Vietnam commits to creating best business environment: PM

PM Pham Minh Chinh speaks at the event. Photo: VNA

PM Chinh made the statement while delivering a speech at the 2022 ASEAN Business and Investment Summit (ABIS) held in Phnom Penh, Cambodia, on November 10. Themed “Addressing challenges together”, the event was the annual flagship activity of the ASEAN Business Advisory Council (ASEAN BAC).

The PM stressed that Vietnam consistently pursues a foreign policy of independence, self-reliance, peace, friendship, cooperation and development, multilateralisation and diversification of ties, being a trustworthy partner and responsible member of the international community.

Having uphold and respected the principles and identity of ASEAN, Vietnam has always worked for a united, strong and prosperous ASEAN Community; seriously fulfilled membership commitments and obligations, making important contributions to strengthening solidarity, building the ASEAN Community and realising the ASEAN Vision 2025, he said.

After more than 35 years of renewal, Vietnam’s economy is estimated at nearly 400 billion USD this year with an income per capita of over 4,000 USD and foreign trade value of around 750 billion USD, becoming one of the world's top 20 economies in terms of international trade. PM Chinh said.

Vietnam already signed 15 free trade agreements with 60 countries and territories, including the world’s largest markets. Its gross domestic product grew by 8.83% in the January-September period and is estimated at 8% for the whole year despite complicated developments of the world situation and adverse impacts of the COVID-19 pandemic, he added.

PM Pham Minh Chinh speaks at the summit. Photo: VNA

The PM pledged that Vietnam will maintain socio-political and macro-economic stability; remove bottlenecks of the economy in terms of legal institutions, infrastructure and human resources; develop supply chains, reduce transaction costs, especially logistic and administrative costs; building a stable environment and policies, exercise transparency and accountability; stay ready to cooperate to promote digital infrastructure connectivity, towards a region of even and sustainable digital development; stand side by side with businesses in the ASEAN region and partner countries; and strive to create the best conditions to make the most of business and investment opportunities.

The Vietnamese leader expected that enterprises would continue joining hands with governments of ASEAN member states, uphold the spirit of taking the initiative and creativity in adaptation with the new normal, step up investment and trade to generate more jobs, thus creating new values for the society and community.

PM Chinh expressed his belief that businesses will uphold the "ASEAN Spirit" and stay united to overcome challenges and contribute to prosperity of ASEAN people and multifaceted cooperation among ASEAN member states as well as between ASEAN and partners.

According to the Vietnamese leader, after more than five decades of development, ASEAN has become a dynamic and creative economic community with more than 650 million people. It was partly contributed by the business community, from major to medium-, small- and micro-sized enterprises; young firms and start-ups, and women-owned businesses.

He urged ASEAN governments, businesses and stakeholders to effectively implement the Comprehensive Recovery Framework approved by ASEAN leaders at their 37th summit and other adopted initiatives, focusing on recovery, digitalisation, and sustainability, and stepping up the application of science and technology to promote green recovery.

At the same time, the ASEAN business community needs to grasp opportunities offered by the Regional Comprehensive Economic Partnership (RCEP) - the world’s largest regional free trade agreement today that covers 30 % of the global GDP and 30% of the world population, thereby promoting the expansion of market linkages, production and value chains, and harmonising regulations on origin, customs procedures, quarantine and technical standards, he said.

The PM proposed that ASEAN member states should effectively implement the ASEAN Consolidated Strategy on the Fourth Industrial Revolution and the ASEAN Agreement on E-Commerce, accelerate digital transformation and investment in digital infrastructure, and facilitate regional connectivity and economic recovery.

The ASEAN BAC needs to promote its pioneering role in cooperation activities, promoting innovation and technology transfer, accelerate the transition to a preeminent circular economy model, save resources, protect the environment, propel socio-economic recovery and development, he said.

Highlighting the need to enhance public-private partnership, PM Chinh called on enterprises, more than ever, to closely work with governments to initiate ideas to promote a sustainable and highly-resilient regional economy.

The ABIS 2022 featured four sessions by experts from ASEAN countries and their dialogue partners on topics of ASEAN Geopolitics and Economy, Regional Comprehensive Economic Partnership (RCEP) Agreement and Investment in ASEAN, Preparing for Digital ASEAN, and a Greener and More Sustainable ASEAN.

VNA