He said the Government would continue to work on the legal system and
policies related to investment in a consistent and transparent manner.
The Government would also strive to improve law enforcement,
strengthening and focusing on solving problems for investors.
According to the deputy PM, the peaceful environment, co-operation
and development had made Asia an economic, political and cultural centre
accounting for 45 per cent of global GDP, which is expected to rise to
50 per cent by 2025. Asian countries have also become bigger players in
global trade and investment, accounting for around one-third of
international foreign direct investment, import and export values.
'Openness and co-operation are key factors for recovery and to create new momentum for economic growth,' the Deputy PM said.
Binh was optimistic about the future, but warned of potential challenges to the regional and global economies.
He mentioned three major risks. Firstly, the rising tide of
protectionism, increased uncertainty in powerful countries and tensions
in trade relations among the world’s leading economies.
'In a world of tightly intertwined interests, any escalation of
tensions could disrupt the international financial system, as well as
regional and global supply chains. Policies that go against
globalisation, trade and investment liberalisation could have
unpredictable implications. Putting national interests in conflict with
the global interests would undermine confidence and achievements,' said
Secondly, with progress in science and technology, the industrial
revolution 4.0 opens up tremendous growth opportunities but also
presents challenges for Asian countries, especially developing
countries. According to the International Labour Organisation, more than
two thirds of workers in the textile and footwear sectors as well as
manufacturing industries in Southeast Asia are threatened by the rapid
application of science and technology.
Thirdly, non-traditional security issues such as natural disasters,
food-water-energy security, epidemics, maritime security, climate change
and the rich-poor divide and social diversification are challenges for
the development of Asian countries. In order to build a prosperous and
stable Asia, environmental protection needs to be a pillar of
Binh said Viet Nam highly valued the Japanese Government’s efforts to
accelerate the conclusion of the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership.
'We hope that Japan, as a leading economic partner of many Asian
economies, will serve as a locomotive to enhance regional economic
integration and connectivity,' said Binh.
At the summit, the Deputy PM also highlighted the important progress
that Viet Nam had made over the past three decades, linked to Asia’s
growing status and regional economic integration. Open, multilateral and
diversified foreign policy had helped Viet Nam overcome difficulties
and integrate with the world, he said.
The renewal process had helped the country to transform and achieve
significant socio-economic development. With an average annual growth
rate of 6.6 per cent over the past three decades, Viet Nam’s GDP soared
35 times to US$220 billion in 2017 and was expected to reach $300
billion by 2020. In 2017, The country maintained macroeconomic
stability, controlled inflation (at 3.5 per cent), reached a record $425
billion in trade turnover and over $60 billion in foreign exchange
The country has attracted $325 billion of registered FDI from 127
countries and partners around the world. In 2017, the country rose 14
places on the global business environment index to 68/190, according to
the World Bank. Viet Nam’s competitiveness index also rose 5 places to
55/137 on the World Economic Forum’s ranking.
Credit rating agencies such as Moody’s and Fitch have raised the
rating level for Viet Nam’s economy from 'stable' to 'positive', and a
number of transnational corporations have chosen Viet Nam to invest in
development and connectivity in the global value chain, said Binh.
The deputy PM said that Viet Nam and Japan were preparing to
celebrate the 45th anniversary of Viet Nam-Japan relations (1973-2018).
Japan is the largest investor in Viet Nam with total direct
investment of more than $9 billion. Two-way trade reached over $33
billion. The recommendations of the Japanese business community are
always recognised and resolved by the Vietnamese Government, said Binh.