Vietnam’s Commitment to Creating a Favorable Investment Climate
The Vietnamese Government, led by Prime Minister Pham Minh Chinh, is making concerted efforts to ensure a welcoming and supportive environment for foreign investors. This commitment includes a significant focus on institutional reforms to facilitate law-abiding business operations, especially those from the United States.
Deepening Vietnam-US Comprehensive Strategic Partnership
During a recent meeting in Hanoi with María Victoria “Marí” Zíngoni, CEO for Power at US-based GE Vernova, Prime Minister Chinh emphasized the strengthening ties between Vietnam and the United States through their Comprehensive Strategic Partnership, established nearly two years ago. The economic, trade, investment, scientific, and technological collaboration between the two nations serves as a foundation for this robust relationship. This dialogue underscores Vietnam’s dedication to cultivating a dynamic environment for international business.
Acknowledgment of GE Vernova’s Contributions
Prime Minister Chinh recognized GE Vernova’s positive impact on Vietnam’s energy sector through its involvement in pivotal power projects. He expressed gratitude for GE’s contributions, which have enhanced not only Vietnam’s development but also the bilateral relations between Vietnam and the United States. This acknowledgment highlights Vietnam’s proactive approach to fostering partnerships that drive economic growth.
An Urgent Need for Sustainable Energy Solutions
The Prime Minister pointed out Vietnam’s rapidly growing energy demands, which reflect the nation’s ambitious growth trajectory toward its centennial development goals. As a significant player in the ASEAN power grid, Vietnam is committed to promoting clean energy initiatives. This commitment aligns with global climate objectives while expanding renewable energy through a well-coordinated legal framework.
Call for Increased Investment and Technological Transfer
In his discussion, PM Chinh called on GE Vernova to bolster its investments in Vietnam. The objective is twofold: to address the burgeoning energy needs and to contribute to sustainable development. He encouraged the company to engage in human resources development and the transfer of advanced technologies. Additionally, the Prime Minister invited GE to explore hydrogen power projects, highlighting their potential in a green energy transition.
Encouragement for Innovation and Collaboration
The Prime Minister also proposed that GE Vernova establish a research and development center in Vietnam. By strengthening partnerships with local enterprises such as PetroVietnam and EVN (Vietnam Electricity), GE can play a crucial role in infrastructure development. Such initiatives could foster meaningful dialogues between the Vietnamese and US governments regarding tariffs and trade.
GE Vernova’s Commitment to Vietnam
In her remarks, María Victoria Zíngoni highlighted Vietnam’s status as a secure and reliable hub for GE Vernova. The company is not only eager to expand its footprint but has concrete plans to supply equipment for LNG power plants, develop substations, enhance transmission systems, and offer digital solutions tailored for the power sector. This commitment reinforces the symbiotic relationship between Vietnam and GE Vernova.
A Robust Presence in Vietnam
With a vast operational network spanning over 100 countries and generating revenue of approximately US$35 billion in 2024, GE Vernova has established a significant presence in Vietnam since 1993. Currently employing around 1,700 staff, the company has been integral to key projects such as the Nhon Trach thermal power plants and various hydropower and renewable energy projects.
By focusing on these areas, Vietnam is carving a path for strategic growth in its economic and energy sectors while enhancing its appeal as a destination for foreign investment. This collaboration with GE Vernova exemplifies the forward-thinking approach of the Vietnamese government as it navigates the complexities of global economic dynamics.