April 24, 2023

Vietnamese Prime Minister Hosts FDI Dialogue Conference with EuroCham Foreign Business Leaders

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On April 22, Prime Minister Pham Minh Chinh hosted a dialogue conference with foreign business associations and enterprises, which was attended by a who’s who of FDI leaders and representatives.

From the Vietnamese side, attendees included:

  • Prime Minister Pham Minh Chinh
  • Deputy Prime Ministers Le Minh Khai and Tran Luu Quang
  • Minister of Education and Training Nguyen Kim Son
  • Minister of Finance Ho Duc Phoc
  • Minister of Industry and Trade Nguyen Hong Dien
  • Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung
  • Minister of Planning and Investment Nguyen Chi Dung
  • Chief of the Government Office Tran Van Son
  • Governor of the State Bank of Vietnam Nguyen Thi Hong
  • Representatives from provincial and local people’s committees

Representatives from EuroCham who attended the conference were Chairman Gabor Fluit, Vice-Chairs Torben Minko and Minh Nguyen, as well as Board Members Stuart Livesey and Giando Zappia.

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Pictured above: Chairman Gabor Fluit addressing the audience.

During his address, Mr. Fluit discussed the challenges faced by foreign businesses and investors in Vietnam, focusing on areas such as the green energy transition, circular economy, human resource quality, tourism, healthcare, taxes and fees, digital transformation, and pandemic control measures. He also suggested the following solutions:

  • Expediting the completion and implementation of Power Development Plan (PDP) VIII to encourage renewable power production
  • Introducing recycling costs that reward businesses for using materials with high-recycling values to transition to a circular economy
  • Resolving the work permit bottleneck to attract and retain talent.
  • Extending visa-free entry to all European Union member states to boost tourism.
  • Optimizing management processes and implementing global best practices to improve access to pharmaceuticals and medical devices.
  • Harmonizing administrative procedures and tax policies to drive trade growth under the EVFTA.
  • The importance of prioritizing comprehensive digital transformation in the public and private sectors to maintain Vietnamese economic competitiveness and future-proof its administrative capacity.

Click here to read Mr. Fluit’s full speech in English and Vietnamese.

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Pictured above: Prime Minister Pham Minh Chinh.

In his address, Prime Minister Pham Minh Chinh expressed the government’s commitment to supporting companies and investors in navigating the business landscape of Vietnam, in the event that taxes are imposed.

He emphasized that the party and state have consistently recognized the vital role played by FDI in the country’s economy, and have endeavored to provide an environment that fosters equitable competition, long-term growth, and inter-sector collaboration.

He added that in addition to tax incentives, the government will examine and implement strategies to attract investments that align with international commitments and promote fairness for all parties involved. This will include providing assistance to companies with regards to land acquisition, research and development costs, administrative streamlining, affordable housing for both workers and the public, training programs for employees, and improving infrastructure in order to entice foreign investment.

Specifically, he stated that when the global minimum tax is implemented in Vietnam, the government will provide support to enterprises and investors to overcome any challenges that may arise. He also called upon ministries, departments, and local authorities to collaborate in developing prompt solutions to the challenges faced by investors, and to actively promote the attraction of foreign investment to Vietnam.

According to Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung, the government is dedicated to collecting and integrating investors’ feedback to complete the regulatory framework, Decree 152, which oversees the issuance of work permits to foreign workers in Vietnam, by July. He said that the new decree will not only meet investors’ needs but also fulfill state management requirements while promoting the development of high-quality human resources for the country’s future.

Minister of Industry and Trade Nguyen Hong Dien said that the MOIT is collaborating with consultants to expedite the finalization of PDP VIII. It is anticipated that this plan will be submitted for approval to the Prime Minister by mid-May of the current year. Following approval of PDP VIII, the MOIT will formulate implementation strategies and suggest pilot policies for offshore wind projects.

In relation to the mechanism for direct electricity purchase and sale, he said the MOIT intends to thoroughly analyze and incorporate the feedback and recommendations provided by EuroCham and other foreign investors.

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Pictured above: Bosch Vietnam Managing Director and EuroCham Vice-Chairman Dominik Meichle giving a speech.

Several EuroCham members also delivered speeches at the conference. These included:

Click on their names above to read their full speeches.

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Pictured above: DBAV Chairman Alexander Koch, EuroCham Vice-Chairman Minh Nguyen, CCIFV Chairman Thibault Giroux, Prime Minister Chinh, CEEC Chairman Marko Moric, ICHAM Chairman Michele D’Ercole, and EuroCham Vice-Chairman Dominik Meichle.

Representatives from seven of EuroCham’s European affiliated business associations were also there. These included:

  • Belgium-Luxembourg Business Association in Vietnam (BeluxCham) Vice-Chairman Ludo Drijbooms
  • Central and Eastern European Chamber of Commerce in Vietnam (CEEC) Chairman Marko Moric
  • Dutch Business Association in Vietnam (DBAV) Chairman Alexander Koch
  • French Chamber of Commerce and Industry in Vietnam (CCIFV) Chairman Thibault Giroux
  • German Business Association in Vietnam (GBA) and EuroCham Vietnam Board Member Alexander Ziehe
  • Italian Chamber of Commerce in Vietnam (ICHAM) Chairman Michele D’Ercole
  • Spanish Chamber of Commerce in Vietnam (SCCV) Board Member Yung Mai-Le

It was with great pleasure that we extended an invitation to our corporate partners to join us at the distinguished EuroCham high-level event, including:

  • Bayer
  • Copenhagen Offshore Partners (COP)
  • De Heus
  • Deutsches Haus
  • DKSH
  • Unilever

Apart from our corporate partners, a diverse group of EuroCham members from various sectors also were there.

We extend our sincere gratitude to the Vietnamese government for hosting this productive and informative dialogue conference. The presence of Prime Minister Pham Minh Chinh and his esteemed colleagues underscores the government’s strong commitment to supporting foreign businesses and investors in Vietnam. We appreciate their dedication and efforts to creating a favorable investment climate, promoting equitable competition, and fostering collaboration among all economic sectors.

We at EuroCham are honored to have been a part of this important event and would like to express our gratitude to all the participants, including the EuroCham representatives, the European affiliated business associations, and our corporate partners. We look forward to continuing our engagement with the Vietnamese government and other stakeholders to ensure a prosperous future for Vietnam’s economy and its people.

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Pictured above
: The Prime Minister speaking to a group of FDI business community reps, including German Business Association in Vietnam (GBA) and EuroCham Vietnam Board Member Alexander Ziehe, Italian Chamber of Commerce in Vietnam (ICHAM) Chairman Michele D’Ercole, and Co-Chair of the Vietnam Business Forum (VBF) Nitin Kapoor, among others.

To read a comprehensive Vietnamese-language recap by the Government Electronic Newspaper (Báo điện tử Chính phủ) of what was said and discussed on Saturday, please click here.

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