Vietnam to become major economic hub in Southeast Asia: PM

"Vietnam will build and develop itself into a major economic, trade, and investment hub in Southeast Asia from now until 2030," the Prime Minister said at a dialogue with 16 major European corporations and enterprises on Sunday.

The PM chaired the dialogue to boost cooperation and investment, aiming to achieve a growth rate of at least 8% this year, paving the way for double-digit growth in the years ahead.

The European Union (EU)'s investment in Vietnam now tops US$30.4 billion, ranking as the sixth largest foreign investor in Vietnam. Two-way trade hit $68.5 billion last year.

European representatives praised Vietnam's business and investment climate, highlighting recent regulatory reforms that have improved transparency, clarity, and decisiveness in the legal framework for investors.

A recent survey revealed that 75% of European enterprises recommend Vietnam as a key investment hub, reflecting strong confidence in the country’s economic potential.

European enterprises expressed their commitments to long-term operations in Vietnam, pledging to work closely with the Vietnamese Government, ministries and agencies to draw more international investors to the country.

Vietnam needs to ramp up global promotion efforts to attract tourism and investment, improving its national competitiveness and global brand presence, they said.

Chinh praised the EU’s support for Vietnam’s development, especially in the fields of economy, investment, and trade. He acknowledged Europe’s shared commitment to the Vietnamese people’s pursuit of freedom and prosperity.

He highlighted Vietnam’s strategic advantages, including its large population, a prime geopolitical position in Asia’s growth region, and a stable, peaceful environment conducive to development. These factors, he said, make Vietnam an ideal hub for production, business, and exports.

PM Chinh affirmed Vietnam’s readiness to welcome high-level EU leaders for substantive visits aimed at fostering a more favorable environment for European businesses and improving Vietnam’s investment and business climate.

The PM called on EU businesses to expand their operations in Vietnam, positioning the country as a key production and supply chain hub. He reassured European investors of Vietnam’s commitment to providing opportunities, trust, and necessary conditions, making the nation a safe and beneficial investment destination.

He stated that Vietnam remains steadfast in maintaining independence, sovereignty, territorial integrity, political stability, social order, and legal stability, ensuring a secure and stable business environment for European enterprises.

PM Chinh also urged stronger collaboration between European businesses and their Vietnamese counterparts to assist the latter’s supply chain integration, market diversification, and turning into a long-term production and business hub for the EU. The leader also encouraged the European partners to engage in consultancy serving Vietnam’s institutional building and policymaking.

The PM called on the European business community to advocate for the swift ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) by nine remaining EU member states, as well as the European Commission (EC)’s lifting the IUU "yellow card" against Vietnamese seafood exports.

He called for their participation in the country’s project to grow 1 million hectares of low-emission rice in the Mekong Delta, and support for the EU’s continued official development assistance (ODA) for Vietnam through bilateral cooperation channels.

The Vietnamese Government is committed to ensuring the foreign-invested sector remains a vital part of the national economy, while safeguarding the legitimate rights and interests of enterprises, PM Chinh affirmed.