Prime Minister reaffirms reaffirms commitment to enhancing investment climate

Prime Minister Pham Minh Chinh reaffirmed the Government's dedication to enhancing the investment environment and facilitating favorable conditions for local businesses.

Chairing a conference with representatives from 26 major corporations and businesses in Hanoi on February 10, he pledged to advance institutional reforms, simplify administrative procedures, and reduce compliance costs for businesses.

Prime Minister chairs a conference with representatives of 26 major corporations and businesses. Photos: VGP

He also stressed the importance of maintaining macroeconomic stability, controlling inflation, fostering growth and developing strategic infrastructure to improve competitiveness, cut logistics costs and train a quality workforce.

The Prime Minister identified the review and amendment of regulatory frameworks to ensure transparency, stability and convenience for both domestic and foreign investors as a top priority. He also noted that strong policies to support businesses in accessing capital, expanding markets, and adopting advanced technologies are being vigorously enforced.

"The government expects domestic companies, especially large ones, to make a significant contribution to the national development," he stressed.

He called on business leaders to engage in large-scale and concrete projects, including the North-South High-Speed Railway, three standard gauge railways connecting to China, and a nuclear power plant. The focus will be on breakthrough scientific and technological development, innovation, digital transformation, and opening up new development spaces such as underground, maritime, and outer space.

The Prime Minister cited recent discussions with Truong Hai Group (Thaco Group) on technology transfer to manufacture train cars and, eventually, locomotives for high-speed rail. He also mentioned Hoa Phat Group's role in making high-speed rail tracks and FPT Group's focus on training skilled workers and designing semiconductor chips.

Chinh asked ministries and sectors to work with businesses by committing to specific projects in line with the country's goals, ensuring transparency and zero tolerance for corruption.

Businesses urged to contribute to double-digit national growth in 2025

At the event, Prime Minister Pham Minh Chinh emphasized the critical importance of 2025 as a year of acceleration and breakthroughs in achieving the socio-economic development plan for 2021-2025, targeting GDP growth of at least 8% to pave the way for double-digit growth in subsequent years.

He called on private enterprises to strive to contribute to at least double-digit growth of the national economy, thereby contributing to the overall economic growth target. He outlined eight key expectations for the private sector, including leading in innovation, digital transformation, and the development and application of science and technology.

The Prime Minister encouraged the companies to effectively support strategic breakthroughs in institutions, infrastructure and human resources to accelerate growth and promote inclusive and sustainable development across the country.

He also stressed the importance of advancing the digital economy, green economy, circular economy, sharing economy, knowledge economy and creative economy. Businesses are encouraged to actively take part in social welfare initiatives and the construction of social housing for workers, while increasingly engaging in global value and supply chains to enhance the national brand.

In 2025, the country aims to carry out a revolution in restructuring and streamlining its administrative apparatus in line with the Politburo's Resolution 57, focusing on breakthroughs in science and technology, innovation and digital transformation, the premier said.

Enterprises urged to lead economic development

Truong Gia Binh, Chairman of FPT Corporation, speaks at the meeting.

At the meeting, proposals to stimulate economic growth in 2025 were heard from major companies that are currently involved in important projects.

Truong Gia Binh, Chairman of FPT Corporation and Head of the Private Economic Development Research Board, suggested addressing regulatory bottlenecks in science and technology, stressing that GDP growth is closely tied to scientific progress, and Vietnam's potential in this area exceeds that of many countries.

He suggested integrating artificial intelligence (AI) into educational programs at all levels and positioning Vietnam to become a leader in AI.

Meanwhile, Nguyen Thi Nga, Chairwoman of BRG Group, which has been active in finance, retail, services and tourism for 30 years, called for financial support policies for carbon-neutral projects, including tax incentives and streamlined administrative procedures.

She called for the creation of research and innovation centers to support businesses in adopting clean technologies and renewable energy, aligning with the Prime Minister's commitment to international greenhouse gas reduction targets and Vietnam's goal of achieving net-zero emissions by 2050.

Prime Minister Pham Minh Chinh and private businesses at the event.

At the conference, Tran Ba Duong, Chairman of Thaco Group, pledged active involvement in urban railway projects, particularly in the production of train carriages and steel components, as directed by the Prime Minister.

"We are committed to reasonable technology transfer and local production to reduce costs, involving responsible Vietnamese companies to ensure quality and competitive pricing," he said.

Tran Dinh Long, Chairman of the Hoa Phat Group, expressed his willingness to invest in and supply products for the urban rail projects in Hanoi and Ho Chi Minh City, as well as the Lao Cai-Hanoi-Haiphong Railway and the North-South High-Speed Railway. He assured that their bids would meet quality standards and delivery schedules, and be priced lower than imports.

Long also requested official documentation from relevant authorities to ensure confidence in their investments.

In response, Minister of Planning and Investment Nguyen Chi Dung noted that to achieve double-digit economic growth, the non-state sector needs to grow by about 11% annually. He said large enterprises need to play a more proactive role in taking on important and challenging undertakings. They should also take the lead in addressing national issues to drive economic development.

"Large companies need to embrace their role as 'leading enterprises' by engaging in technology transfer, forming partnerships, and creating opportunities for small and medium-sized enterprises to participate in value chains," Dung said.