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Vietnam creates optimal conditions for Chinese businesses: PM Phuc

The Vietnamese Government creates optimal conditions for foreign businesses, including those from China, especially firms that have financial and technological potential, to invest in Vietnam for mutual benefits, Prime Minister Nguyen Xuan Phuc has said.

PM Phuc made the pledge during his meetings with representatives of leading businesses of China and the world in the fields of infrastructure, energy, and finance-technology-telecommunications.

The PM, who is in Beijing to attend the second Belt and Road Forum for International Cooperation, said Vietnam has great demands for the development of infrastructure, energy, technology, and finance-banking.

He told the businesspeople that during his meeting with General Secretary of the Communist Party of China and President Xi Jinping earlier the same day, the two sides discussed a range of issues regarding the promotion of Vietnam-China cooperation in the time ahead.

The bilateral cooperative ties have developed strongly over the past time, he said, stressing that China has remained Vietnam’s largest trade partner while Vietnam is China’s biggest trade partner in Southeast Asia.

The two countries have substantial potential for commercial collaboration and they are big, important markets of each other, he said.

Vietnam has become an attractive destination for global investors, attracting 28,000 projects worth more than 350 billion USD from 130 countries and territories across the world, PM Phuc said.

He highly valued quality and efficient projects by Chinese investors in Vietnam. However, the leader said, the implementation of some projects, including those in steel production and railway building, has remained sluggish.

With a small-scale economy, Vietnam needs more resources from the private sector, domestic and foreign enterprises under the public-private partnership (PPP) model and other investment forms, including projects within the link of the “Two Corridors, One Belt” and “Belt and Road” initiatives, PM Phuc said.

This is an opportunity for China’s good investment projects, he said, noting that Vietnam considers infrastructure development a strategic breakthrough and the country needs investments in road, railway and airport infrastructure.

In the sphere of energy, he said Vietnam wants to mobilise a lot of resources for the sector, particularly clean energy projects, under the PPP form.

PM Phuc expressed his hope that Chinese technology and telecoms companies will step up their production in Vietnam instead of only supplying equipment, components and spare parts.

He also showed his support for further cooperation between the China Development Bank and Vietnam’s aviation firms to increase flights as well as the quality of direct air services between the two countries.

The Chinese enterprises are all in the world’s top 500 largest companies, and they operate in the fields of railway, construction, industrial park, production of electricity and electrical equipment, insurance, telecommunications and technology. Renowned names include Alibaba, Huawei, ZTE, China Railway Construction Corporation Limited, China Energy Development Holdings Limited, China Development Bank and Ping An Insurance, many of whom have poured investment in Vietnam.

At the meetings, Chinese corporations expressed their impression on the robust socio-economic development of Vietnam in recent years, saying that this is a golden opportunity for foreign investors, including those from China, to boost investment in infrastructure, energy, telecommunications and finance and banking in the country.

They believed that Vietnam, with the strongest economic growth in the region, will become an attractive destination for Chinese businesses, who want to step in energy infrastructure development, wind power, solar power, smart healthcare and smart agriculture in Vietnam.

Meanwhile, telecommunications firms said they were impressed by Vietnam’s IT and telecommunications development. They spoke highly of the Vietnamese Government’s policy to promote digital economy, the fourth industrial revolution, and 5G technology in socio-economic development, and said that they want to join efforts to implement the policy.