Dublin (VNA) – Vietnam hopes that Irish businesses, with their capacity and resources, will pour more investments into the country, Party General Secretary and State President To Lam said in Dublin on October 3.
Speaking at a meeting with Irish enterprises as part of his state visit to the country, Lam lauded the operations of many Irish firms in various fields in Vietnam, noting Vietnam is prioritising such areas as agriculture, health care, energy transition, low emission industries, and especially high-tech, biotechnology, and semiconductors.
He said the 41 projects with a total investment capital of 60.82 million USD Ireland is running in Vietnam remain modest as compared to the potential of both sides.
The leader briefed the participants on Vietnam’s economic situation, emphasising that it has signed 16 free trade agreements (FTAs), including one with the European Union (EVFTA), to which Ireland is a member.
The country’s GDP grew 5.05% to exceed 430 billion USD last year, and the rate is expected to stand at 6-6.5% this year, he continued.
Vietnam has been seen as a safe and attractive destination, luring investors from 141 countries and territories with more than 40,500 projects worth over 484.7 billion USD. It is also named among the world’s top 20 host economies for foreign direct investment.
Highlighting cooperation achievements Vietnam and Ireland have recorded since they established diplomatic ties nearly 30 years ago, Lam elaborated that two-way trade rose 2.5-fold over the past six years despite global economic uncertainties.
Ireland has emerged as Vietnam's sixth largest trade partner and second largest import market in the EU, he said, stressing they are working towards the goal of raising bilateral trade to 5 billion USD by 2026, which marks the 30th anniversary of the diplomatic relations.
The leader remarked that Vietnam is committed to effectively capitalising on the opportunities presented by the Fourth Industrial Revolution to accelerate its growth model reform and economic restructuring. This strategy is associated with the country's efforts to implement key breakthroughs and drive modernisation.
The nation is also focusing on fostering a robust digital economy and promoting rapid and sustainable development driven by science and technology, innovation, and high-quality human resources.
With a long-term vision, Vietnam will selectively attract investments aimed at advancing its digital economy, green economy, circular economy, and knowledge-based economy, prioritising high-tech projects, and those in electronics, semiconductors, innovation, renewable energy, new energy, biotechnology, health care, modern trade and services, infrastructure, and research and development.
Lam pointed out that potential for bilateral cooperation has yet to be fully tapped, and suggested the two countries strengthen collaboration in the time ahead.
He called on Irish businesses that are running projects in Vietnam to expand operations, and those that are interested in the market to take it as a strategic investment destination where they can optimise FTAs Vietnam has signed to boost exports to others in the region and the world.
Vietnamese agencies are ready to support foreign businesses, including those from Ireland, the leader said, expressing his hope that they will help local firms participate in value chains and contribute to Vietnam's digital transformation, green transition, and governance transformation.
At the meeting, leaders of 15 major groups of Ireland showed their interest in the Vietnamese market, particularly high-tech, agriculture, industry-energy, and health care./.
Strengthening Vietnam-Ireland relations
Nearly 30 years after establishing diplomatic relations, Vietnam and Ireland have consistently prioritised fostering mutual political trust and understanding. Both countries have achieved notable successes across various fields, aiming for sustainable development, peace, cooperation, and growth both regionally and globally.
