Hanoi, March 3, 2025 – The Europe Today: Prime Minister Phạm Minh Chính chaired a high-level dialogue with European enterprises in Hanoi on March 2, reaffirming Vietnam’s commitment to fostering investment and economic cooperation. The meeting aimed to achieve a growth rate of at least 8% in 2024, setting the foundation for double-digit economic expansion in the years ahead.
The event was attended by Deputy Prime Ministers Hồ Đức Phớ and Nguyễn Chí Dũng, Head of the EU Delegation to Vietnam Ambassador Julien Guerrier, representatives from embassies of EU nations, and key figures from 15 leading Vietnamese corporations and 16 top European firms.
Strengthening EU-Vietnam Economic Ties
The European Union (EU) has emerged as Vietnam’s sixth-largest foreign investor, with total investment surpassing US$30.4 billion. Bilateral trade between the two partners reached $68.5 billion in 2023, highlighting the strong economic ties between them.
European business leaders praised Vietnam’s investment climate, citing recent regulatory reforms that have enhanced transparency, clarity, and decisiveness in the legal framework. The EU-Vietnam Free Trade Agreement (EVFTA) has encouraged European enterprises to expand their operations in the country, contributing significantly to economic growth. Furthermore, the EU is supporting Vietnam’s green transition through the Just Energy Transition Partnership (JETP), aligning with the country’s commitment to achieving net-zero emissions by 2050.
A recent survey indicated that 75% of European enterprises consider Vietnam a key investment hub, reflecting confidence in its economic potential. European companies pledged their long-term commitment to Vietnam, emphasizing their readiness to collaborate with the Vietnamese Government to attract more international investors.
Calls for Further Reforms and Investment Facilitation
European businesses urged Vietnamese authorities to ensure the effective implementation of the EVFTA, particularly regarding taxation and fees. They stressed the importance of accelerating decision-making, streamlining administrative procedures, and simplifying work permit requirements. Additionally, they expressed keen interest in expanding investments in strategic sectors such as semiconductors, digital transformation, high technology, aviation, electronics, logistics, and clean energy.
Representatives also emphasized the need for Vietnam to enhance its global promotion efforts to attract tourism and investment, thereby improving its national competitiveness and global brand recognition.
Vietnam’s Commitment to Business-Friendly Reforms
PM Chính acknowledged the valuable contributions of European businesses and assured attendees that the government would review their feedback meticulously. He emphasized the importance of global solidarity and cooperation to navigate fast-changing and unpredictable global challenges.
Reflecting on 35 years of Vietnam-EU diplomatic relations, PM Chính expressed appreciation for the EU’s continued support, particularly in economic and trade sectors. He reaffirmed Vietnam’s goal of maintaining at least 8% economic growth in 2024, with the ambition of sustaining double-digit growth in subsequent years.
Highlighting Vietnam’s strategic advantages, including its large population, prime geopolitical position in Asia, and stable economic environment, PM Chính underscored the country’s potential as a regional production, business, and export hub.
The Prime Minister reiterated Vietnam’s openness to high-level EU visits aimed at fostering a more conducive environment for European businesses. Acknowledging existing challenges such as procedural bottlenecks, compliance costs, and delays in decision-making, he assured the government’s commitment to resolving these issues for mutual benefit.
Vision for the Future: Economic and Institutional Breakthroughs
PM Chính highlighted Vietnam’s 2024 socio-economic achievements, including an upgraded international credit rating. He detailed the government’s three strategic breakthroughs in institutional reforms, infrastructure development, and high-quality human resource training. Additionally, he outlined ambitious policies such as reducing administrative procedures and costs by 30% and shortening investment approval timelines.
To support high-tech industries, Vietnam plans to train 50,000 semiconductor engineers and develop expertise in artificial intelligence (AI), cloud computing, and quantum technology. The Prime Minister reaffirmed Vietnam’s commitment to maintaining political stability, ensuring a secure and predictable business environment for European enterprises.
Strengthening EU-Vietnam Cooperation in Key Sectors
The Vietnamese Government called on European investors to enhance technology transfers, invest in high-quality projects, and support workforce development in sectors such as green energy, digital transformation, financial services, biotechnology, and healthcare. PM Chính encouraged European firms to assist Vietnamese enterprises in supply chain integration and market diversification, positioning Vietnam as a long-term production hub for the EU.
He also urged European partners to advocate for the swift ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) by the nine remaining EU member states and requested support for the European Commission (EC) to lift the IUU “yellow card” on Vietnamese seafood exports. Furthermore, he invited European businesses to participate in Vietnam’s initiative to develop one million hectares of low-emission rice in the Mekong Delta and to continue providing official development assistance (ODA) to the country.
PM Chính concluded by reaffirming Vietnam’s commitment to a business-friendly environment, ensuring that the foreign-invested sector remains a vital part of the national economy while safeguarding the legitimate rights and interests of enterprises.
