Vietnam more selective about attracting investment, says President Phuc

At the CEO Summit held as part of the 2022 APEC Summit in Bangkok, Thailand, Phuc said that as the world economy encounters several problems, Vietnam has maintained its macroeconomic stability, controlled inflation and ensured food and energy balance.

Vietnam is expected to be among economies with the fastest GDP growth in the Asia-Pacific region, at 7.2% in 2022 and 6.7% in 2023 according to several international organizations, Phuc said.

As an investment destination for major corporations, Vietnam has signed and implemented around 60 agreements to promote investment, as well as 15 agreements on free trade, he added.

"Vietnam's recent achievements regarding economic growth offer clear proof that increased commercial and investment cooperation in both the region and the world can deliver benefits for participating countries."

He said Vietnam's current priority was to attract the right kind of investments, with quality, efficiency, technology and environmental protection as evaluation criteria.

Vietnam wants to attract hi-tech FDI projects that would bolster innovation and research, allowing Vietnamese businesses to join both regional and global supply chains, and also facilitate development of a digital, green and circular economy, Phuc said.

Vietnam recognizes the importance of being "side by side with businesses," Phuc said, adding that the government would cooperate with businesses to resolve any problem that might arise.

Phuc expressed his hope that the APEC business community would use its spirit of cooperation to overcome challenges and bolster investments in the region.

An international trade system that is fair, transparent and effective was essential to ensure a level global playing field, he said.

He remarked that digital transformation was an inevitable trend that would positively impact international trade and the international economy.

President Phuc is on a four-day (November 16-19) visit to Thailand, combining an official visit to the neighboring country with attending the 2022 APEC Summit at the invitation of Thai Prime Minister Prayut Chan-ocha.

The 2022 APEC Summit Week (November 14-19) is taking place in Bangkok.