As the government targets 8% economic growth this year and double-digit expansion in the upcoming years, the participant of private companies in key projects plays a major role in achieving the goal, the PM told business representatives in a meeting Monday.
He urged them to consider investing in key projects such as three railways connecting northern Vietnam with China and a nuclear power plant in the central region.
PM Chinh said he had asked Thaco to study the manufacturing of train cars and locomotives for high-speed rails.
He had also requested Hoa Phat to produce the rails for such projects. He had tasked FPT with training high quality human resources and design semiconductors.
Executives of Thaco and Hoa Phat see these requests as opportunities for their business growth. Hoa Phat chairman Tran Dinh Long said his company is considering pouring VND10 trillion (US$394 million) in to rail manufacturing.
The biggest steelmaker in Vietnam can meet the projects’ demand in both quality, quantity while offering lower prices than imports, he added.
He requested a resolution be issued to ensure all rails produced for the projects will be bought by the government.
The private sector contributes about 60% of Vietnam’s GDP, 98% of total export turnover, and employs about 85% of the country’s workforce, according to the Ministry of Planning and Investment.
To achieve double-digit GDP growth, the private sector needs to grow by around 11% annually, it said.
Large enterprises to play a leading role in tackling major national challenges and driving economic development, planning minister Nguyen Chi Dung said.
“They need to promote their role as ‘leading enterprises’, transfer technology, actively engage in joint ventures and partnerships, and create opportunities for small and medium-sized enterprises to participate in the value chain.”
Duong affirmed Thaco’s commitment to technology transfer, local production, and support for small and medium-sized enterprises.
The group will also focus on developing new models in agriculture and investing in infrastructure projects.
Nguyen Viet Quang, CEO of conglomerate Vingroup, highlighted the company’s investments in strategic areas such as energy infrastructure, green economy, digital economy, and supporting industries.
He cited VinFast as a prime example of their efforts to create a green production and consumption ecosystem.
Quang said that VinFast is committed to increasing the localization rate for electric vehicles to promote sustainable development and boost supporting industries.
Vingroup is also investing heavily in research and development and collaborating with universities and research institutes to train high-quality human resources, he added.
“Vingroup is committed to playing a leading role in promoting innovation and sustainable development for the country.”
Long pledged Hoa Phat’s commitment to achieving a minimum growth rate of 15% annually from 2025 to 2030.
He also proposed the development of the Thach Khe mine to secure domestic raw material supply for the steel industry.
FPT chairman Truong Gia Binh called for the adoption of AI into formal education, starting from primary school.
PM Chinh urged businesses to strive for double-digit growth to contribute to the nation’s goals. He also emphasized the importance of ethical business practices and anti-corruption efforts.
He urged government bodies to collaborate with private firms while ensuring a balance of interests and shared risks between the government, businesses and the people.
