Da Nang welcomes new wave of investment, creating conditions for the acceleration of sustainable development. The statement was made by Prime Minister (PM) Pham Minh Chinh at the Da Nang Investment Forum 2022 on Saturday afternoon.

Vietnamese Prime Minister Pham Minh Chinh addresses the Da Nang Investment Forum 2022, June 25, 2022.

Addressing the forum, PM Chinh thanked international investors for their good comments about Da Nang, and Viet Nam at large. That is the basis for Viet Nam to continue to strive to enhance the appropriate investment environment.

Viet Nam is committed to build a fair and transparent investment environment with harmonised interests between the parties.

Specifically, Viet Nam is building socialist-oriented market economy, ensuring the legitimate interests of investors. In particular, investors and businesses are an important factor for mutual development.

The PM affirmed that the development of Viet Nam's economy is based on sustainable development for the purpose of protecting people and maximizing human rights.

Besides, the human factor is always the centre and goal of development, the subject and driving force of Viet Nam.

At the same time, Viet Nam has a foreign policy of self-reliance, multilateralisation and diversification of relations, the protection of territorial integrity, multilateral cooperation, and is a reliable partner for peaceful purposes.

Viet Nam is building an independent and self-reliant economy, actively integrating into the international economy deeply, substantively and effectively. This is the foundation for Viet Nam, and Da Nang in particular, to be an investment destination for domestic and foreign investors.

In addition, the above-mentioned foundations are also reinforced by factors such as ensuring security and defence.

Investors are always guaranteed their legitimate rights and interests when investing in Viet Nam. This Southeast Asian country will continue to accelerate the renovation process with a lot of work to be done in terms of institutions, infrastructure and human resources.

One of the pillars of economic innovation is deep, active and proactive integration. If Viet Nam wants to diversify its market, supply chain and products, it needs new generation free trade agreements (ATAs) to be signed.

To date, Viet Nam has signed over 15 FTAs, covering all the largest markets in the world. In the coming time, the country must try harder to have be engaged in more FTAs .

As for Da Nang, PM Chinh affirmed that this is a locality showing off many outstanding potentials, advantages and opportunities.

Over the past years, especially since the separation from the former Quang Nam - Da Nang Province, Da Nang has risen up very strongly in all aspects, expressing the spirit of "turns a No into a Yes, turns difficulties into easiness, turns the impossibility into possibility".

PM Chinh encouraged Da Nang and investors to focus on developing priority aspects such as IT, digital transformation infrastructure, climate change mitigation, green energy development, supply chain diversification, industrial and urban infrastructure development, capital market development and focusing on training human resources and developing the pharmaceutical industry, medical equipment and supplies, fundamental industries and innovation.

The national government’s chief suggested a number of tasks and solutions for Da Nang to catch up with investment waves, create breakthroughs and new motivations for rapid recovery and sustainable socio-economic development.

Accordingly, the city needs to focus on building and completing the planning; promoting administrative reform, improving business investment environment; accelerating economic restructuring associated with growth model innovation, promoting science and technology, digital transformation, digital economy, green economy, circular economy, regional cooperation and linkage; effectively using resources, strongly developing the socio-economic infrastructure system.

Also, heed will be paid to training and developing human resources; well performing tasks in the fields of culture, society, environment, national defence, security and foreign affairs, creating a foundation and favourable conditions for investment attraction.

The Vietnamese government’s leader asked relevant local agencies to further administrative reform; ensure a favourable business and investment environment for local residents and businesses; consider appropriate mechanisms and policies, thereby creating a premise for Da Nang to accelerate development.

As for investors, businesses and entrepreneurs, PM Chinh suggested building a long-term, sustainable business strategy and properly implementing investment commitments, cooperation agreements, and affirming prestige as well.

In particular, the implementation of projects must comply with the plan and the law, ensure investment quality.

Investors and businesses set profit targets but must be associated with social responsibility, environmental protection, for the sake of sustainable development, for the business itself, the people and the community, well implement regimes and policies for employees and build a safe, friendly and harmonious working environment, thus joining hands to make Viet Nam more powerful and prosperous.

PM Chinh reiterated that the Vietnamese government creates favourable conditions for all organisations, individuals, businesses and investors to participate in lawful and legitimate investment and business activities. in Viet Nam.

With favourable opportunities and great potential and advantages, he believes that in the coming time, Da Nang will accelerate investment attraction, quickly recover and developing sustainably, realize strategic goals.

Reporting by THANH LAN - MAI QUE - VAN HOANG – Translating by A.THU