Brian Jeffrey
At the ASEAN Business and Investment Summit 2024, Prime Minister Pham Minh Chinh invited foreign companies and entrepreneurs to enhance their investment and collaboration in Vietnam. He highlighted the concept of “4 together”: collaborating, succeeding, sharing benefits, and growing in tandem.
On October 8, during the ASEAN Summit in Laos, Prime Minister Pham Minh Chinh addressed the ASEAN Business and Investment Summit 2024 (ASEAN BIS), which stands as Southeast Asia’s largest annual business gathering linked to the ASEAN Summit.
In his address, he acknowledged that despite the complex global challenges, ASEAN remains resilient and a pivotal area for growth, attributing its success to the contributions of its businesses and entrepreneurs.
The Prime Minister remarked, “The prosperity of businesses translates to national prosperity. Thriving ASEAN enterprises uplift our countries, enhancing the welfare and happiness of our people.”
He expressed deep appreciation for the essential role that businesses and entrepreneurs play, stating that without their expertise, economies would falter and nations would fail to flourish.
The Prime Minister motivated businesses to bolster ASEAN’s solidarity and strength, aiding governments in fulfilling their aspirations.
He specifically urged entrepreneurship in five critical domains aimed at enhancing ASEAN’s resilience and confronting global and regional challenges, asserting, “A resilient ASEAN hinges on resilient businesses and entrepreneurs.”
Businesses are called to spearhead initiatives in digital transformation, green initiatives for net-zero emissions, and innovations in areas such as artificial intelligence (AI), cloud technology, and the Internet of Things (IoT).
Furthermore, he challenged businesses to lead advancements in economic connectivity, scientific innovation, and entrepreneurship, particularly in defiance of issues like climate change, demographic shifts, natural calamities, and pandemics.
Additionally, he urged businesses to drive the growth of strategic infrastructure within nations and enhance inter-country connections while promoting both intra-ASEAN and global integration, emphasizing that no nation can address global challenges independently.
Reflecting on Vietnam’s foundational development elements and milestones, Prime Minister Pham Minh Chinh stressed the nation’s progress is anchored on three core pillars: a socialist democracy, a socialist law-governed state, and a socialist-oriented market economy.
“Our fundamental ideology places the people at the core—they are our priority, purpose, and driving force behind development. We will not compromise social justice or welfare for the sake of economic growth,” he asserted.
He expressed gratitude towards foreign businesses and investors, particularly from ASEAN, who have contributed to Vietnam’s growth, reassuring that Vietnam will continue fostering an environment conducive to business and innovation, optimizing the nation’s potential and competitive edge.
The government will persist as a facilitator, adhering to “open policies, seamless infrastructure, and smart governance” while minimizing compliance and logistics burdens on citizens and businesses, as highlighted by the Prime Minister.
In concluding his address, Prime Minister Pham Minh Chinh encouraged foreign entrepreneurs to maintain their investment and collaboration in Vietnam based on the “4 together” philosophy:
1. Collaboratively listen and gain insights
2. Jointly share visions and implement actions
3. Work, succeed, benefit, and grow together
4. Share in joy, happiness, and pride collectively
This framework promotes aligned interests and shared risks between the government, business sectors, and the populace.
