PM attends Dominican Republic-Vietnam business dialogue in Santo Domingo

PM Chinh said that Vietnam and the Dominican Republic share many similarities in ideals and economies that can complement each other and promote mutual development.

Prime Minister Pham Minh Chinh (third from left) attends the Dominican Republic-Vietnam Business Dialogue (Photo: VNA)

In addition, as the two countries are among the fastest growing economies in their respective regions, the potential for bilateral cooperation is huge, he stressed, pointing out several priority areas where the two countries and their businesses can immediately cooperate, such as energy, digital transformation, information technology, telecommunications, media, semiconductor, agriculture, fertilisers, chemicals, construction materials and infrastructure development.

According to the Government leader, from a poor and backward country, Vietnam has risen in the region and the world in many fields, belonging to the group of 34 largest economies in the world, and the group of 20 leading economies in terms of trade. It has signed 17 free trade agreements with more than 60 economies, including the world's largest markets.

Currently, Vietnam is promoting three strategic breakthroughs. Specifically, the institution breakthrough aims to improve the investment and business environment, and reform administrative procedures so as to simplify investment procedures, and reduce compliance costs for people and businesses. Meanwhile, infrastructure breakthrough is to create new development space, facilitate travel, reduce transportation and logistics costs, and increase the competitiveness of goods. The nation is also working to create a breakthrough in high-quality human resources, added Chinh.

Stressing that Vietnam has groups and enterprises, both state-owned and private, that can cooperate in investing in the Dominican Republic, such as Viettel Group in the telecommunications sector; the Vietnam Oil and Gas Group (Petrovietnam) in the energy, oil and gas sector; and Vinfast in electric vehicle manufacturing, the Prime Minister suggested businesses from both sides connect and send delegations to directly learn about investment opportunities and implement specific cooperation projects.

He affirmed that the two Governments will continue to improve the investment and business environment, create favourable conditions, and protect the legitimate rights and interests of businesses in accordance with the provisions of law so that businesses can invest effectively and sustainably. He also urged businesses to strengthen cooperation and investment to both bring profits to themselves and fulfill social responsibilities, contributing to building a self-reliant, self-resilient and autonomous economy in each country and fostering the Vietnam - Dominican Republic relationship.

Vietnam will create favourable conditions for Dominican investors to invest in Vietnam as well as Vietnamese enterprises to invest in the Dominican Republic, considering it a gateway to the Caribbean and Central and South American markets, Chinh pledged.