Top leader assures of Vietnam's readiness to welcome Irish businesses

During the meeting, Irish business representatives showed a keen interest in investment in the Vietnamese market, focusing on four key and potential areas of collaboration, including high technology, agriculture, industry - energy, and healthcare.

They shared information about investment and business projects that either have been and are in the course of being implemented, as well as ideas that they hope to be carried out in the near future in the nation. This is along with giving recommendations on ways in which to improve the overall effectiveness of investment and business co-operation between the two countries.

In his remarks, General Secretary and President To Lam highly appreciated the Ministry of Industry and Trade, as well as the Vietnamese Embassy in the UK and Ireland, for their co-ordination with Irish business organizations to arrange the meeting.

Through the exchange of Irish businesses, the top Vietnamese leader was pleased to see that many Irish firms have had seen effective investment projects implemented and notched up certain successes in many fields in a number of Vietnamese localities.

For groups related to the fields of agriculture; healthcare; energy conversion; the low-emission industry; and especially high technology, biotechnology, and semiconductors; these are also the sectors that the nation is oriented to prioritize development in moving forward, the State leader added.

According to General Secretary and President To Lam, the current number of 41 FDI projects worth US$60.82 million from Ireland in the country remains modest compared to the potential that exists.

He emphasized that over the past four decades, the Vietnamese side has continuously stepped up innovation and integration efforts. From a backward economy, the nation has risen to be among the Top 40 leading economies, with a trade scale in the Top 20 in the world and an important link in the international supply chain with 16 Free Trade Agreements, including the EU- Vietnam Free Trade Agreement (EVFTA) of which, Ireland is a member.

Vietnam represents one of the few economies able to maintain a high Gross Domestic Product (GDP) growth rate over many years, even during difficult times for the world economy due to the pandemic or trade and geopolitical conflicts. In fact, GDP in 2023 reached over US$430 billion, recording a growth rate of 5.05% and is expected to reach 6.0% to 6.5% in 2024.

The Vietnamese investment environment is constantly improving, continuing to be positively evaluated by the international community and investors in terms of growth prospects and business environment. The country is becoming a safe and attractive investment destination with the presence of financiers from 141 countries and territories, with more than 40,500 projects valued at more than US$484.7 billion. Indeed, the nation has been included among the list of Top 20 countries attracting FDI in the world.

After nearly 30 years of establishing diplomatic relations, the co-operative and friendly relationship between both sides has recorded many important achievements and has been increasingly consolidated and strengthened across multiple areas.

In terms of trade and the economy, the trade turnover between the two countries has surged 2.5 times in just the past six years, despite the fluctuations taking place in the global economy in recent times. Ireland is the sixth largest trading partner and the second largest import market of the nation in the EU.

The two countries aim to elevate bilateral trade turnover to US$5 billion in a more equitable and sustainable manner by 2026 when the two sides celebrate 30 years of their diplomacy.

General Secretary and President To Lam stated that the nation is poised to selectively attract investment towards the development of the digital economy, the green economy, the circular economy, and the knowledge-based economy. Accordingly, priority is given to projects relating to high technology, electronics, semiconductors, innovation, renewable energy, new energy (hydrogen), biotechnology, healthcare, international financial centres, modern trade and services, infrastructure construction, and research and development activities.

Suggesting some co-operation orientations moving forward, he emphasized that the nation hopes that Irish enterprises, with all of their capacity and resources, will continue to intensify investment in the Vietnamese market.

For enterprises that have implemented projects, the nation will encourage them to expand their level co-operation. For companies that are researching and studying investment in the Vietnamese market, the country hopes that companies will prioritize and choose the nation as a strategic destination for investment and construction of facilities, on the one hand providing manufactured products for the domestic market, on the other hand, being able to take advantage of incentives from the existing system of free trade agreements in which to export products to markets in the region and around the world.

The Party and State leader affirmed that the nation always welcomes and appreciates Irish businesses for expanding co-operation. Regarding the recommendations of Irish businesses, he affirmed that Vietnamese agencies always accompany, are ready to share, and create favourable conditions for foreign businesses, including those from Ireland, in which to invest and conduct business effectively, thus further contributing to the socio-economic development of the two countries.

The top Vietnamese leader outlined his hopes that Irish businesses will pay close attention to and support the engagement of local firms in the value chain; carry out business investment activities with the spirit of efficiency, sustainability, high social responsibility, and environmental protection; and actively contribute to socio-economic development and a strong, comprehensive strategy; and focus on digital transformation, green transformation, and the global governance transformation of Vietnam.

With these joint efforts, the two countries will continue to reap further successes in the future, together towards a future of stable, prosperous, and sustainable development. 

Immediately after meeting with Irish businesses, To Lam witnessed the exchange of several cooperation pacts between Vietnam and Ireland in Dublin on the same day.

Le Quan, Director of Vietnam National University, Hanoi, and Dolores O'Riordan, Vice-President for Global Engagement at University College Dublin, exchanged a framework agreement on boosting cooperation in education and scientific research, as well as staff, lecturer, and student exchanges.

In addition, Truong Gia Binh, chairman of Vietnam’s tech giant FPT Corporation and Professor Cathal Gurrin, head of the ADAPT Research Centre at Dublin City University, exchanged a memorandum of discussion regarding collaboration between FPT University and ADAPT in developing high-tech workforce in the field of artificial intelligence (AI).

Dublin City University will send lecturers to Vietnam to train students at FPT University in Da Nang, organise teaching experience exchange workshops, and provide PhD scholarships for young FPT lecturers as well as short-term internships for AI-majoring students.

FPT CEO Nguyen Van Khoa and Chris Davis, Managing Director of the IT infrastructure services provider Kyndryl Ireland, exchanged a framework agreement on cooperation in digital transformation and AI application development.

The two sides are set to discuss the signing of a contract to jointly develop AI technologies and digital transformation solutions for clients in sectors such as banking, insurance, and retail in Ireland. FPT and Kyndryl have previously collaborated in expanding customer bases in markets like the US, Japan, the UK, and Germany.

Nguyen Thanh Hung, Vice Chairman of the Vietnamese carrier Vietjet, and Sankalp Garg, head of Asia-Pacific at Castlelake Aviation, exchanged a framework agreement on the leasing and purchasing of aircraft. Accordingly, Castlelake will finance four modern A321neo aircraft from Vietjet’s existing order with Airbus, with delivery slated for 2024.