PM Chinh affirms Vietnam’s readiness to facilitate Turkish investments

This affirmation was made by Prime Minister Pham Minh Chinh at the Türkiye - Vietnam Business Forum held on November 30 in Ankara as part of his visit to Türkiye.

The event featured the participation of leaders of ministries, branches, agencies, localities, and nearly 200 Vietnamese - Turkish business leaders.

Joint trade and investment ties have developed well over recent times, with many major Turkish enterprises engaging in Vietnamese infrastructure projects.

Trade exchanges between the two sides hit US$2.4 billion last year and hold great potential to further increase moving forward.

Türkiye is currently the largest direct investor from the Middle East region into Vietnam, with a total registered investment capital of nearly US$1 billion.

At the forum, the business community of both countries was introduced to the potential and needs of each side for investment and business co-operation, while enterprises shared successful lessons in collaboration and investment.

In particular, leaders of Vietnamese and Turkish ministries and agencies answered issues of mutual concern to the business communities of the two countries. Right at the Forum, a number of agencies and businesses signed co-operation agreements.

Leaders of various Turkish ministries and the business community said that their country has strengths and wishes to work with the Vietnamese side in the fields of transport infrastructure construction, household goods production, science and technology, finance, aviation, logistics, renewable energy, pharmaceuticals, agriculture, and the Halal industry.

The Turkish side is keen to penetrate deeply into the potential Vietnamese market and penetrate deeply into the ASEAN market through Vietnam.

Upon addressing the forum, the Vietnamese Government congratulated Türkiye on outstanding developments to become one of the 20 largest economies in the world, adding that they have focused on emerging industries whilst taking advantage of the intersection of three continents of Europe, Asia, and Africa to develop.

PM Chinh said that his nation is built based on the three main pillars of being a socialist democracy, having socialist rule of law state, and being a socialist-oriented market economy.

The country therefore seeks to implement a foreign policy of independence, self-reliance, diversification, and multilateralisation. This is along with being a good friend; a reliable partner; a responsible member of the international community; and building an independent, self-reliant economy associated with proactive, active, deep, substantive, and effective international integration.

“Vietnam is focusing on three strategic breakthroughs, including breakthroughs in building and fine-tuning institutions; breakthrough in infrastructure development, including transportation infrastructure; breakthrough in human resource development and administrative procedure reform. Thereby, there is an open policy system, smooth infrastructure system, and smart management. These are the foundational factors for foreign investors to come to Vietnam to do business stably and effectively in Vietnam," PM Chinh pointed out.

Vietnam desires to co-operate in the fields of digital economy, green transformation, the circular economy, the knowledge-based economy, and sharing economy, while taking science, technology, and innovation as the new driving force for future development.

The nation will work to create the best conditions possible for large, high-tech, and experienced management enterprises, including those from Türkiye to invest and conduct business in Vietnam, PM Chinh said.

PM Chinh went on to highlight the huge potential that exists to build stronger ties with the Turkish side, requesting that Türkiye recognize Vietnam as having a full market economy and the two sides should negotiate a free trade agreement to create favourable conditions for enterprises of the two countries to invest and conduct business.

This is along with creating an environment and ecosystem for first of the two countries to co-operate and invest more comprehensively and deeply, while exploiting the maximum potential differences, outstanding opportunities, and competitive advantages of each country.

“Vietnam goes ahead with improving the business investment environment as a way of helping Turkish businesses, invest and do business effectively in the nation. The country always accompanies, shares, and removes difficulties and obstacles to help businesses develop smoothly and protect the legitimate rights and interests of businesses in the spirit of "harmonious benefits, shared risks," PM Chinh affirmed.

He outlined his belief that moving forward, economic linkages between the two countries will be elevated to new heights, with increasing efficiency, including the positive and proactive contributions of the two countries' business communities.