Prime Minister Pham Minh Chinh presided over a seminar on January 17 with the theme “Vietnam - Leading sustainable investment in ASEAN” in Davos as part of his attendance at the 54th Annual Meeting of the World Economic Forum (WEF-54), according to a report from the Vietnam News Agency (VNA).

The seminar was jointly held by the Ministry of Planning and Investment, Vietnam’s permanent mission in Geneva, the Young Presidents’ Organization (YPO), and the VinaCapital Foundation.

The Prime Minister expressed his belief that after WEF-54, which has the theme “Rebuilding Trust”, trust among countries, among businesses, and between countries and businesses will be consolidated and fostered, including confidence in Vietnam.

He touched on some of the fundamental factors that make Vietnam a safe, healthy, and sustainable investment destination, and highlighted the country’s valuable experience in persistently pursuing national independence and socialism, maximizing the strength of great national solidarity and international solidarity, combining the strength of the nation with that of the era, creatively applying Marxism-Leninism, President Ho Chi Minh’s ideology and cultural and historical traditions, and upholding the leadership of the Communist Party of Vietnam.

Regarding Vietnam’s major orientations, he said it is building a socialist democracy, a law-governed socialist State of the people, by the people, and for the people, and a socialist-oriented market economy.

Vietnam is a developing country, so its economy needs State regulation when and where necessary, he continued, emphasizing that it considers the people the center, the subject, the most important driver and resource, and the target of development. Vietnam will not trade social equality and welfare and environment for economic growth, the Prime Minister told the gathering.

He said Vietnam remains steadfast in its foreign policy of independence, self-reliance, peace, friendship, cooperation and development, diversification and multilateralization of relations, comprehensive, intensive, extensive and effective international integration, and being a friend, a reliable partner, and a constructive and responsible member of the international community, as well as in its “four no’s” defense policy.

Prime Minister Chinh emphasized that Vietnam has established diplomatic relations with more than 190 countries, including comprehensive strategic or strategic partnerships with all of the five permanent members of the UN Security Council and many of the G20 economies, and has signed 16 free trade agreements (FTAs) with more than 60 countries.

It aims to become a developing country with a modern industry and upper-middle incomes by 2030, and a developed, high-income country by 2045, he said, adding that to that end, the country will further step up the three breakthroughs of strategic infrastructure construction, high-quality personnel training, and institution perfection.

At the same time, it will roll out mechanisms and incentives for priority, spearhead, and emerging sectors such as digital transformation, science and technology, AI, and the green transition.

He highlighted Vietnam’s efforts in maintaining macro-economic stability, controlling inflation, spurring growth, ensuring major economic balances, and guaranteeing that public, government, and foreign debt and overspending are within its control.

Despite the global turmoil, Vietnam persistently pursues these policies in a spirit of harmonizing the interests of the State, the people, businesses, and investors, and sharing risks, he affirmed, calling this the greatest balance.

Prime Minister Chinh took the occasion to call on investors to bring more capital and cutting-edge technologies to Vietnam, and to contribute ideas to help the country consolidate its institutions, develop human resources, and improve its administration capacity, pledging that the government, ministries, and agencies always stand ready for dialogue and negotiation.

Delegates at the seminar shared their impressions of Vietnam’s remarkable socio-economic achievements in 2023, with GDP growth of 5.05 per cent, inflation controlled, and large volumes of FDI, and noted their belief that the country will play a more important role in the global supply chain.

Mr. Thomas Serva, CEO of France’s Baracoda Group, said Vietnam is one of the most attractive destinations in the world, with abundant, high-quality human resources, and the Group wants to participate in building innovation centers and developing AI in the country.