Minister of Finance Ho Duc Phoc chaired the Investment Promotion Conference in the US

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Minister of Finance Ho Duc Phoc chairs the conference.

The conference was attended by Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission; Mr. Mai Xuan Thanh, Director General of the General Department of Taxation; representatives of departments under the Ministry of Finance, State Bank, Ministry of Planning and Investment, and market members and listed enterprises.

Speaking at the opening of the conference, Minister of Finance Ho Duc Phoc stated the positive signs in the Vietnamese macroeconomy, the Government's development policies, and the implementation of the socio-economic development strategy.

Over recent years, despite the global economy’s headwinds, Vietnam has emerged as an economy that has maintained stable growth and controlled inflation.

The country has achieved remarkable export growth through diversifying partners and industries; attracted foreign direct investment (FDI) thanks to incentive policies for investors; and stimulated domestic demand; improved spending capability. Low public debt and fiscal space represent fundamental advantages for Vietnam as it strives to maintain long-term growth prospects.

The country is expected to record GDP growth of over 5% in 2023; the inflation to increase by 4.5%; the State budget deficit of 4.0% of GDP, public debt of less than 40% of GDP; trade surplus of US$ 15 billion. The total pledged FDI capital by the end of September increased by 7.7% year-on-year to US$ 20.21 billion. The implemented capital is estimated to grow 2.2% to US$15.91 billion compared with the same period in the previous year. The country has revised down the interest rates of 0.5-2%/ year four consecutive times.

The Minister said that Vietnam will continue to pursue its goal of exploring the potential for further economic growth by synchronously upgrading infrastructure and ensuring clean energy and energy security.

To combat climate change, the Minister said Vietnam made strong commitments to cutting emissions to net zero by 2050. To fulfill this goal, the country will continue to mobilize domestic and international resources to invest in areas that require a shift in a green and clean direction.

Minister Ho Duc Phoc also expressed his wish for investors around the world, especially US investors, to become partners of Vietnam to realize its prospects.

“We will inform investors of positive signs of the macroeconomy and the Government's policies, and exchange, discuss and respond to the concerns of delegates to strengthen and connect US investors with Vietnam, and implement the Vietnam-US Comprehensive Strategic Partnership in the statement of US President Joe Biden”, Minister affirmed.

The conference.

At the discussion session, many foreign investors were interested in information related to Vietnam's economic prospects, tax incentive policies for foreign investors in the Vietnamese market and policies to attract foreign investment, especially the upgrade of Vietnam's stock market from a frontier market to emerging market.

At the conference, Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission shared about the upgrade as well as the benefits and challenges of upgrading Vietnam’s stock market.

The Chairwoman said that the upgrade will bring many benefits to the stock market, including attracting indirect foreign capital flows; improving the ability to value stocks, positively impacting the Government's equitization process; increasing the number of large-scale institutional investors, diversifying the investor base; attract many new foreign investors. Therefore, it has a positive impact on the liquidity and the development of the stock market towards approaching international standards and practices in business operations and corporate governance.

The Chairwoman said that upgrading the stock market is not only the effort of state management agencies but also the effort of market members. Along with the determination of the Vietnamese Government to implement solutions to solve market upgrading problems, the Vietnamese stock market will be an attractive investment and business location for businesses, domestic and foreign investors.

From November 6-14, the Ministry of Finance has worked with investors in New York and Boston. Investment promotion conferences aim to implement the Public Debt Strategy Project by 2030 and the National Credit Rating Improvement Project by 2030.