year-on-year. This builds on a solid 2024, where total FDI hit $38.23 billion, placing Việt Nam among the top 15 developing nations for investment.

With a better investment climate – stronger regulations, improved infrastructure and streamlined processes – Việt Nam is proving to be a reliable partner and actively pursuing new business opportunities.

By learning from successful economic models, fostering innovation and enhancing its investment climate, Việt Nam is paving a way for long-term prosperity. The country’s proactive approach to economic diversification, green transition and digital transformation ensures that it remains a competitive destination for global investors. — VNS