HCMC – Prime Minister Pham Minh Chinh said Vietnam is prioritizing investments in semiconductor technology and green economy projects.
Speaking at a business forum in Melbourne, Australia, today, March 5, he said the country is in need of foreign investment in sectors such as green economy, innovation, electric vehicles, and semiconductor technology, in which Australian businesses have strengths.
Vietnam’s investment environment is stable, he told the forum, which is aimed to strengthen ties between Vietnam and Australia.
Vietnam is now home to global giants like Intel, Samsung and Synopsys, as well as domestic players like FPT and Viettel, who are actively involved in semiconductor research and development, said Andy Ho, chief investment officer at VinaCapital.
According to research firm Technavio, Vietnam’s semiconductor market is projected to reach US$1.65 billion by 2025, with an annual growth rate of around 6.5%.
Hamish Halliday, chairman of Blackstone Minerals, a mining company that had established a factory in Vietnam’s Son La Province, said Vietnam’s strategic position and potential for mineral extraction development. He expressed confidence in the future growth of Vietnam’s mining sector, citing the contributions of talented young workers.
Vietnam’s GDP amounted to US$430 billion last year, with per capita income of around US$4,300. Economic growth stood at 5.05%, and inflation at 3.25%.
The Vietnamese PM outlined strategic breakthroughs in institutional reform, human resources, and infrastructure development, emphasizing a commitment to social equity, environmental protection, and people-centered development.
He urged Vietnamese and Australian companies to enhance cooperation, leveraging each country’s strengths and making the most of the free trade agreements Vietnam has signed, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership.
He also called on Australia to facilitate favorable conditions for Vietnamese businesses to invest and operate, including the removal of non-tariff barriers for Vietnamese goods.
Vietjet announced the launch of a new route between Melbourne and Hanoi, starting on June 3 with two weekly flights.
Prime Minister Pham Minh Chinh’s visit to Australia marks his first official visit to the country since assuming office. Vietnam and Australia established diplomatic relations in February 1973, which were upgraded to a strategic partnership in March 2018.
Bilateral trade between Vietnam and Australia reached nearly US$14 billion last year, with Australia being Vietnam’s 7th largest trading partner and 20th largest foreign investor.
