PM calls on businesses to leverage Vietnam – Poland cooperation potential

He emphasized that the long-standing friendship and cooperative relations between Vietnam and Poland have been strengthened continuously since the establishment of diplomatic ties over the past 75 years.

However, he said, the rapidly changing global landscape requires countries to adopt new strategies to adapt to the new situation, and in such a context both Vietnam and Poland have much to discuss to strengthen their ties. He called the task a mandate of the heart and a thought of the mind, to work toward the mutual benefits for the people of both countries and their contributions to regional and global peace, cooperation, and development.

Chinh noted that bilateral cooperation mechanisms, including the EU-Vietnam free trade agreement (EVFTA, have been established and come into force, while the EU-Vietnam investment protection agreement (EVIPA) is awaiting ratification.

He expressed hope that Vietnam could act as a bridge to foster connections between Poland, the EU, and ASEAN. Vietnam also supports Poland’s engagement in the Treaty of Amity and Cooperation (TAC) with ASEAN, which would benefit both sides by creating a regional cooperation framework for mutual advantages.

Despite strong political and diplomatic relations and mutual affection, the PM said, bilateral economic, trade, and investment ties have yet to match their potential, highlighting untapped opportunities and competitive advantages.

To address the issue, he suggested new approaches to connect the two economies, strengthen ties between their business communities, and capitalize on each other’s complementary strengths in goods, technology, trade, and investment.

The two Governments must resolve existing obstacles, improve mechanisms and policies, and instill confidence in businesses, while businesses should enhance connections, share experiences, and support each other for mutual growth, he suggested.

The PM outlined Vietnam’s strategic priorities, focusing on maintaining a peaceful, cooperative, and development-friendly environment, creating a stable and favourable business climate, and building preferential investment policies in high-tech industries, public health, and sustainable development.

Vietnam is implementing three strategic breakthroughs, namely institutions, human resources training, and infrastructure, to drive it forward into the era of national advancement.

To do this, he said, the country is cutting administrative procedures, streamlining its organizational structure, and leveraging institutions as a resource and driving force for economic development. It is heavily investing in infrastructure development, including transportation, health care, education, and social infrastructure, to reduce logistics costs and enhance product competitiveness.

Vietnam is also training a high-quality workforce, to meet the needs of businesses and investors, improve labour productivity, and support emerging sectors such as the green economy, digital economy, creative economy, knowledge economy, and circular economy. Emerging industries like cloud computing, data infrastructure, Internet of Things, and artificial intelligence are also being promoted, with a plan to train 50,000 semiconductor engineers.

The PM highlighted Vietnam’s major economic gains in 2024, including over 7% growth, macroeconomic stability, controlled inflation, strong export growth, and foreign investment attraction numbering US$40 billion in registered capital and US$25 billion disbursed.

Looking ahead, he said Vietnam aims to become an upper-middle-income developing economy by 2030 and a high-income developed economy by 2045. It targets at least 8% growth in 2025, with double-digit growth in subsequent years, focusing on science, innovation, and new growth drivers with higher technological and creative content.

The PM concluded by urging businesses from both countries to enhance cooperation, emphasizing mutual benefits, shared risks, and a joint vision for development. He called on businesses to work together, share together, and win together, contributing to the pride and progress of both nations.

At the forum, delegates reviewed economic cooperation between the two countries, introduced the potential and opportunities, and proposed solutions to promote economic, trade, and investment ties.

Over the past five years, especially after the EVFTA came into effect, two-way trade turnover between Vietnam and Poland has grown by nearly 40% annually. As a result, Poland has become Vietnam’s most important trading partner in Central and Eastern Europe, while Vietnam ranks as Poland’s third-largest partner in Southeast Asia.

In terms of investment, as of October 2024, Poland ranked 21st among 149 countries and territories investing in Vietnam, with 32 active projects totaling US$473 million in registered capital, primarily in the form of wholly foreign-owned enterprises. Conversely, Vietnam has four investment projects in Poland, valued at US$1.84 million, focusing on services and manufacturing.

Businesses from both countries expected to build sustainable supply chains and work toward the goal of raising bilateral trade turnover to US$5 billion by 2030, as targeted by their leaders.

Polish businesses unveiled plans to increase investments in Vietnam, particularly in Poland’s key industries aligned with Vietnam’s sustainable development needs, such as information technology, high-tech manufacturing, renewable energy, pharmaceuticals, healthcare, transportation, finance, and banking.