Speaking at the Vietnam - Estonia business forum in Tallinn on June 6 as part of his official visit to Estonia, PM Pham Minh Chinh noted that his earlier talks with Estonian PM Kristen Michal was highly successful, with both sides agreeing to enhance cooperation across all sectors, particularly fostering political relations as a foundation for expanding economic ties.
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Prime Minister Pham Minh Chinh speaks at the Vietnam - Estonia business forum. |
Providing an overview of Vietnam’s current development, the PM highlighted the Southeast Asian country's strategic breakthroughs in institutional reform, infrastructure development, and human resources training. He also emphasized Vietnam’s shift from a passive, bureaucratic approach to a proactive, service-oriented apparatus, aiming to transform the nation into a high-income developed country by 2045. In the immediate term, Vietnam is targeting GDP growth of over 8% in 2025 and double-digit growth in subsequent years.
PM Pham Minh Chinh called on businesses of both countries to strengthen ties, listen to each other, share visions and actions, and jointly strive for mutual success, happiness, and pride.
The PM urged Estonian firms to support and partner with the Vietnamese Government and enterprises to expand investment in areas of mutual potential. He also advocated for proactive, innovative, and modern cooperation strategies that are diverse, transparent, and sustainable.
PM Pham Minh Chinh reaffirmed Vietnam’s commitment to creating favorable conditions for all investors, pledging continued government support for successful, long-term, and sustainable foreign investment in the Southeast Asian country.
He expressed his hope that businesses from both nations will find success in each other's country, thereby contributing to the socio-economic development of both Vietnam and Estonia, and to peace, stability, and prosperity in their respective regions and beyond.
At the forum, leaders of ministries, sectors, business associations, and companies from both countries presented their respective strengths and investment priorities, while exchanging ideas to boost economic, trade, and investment ties.
Despite the positive trajectory of Vietnam - Estonia relations, participants noted that bilateral trade remains modest, reaching only 73.8 million USD in 2024. Currently, 35 Estonian companies are operating in Vietnam, with five valid direct investment projects totaling 280,000 USD.
Delegates agreed that Vietnam, located in a dynamic and fast-growing economic region, and Estonia, a global leader in digital transformation, are well-positioned to complement each other. Both sides expressed their readiness to act as gateways to their respective regional markets.
Recognizing the role of businesses in driving bilateral cooperation, delegates pledged to enhance connectivity by organizing business delegations to explore mutual investment opportunities, especially in science, technology, digital transformation, energy, and aviation.
Source: VNA