Vietnam encourages more Irish investment: Top leader

Party General Secretary and State President To Lam, during his state visit to Ireland between October 1-3, encouraged Irish businesses to invest more in Vietnam.

Addressing Irish enterprises on October 3, Mr. Lam praised their operations in various fields in Vietnam and highlighted the country's priorities in agriculture, healthcare, energy transition, low emission industries, and especially high-tech, biotechnology, and semiconductors.

The top leader noted that Ireland's 41 projects in Vietnam, with a total investment capital of $60.82 million, represent a modest presence compared to the potential of both countries.

He briefed the participants on Vietnam's economic situation, emphasizing its 16 free trade agreements (FTAs), including the European Union-Vietnam Free Trade Agreement (EVFTA).

Vietnam's GDP grew 5.05% to exceed $430 billion last year, and is projected to reach 6-6.5% this year.

Vietnam has attracted investors from 141 countries and territories, with over 40,500 projects worth over $484.7 billion. It is ranked among the world's top 20 host economies for foreign direct investment.

Highlighting the strong growth in bilateral trade between Vietnam and Ireland over the past six years, despite global economic uncertainties, Mr. Lam emphasized that Ireland has become Vietnam's sixth largest trade partner and second largest import market in the EU. He expressed the goal of increasing bilateral trade to $5 billion by 2026, marking the 30th anniversary of diplomatic relations between the two countries.

Vietnam is committed to capitalizing on the opportunities presented by the Fourth Industrial Revolution to accelerate its growth model reform and economic restructuring. This strategy involves implementing key breakthroughs and driving modernization.

Vietnam is focusing on fostering a robust digital economy and promoting rapid and sustainable development driven by science and technology, innovation, and high-quality human resources, he said.

Vietnam aims to selectively attract investments in the digital economy, green economy, circular economy, and knowledge-based economy, prioritizing high-tech projects, electronics, semiconductors, innovation, renewable energy, new energy, biotechnology, healthcare, modern trade and services, infrastructure, and research and development.

Mr. Lam pointed out the untapped potential for bilateral cooperation and encouraged Irish businesses to expand their operations in Vietnam. He invited Irish businesses to consider Vietnam as a strategic investment destination, leveraging the country's free trade agreements to boost exports to other regions.

Vietnamese agencies are ready to support foreign businesses, including those from Ireland, in participating in value chains and contributing to Vietnam's digital transformation, green transition, and governance transformation.

At the meeting, leaders of 15 major Irish groups expressed interest in the Vietnamese market, particularly in high-tech, agriculture, industry-energy, and healthcare sectors.