Full text of Prime Minister Pham Minh Chinh's speech at the Vietnam-WEF National Strategy Dialogue

We respectfully introduce the full text of the Prime Minister's speech:

Dear Professor Klaus Schwab, Founding Chairman of WEF,

Dear Mr. Borge Brende, Executive Chairman of WEF,

Dear Presidents, CEOs, and corporate leaders,

Dear Sir or Madam,

I am delighted to join you in the first Vietnam - World Economic Forum (WEF) National Strategic Dialogue with the theme "Strengthening Public-Private Partnership: A Key Driver for Comprehensive Recovery and Sustainable, Inclusive, Innovative Development".

On behalf of the Government of Vietnam and with my personal feelings, I would like to send my warmest greetings and best wishes to Professor Klaus Schwab and Mr. Klaus Schwab and all of you. I sincerely thank Professor Klaus Schwab and the World Economic Forum for their close coordination with Vietnam in organizing today's Dialogue as well as for accompanying Vietnam throughout the past cooperation journey.

Today's strategic dialogue is a very important event in the context of the world economic outlook still containing many risks and the complicated developments of the COVID-19 pandemic. This is a time to test the mettle, creativity and adaptability of all of us, both the Government and businesses. This is also a time when all parties need to strengthen cooperation, promote public-private partnerships to overcome difficulties together in the spirit of "sharing hardships", "harmonized benefits, shared risks", "win-win".

Dear Sir or Madam,

Despite the difficult situation, we still firmly believe in a bright future ahead. The journey of more than 35 years of innovation and international integration, overcoming the storms of many regional and global crises, has left Vietnam with many valuable lessons. One of those lessons is to turn “danger” into “opportunity”; to use difficulties and challenges as motivation and leverage to innovate, grow and rise.

The current challenging period poses two issues for us: How to recover and develop the socio-economy in the context of safe, flexible adaptation and effective control of Covid-19. At the same time, find opportunities in difficulties and crises to create new momentum for growth, take advantage of major trends of the times to develop breakthroughs. I hope that today's Dialogue will have many valuable opinions and recommendations, helping us find directions and solutions for the process of comprehensive recovery and sustainable, comprehensive and inclusive development.

Dear Sir or Madam,

Over the past two years, thanks to the efforts of the entire political system and the whole-people approach, along with the support of friendly countries, partners and the domestic and foreign business community, Vietnam has basically overcome the most difficult period, proactively and step by step moving to the stage of safe and flexible adaptation, effectively controlling the epidemic, restoring production and supply chains, maintaining macroeconomic stability, ensuring major balances, creating momentum for rapid and sustainable development in the coming time. At the same time, we have identified a whole-people approach and taken people and businesses as both the target and the center, the subject in responding to the epidemic and recovering the economy and society.

As an open economy with 17 FTAs ​​connecting more than 60 countries, a dynamic market of nearly 100 million people and full convergence of factors in terms of institutions, infrastructure, geographical location, political and social stability, Vietnam continues to be an attractive destination with many investment and business opportunities. With an economic scale increasing 1.4 times compared to 5 years ago, Vietnam has become the 4th largest economy in ASEAN and the 37th globally. In the infrastructure sector alone, Vietnam's investment demand from now until 2030 is very large, estimated at about 30 billion USD/year.

Vietnam's socio-economic situation has recovered and shown signs of improvement in October due to the basic control of the epidemic and the gradual opening of the economy. In the first 10 months of the year, newly registered FDI capital increased by 11.6% and realized capital reached over 15 billion USD; exports increased by 16.6% over the same period in 2020. Compared to September, the number of newly established enterprises in October increased by 111%, registered capital increased by 74%; in particular, total demand recovered strongly, total retail sales of goods and consumer service revenue increased by over 18%. The average consumer price index for 10 months increased by only 1.81%. This shows that the current difficulties are only temporary; the fundamental factors are potential, advantages, new driving forces for long-term development and the macro foundation, the major balances of the Vietnamese economy are still outstanding, stable and solid.

I am very touched to receive the sharing, trust and commitment of the business community at recent meetings. I also thank the solidarity, unity and support of the whole society and the international community, including foreign investors, in the recent efforts to prevent the epidemic and restore the socio-economy of Vietnam.

Dear Sir or Madam,

Vietnam's overall plan for economic recovery and development in the immediate period includes: The overall program for opening the economy in conjunction with the prevention and control of the COVID-19 pandemic; programs on ensuring social security and job creation; recovering enterprises, cooperatives, and business households; developing infrastructure, and unlocking social resources for development investment. Promoting institutional improvement, cutting administrative procedures, and fighting corruption and negativity.

In the long term, we are determined to strive towards the goal of building a strong and prosperous Vietnam, becoming a developing country with modern industry and high average income by 2030 and striving to become a developed country with high income by 2045. In that process, we are committed to continuing to create all favorable conditions for international investors and businesses to accompany, contribute and share the sweet fruits of economic success; with the motto: your success is also Vietnam's success.

With aspiration and will to rise, we are focusing on a number of policy directions as follows:

Firstly, focus on solutions to restore the supply chain, ensure the circulation of goods, safe and smooth production and business activities of enterprises in the new normal conditions. The epidemic has been basically controlled, industrial zones are gradually recovering. Every day that passes, more factories are operating again, more workers return to production workshops, passenger transport is reopened...

Second, support businesses and people to promote production and business and stabilize their lives. On the basis of macroeconomic stability.

The Government is flexibly deploying monetary, credit, fiscal and social security policy tools to promote all resources for the economy, while providing maximum support to businesses and people. Recently, Vietnam has exempted and reduced many types of taxes and fees in areas affected by the Covid-19 pandemic, promoted the reopening of international flights to safe destinations, completed new entry procedures, recognized vaccine passports, created a convenient green entry channel for experts and investors to enter Vietnam, etc.

Third, vigorously implementing large-scale investment programs, especially for strategic infrastructure, is promoting inter-regional transport infrastructure projects, green energy, green infrastructure, national digital infrastructure, etc., which have a spillover effect and create new growth momentum for the economy. In addition to the important and leading role of public investment, we call for new investment methods and business models with the participation of foreign investors and private investment, especially promoting the effectiveness of the public-private partnership model in infrastructure investment.

Fourth, step up the removal of difficulties for enterprises, including FDI enterprises in Vietnam. The Government has established a special working group on removing difficulties for enterprises. With the view that the FDI sector is an important part of the economy, we are committed to protecting the legitimate and legal rights and interests of investors; ensuring the harmony of interests between the State, investors and workers. We have just issued a decision on special investment incentives with regulations on the time and conditions for applying special incentives to large-scale, high-tech investment projects and those associated with Vietnamese enterprises.

Fifth, improving the quality of synchronous, modern and integrated institutions is a prerequisite, one of the three strategic breakthroughs for the country's development in the next 10 years. We are amending many important laws such as the Law on Public Investment, the Law on Investment, the Law on PPP Investment, the Law on Enterprises, etc., in the direction of increasing decentralization, delegation of authority, post-audit, and minimizing investment and business procedures of enterprises. In order to create development space for industries and fields that are "leading" in the digital age, Vietnam is perfecting the legal system on intellectual property, perfecting the legal framework to create the basis for the implementation of new business models, e-commerce, digital banking services, financial technology (fintech), etc.

Sixth and most important factor is human resources. To maximize the most important resource, the Vietnamese people, who are the center, subject, main resource and goal of development; we continue to promote human resource development, focusing on training digital human resources, skilled workers, high technical expertise, ready to welcome the trend of supply chain transformation.

At the same time, we also promote technological development, innovation, digital transformation, economic restructuring associated with strong innovation of the growth model, improving productivity, quality, efficiency, and economic autonomy in line with the adjustments of the world economy after the Covid-19 pandemic.

Prime Minister Pham Minh Chinh chaired the National Strategic Dialogue between Vietnam and the WEF at the Hanoi bridge. Photo: Duong Giang/VNA

Dear Sir or Madam,

The stability and dynamism of Vietnam's economy opens up many opportunities for investors around the world. I call on investors to coordinate in implementing the policy of safe production recovery to ensure orders and maintain supply chains. I also suggest that you coordinate in exploiting and taking advantage of opportunities from the free trade agreements that Vietnam has signed, including high-quality FTAs ​​with major partners.

The Vietnamese Government will continue to create all conditions for you to invest in areas that Vietnam is prioritizing and has many special incentives such as high technology, information technology, supporting industry; smart agriculture; environmental protection, renewable energy; infrastructure construction and social security projects. We expect FDI enterprises to further strengthen the training of high-quality human resources, apply advanced and effective management science; promote research - development, innovation and contribute to making Vietnam a center in the regional and global value chain.

Dear Sir or Madam,

The Vietnamese Government is ready to enhance dialogue and coordination within the public-private partnership framework to encourage the response and participation of all businesses and people. I propose that models such as the Public-Private Partnership Program for Sustainable Agriculture within the framework of the World Economic Forum be replicated in other potential areas of cooperation. On this occasion, I propose that the Vietnam - WEF National Strategy Dialogue become a regular mechanism between the leaders of the Vietnamese Government and businesses and experts of the WEF.

I hope that, having understood Vietnam, you will always carry Vietnamese sentiments in your hearts, together with the Vietnamese Government and people to realize common aspirations and development goals. "Fire tests gold, hardship tests strength", I hope and believe that we will cooperate together and will do what we can!

Now I look forward to hearing your opinions, sharing and intellectual contributions. I wish you good health and success. I look forward to meeting you all in person in Vietnam.

Thank you very much!