Foreign investors proposed to produce 4.0 products in VN

The Vietnamese Government chief made the calling on January 23 (local time) while chairing a dialogue entitiled “Fostering Dynamics and Innovation in the 4th Industrial Revolution” in Davos, Switzerland, on January 23 (local time), an activity within the framework of the ongoing World Economic Forum (WEF) Annual Meeting 2019.

The event also drew the participation of WEF CEO Olivier Schwab and executives of nearly 30 multinational groups.

At the beginning of the dialogue, PM Phuc mentioned reasons for Viet Nam’s robust growth. Accordingly, PM Phuc attributed Viet Nam’s economic achievements to the political and social stability, strong determination to reform and good macro-economy for many years, continuous and fast growth of the gross domestic product (GDP) – almost 6.7% each year. In 2018, the country’s economy grew by 7.08% and per capita GDP touched US$ 2,600. 

According to PM Phuc, Viet Nam worked out favorable mechanisms and policies to facilitate development and remove difficulties facing enterprises, and its business climate has been improved strongly. The total trade revenue approximated US$ 480 billion with a trade surplus of US$ 7.4 billion last year. 

The country has become one of the world’s largest producers of consumer goods, including electronics, textile-garment and footwear. 

It is currently home to 26,000 foreign direct investment (FDI) projects totally worth nearly US$ 350 billion of many major firms like Siemen, Novatis, Carlsberg, Mitsubishi, Toyota, Samsung, LG, Exxon Mobil, Ford and GE. 

The PM affirmed that the Vietnamese Government always paid heed to opinions of foreign enterprises and pledged to form a transparent legal framework that is approaching to advanced international standards.

Viet Nam and the European Union (EU) are working actively towards the early signing and ratification of the EU-Viet Nam Free Trade Agreement (EVFTA), he added, asking the EU companies at the dialogue to help accelerate this deal’s signing.

Regarding Industry 4.0’s strong influence on each enterprise, PM Phuc said Viet Nam considers this a big opportunity when countries compete by innovation, not only by traditional factors like free trade, size, experience, labor and investment capital.

Viet Nam has become one of the countries with the largest optical cable network coverage as nearly 1 million km of cables have reached villages, communes and districts nationwide, internet users account for 60 percent of the population, and up to 98 percent of the population have gained access to 3G and 4G mobile networks.

To prepare for Industry 4.0, Viet Nam will pilot the 5G technology this year and commercialize it in 2020, turning itself into one of the pioneers in the application of this technology.

PM Phuc called on international firms to come to Viet Nam and make Industry 4.0 products here.

Viet Nam said PM Phuc stands ready to create favorable ways and support foreign players to materialize strategies, programs, and plans in the digital transforming progress./.

By Kim Loan