Prime Minister Pham Minh Chinh affirmed that transforming, identifying, and creating new growth drivers is an inexorable trend in the modern world during an address to the World Economic Forum (WEF)’s Country Strategic Dialogue on Vietnam, in Davos on January 16 (local time), the Government News has reported.

This is one of eight national dialogues to be held within the framework of the 54th WEF, to introduce Vietnam’s socio-economic development strategy, priority areas to attract investments, and specific policies the government will carry out in the future to create an attractive environment for investors.

Partners at the dialogue expressed interest in Vietnam’s policies in emerging endeavors such as the green transition, developing renewable energy, exploiting rare earths, creating a semiconductor industry, establishing a carbon credit market, and implementing the power development plan.

Prime Minister Chinh noted that no country or economy can develop rapidly and sustainably if it maintains old ways of thinking and only relies on traditional growth drivers.

In order to promote transformation and create new growth drivers, Vietnam will focus on four main groups of solutions: reviewing and perfecting institutions and laws in a spirit of creating the most favorable conditions possible for businesses and investors; developing infrastructure with a focus on strategic infrastructure, especially transport infrastructure, digital infrastructure, and infrastructure to respond to climate change; developing human resources, especially high-quality human resources; and restructuring the economy associated with renewing growth models, with priority given to renewable energy, the green transition, digital transformation, the semiconductor industry, and innovation.

He told the gathering that Vietnam is accelerating transformation, including economic transformation, with the renewal of old growth drivers and the promotion of new growth drivers; digital transformation, green transition, and the development of the circular economy, the sharing economy, and knowledge-based economy; the transformation of mechanisms and policies and building strategic infrastructure for transformation; and human resources transformation.

The Prime Minister suggested that the WEF and its members continue cooperating with Vietnam and called on investors to accompany the country by intensifying investment in priority areas such as innovation and high-level science and technology, including semiconductor technology and AI.

Many businesses affirmed their pleasure with investment projects in Vietnam, and shared their impressions of the Vietnamese Government’s policies and drastic measures to create an attractive environment and support the business community, which believes that Vietnam is one of the most suitable options for investment, a destination for those seeking long-term opportunities.