Vietnam welcomes Chinese investment: PM

By Phuong Dung   May 14, 2024 | 06:26 pm PT
Vietnam welcomes Chinese investment: PM
Prime Minister Pham Minh Chinh speaks to Chinese business representatives at a meeting on May 14, 2024. Photo by Vietnam Government Portal
Vietnamese Prime Minister Pham Minh Chinh has urged Chinese companies to invest in major projects in Vietnam and to include local companies in their supply chains.

They should invest in sectors in which they have advantages, he said at a meeting with Chinese business executives on Tuesday.

Vietnam prioritizes innovation, digital transformation, renewable energy, smart cities, manufacturing, and transport infrastructure, he told them. "New projects should focus on developing a sustainable business model that includes Vietnamese businesses in the value and supply chains of regional and global corporations."

The executives told him they value the Vietnamese market highly.Its investment and business environment is improving with the right development strategies, especially in its digital and green economies.

Trade between Vietnam and China quadrupled in the last 10 years to reach US$172 billion last year, according to the Ministry of Planning and Investment.China is the sixth largest foreign investor in Vietnam with over $27.6 billion in 4,400 active projects.

Chinh also called for increased economic linkages between the two countries, especially in building cross-border railroads and roads to increase trade.

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