Hanoi: Prime Minister Le Minh Hung has urged Chinese companies to continue regarding Vietnam as a long-term production and trade base, while boosting investment into higher-quality projects with more advanced technologies and stronger spillover effects. Chairing a meeting in Hanoi on August 26 with Chinese firms operating in Vietnam, PM Hung said Vietnam is entering a new growth phase following the 14th National Party Congress and strategic resolutions by the Party Central Committee and the Political Bureau. The shift requires overhauling the development model, pursuing rapid and sustainable expansion, and targeting double-digit growth anchored by macroeconomic stability, science and technology, innovation, digitalisation, green transition and higher labour productivity.

According to Vietnam News Agency, PM Hung emphasized the importance of these investments in helping Vietnam achieve its ambitious growth targets. The Prime Minister highlighted that the new economic phase would focus on several key areas including enhancing science and technology, promoting innovation, digitalisation, and green transition, all of which are crucial for increasing labour productivity and achieving sustainable development.

PM Hung's call to action underscores Vietnam's commitment to strengthening its economic ties with China, while also ensuring that the investments made are aligned with the country's strategic priorities. The meeting signals a proactive approach by Vietnam to attract foreign investment that not only boosts economic growth but also supports the country's broader goals of technological advancement and environmental sustainability.