Vietnam rules out projects using obsolete technologies, while encouraging investors to apply cutting-edge, environmentally-friendly technologies and provide products at affordable prices, according to Prime Minister Nguyen Xuan Phuc.
Phuc met leading Chinese corporations in fields of infrastructure, energy, finance and technology in Beijing on April 25. Source: VGP.
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As of present, China remains Vietnam’s largest trading partners, while Vietnam is China’s largest partner in Southeast Asia, Phuc said.
Following Vietnam’s intensive efforts in global integration, the country has become an attractive investment destination for global investors. Over US$350 billion from 130 countries and territories has been committed to Vietnam through 28,000 projects.
Phuc expected to mobilize more capital for development, especially from the private sector and foreign countries under the public-private partnership (PPP) format. This would include projects within the framework linking initiatives “Two Corridors, One Belt” and “Belt and Road”, which present opportunities for Chinese investors.
The Vietnamese government would create favorable conditions for foreign companies, including Chinese ones, especially those with strong financial and technological capabilities.
Overview of the meeting. Source: VGP.
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According to Phuc, infrastructure development is one of Vietnam’s breakthrough strategies, the country, therefore, requires huge capital for developing roads, airports, and railways.
Vietnam would proceed with international biddings to invite investors in forms of build – operate – transfer (BOT) and build – transfer (BT), Phuc added.
Meeting with energy corporations such as China Huadian Corporation, China State Construction Engineering (CSCEC) and TBEA, Phuc revealed electricity supply in Vietnam must grow by 10 – 15% per year to accommodate the country’s rapid economic growth.
Meanwhile, Phuc requested Chinese finance – technology companies such as Ping An Group, Alibaba, and China Development Bank (CDB), among others, to establish production bases in Vietnam, instead of just supplying equipment and parts.
Phuc considered high-tech agriculture one of Vietnam’s advantages, expecting Ping An to expand cooperation with local companies in this field, while approving deeper partnership between the CDB and Vietnamese airlines in aviation sector.
In response, Chinese corporations attending the meeting expressed commitments to long-term business and production expansion in Vietnam, and hoped for more support from the Vietnamese government to participate in large-scale projects.
