Proactively anticipating high-quality capital flows
At the discussion session on the topic "Realizing the framework of Vietnam - US Comprehensive Strategic Partnership", Vietnamese Ambassador to the US Nguyen Quoc Dung said that Vietnam - US relations are facing the strongest development opportunity since the normalization of relations in 1995. The upgrade of relations to a Comprehensive Strategic Partnership in September 2023 is not only of political significance, but also opens up a cooperation framework in many fields.
The Ambassador said that Vietnam is recognized by the US as an important partner in the Indo-Pacific region. This is reflected in the fact that the two sides continue to maintain regular high-level dialogues, expand cooperation on semiconductor, artificial intelligence, energy, strategic minerals, digital economy and innovation.
Vietnam is increasingly attractive to US businesses not only because of its cost advantages but also because of its potential to develop research (R&D), design, data and high-tech supply chains.
From that reality, Mr. Nguyen Quoc Dung recommended that localities need to shift from the mindset of attracting capital at all costs to choosing the right investors, in the right fields and in the right ecosystems, thereby accurately determining the tipping point of US capital flows.
Instead of just introducing potential projects, localities need to build a list of investment projects ready for implementation. This is the basis to affirm the capacity to receive high-quality FDI capital flows, and at the same time create confidence for US businesses when deciding to invest in Vietnam.
Transforming international commitments into economic resources
Sharing practical experiences in transforming international commitments into FDI capital flows, investment projects in industrial parks and economic zones, Vice Chairman of Hai Phong City People's Committee Hoang Minh Cuong emphasized that local foreign affairs work needs to shift from expanding cooperative relations to effectively transforming international commitments into development resources.
According to Mr. Hoang Minh Cuong, Hai Phong always determines that foreign affairs must go one step ahead, closely linked to investment attraction and international integration. From practical implementation, the city draws 3 experiences including: shifting from event diplomacy to development-creating diplomacy; building a synchronous coordination mechanism to realize commitments into projects; selecting partners suitable to development orientations and attracting a high-quality FDI ecosystem.
He said that FDI capital flows do not start from the negotiating table but are formed from investor confidence in the investment environment and the organizational capacity of local authorities.
Local foreign affairs today not only have the mission of paving the way for integration, but also must become a growth-creating force, turning international commitments into specific projects, new factories, new jobs and new development drivers for the locality," said Mr. Hoang Minh Cuong.
