NA Chairman meets with executives of large Chinese groups

National Assembly Chairman Vuong Dinh Hue received executives of large Chinese corporations and companies on April 9 in Beijing within the framework of his official visit to China.

Meeting with General Manager of the Power Construction Corporation of China (PowerChina) Wang Bin, Hue said that the fields in which the group wishes to invest in Vietnam are also the key fields that Vietnam wants to attract domestic and foreign investment.

He highlighted that to realise Vietnam's commitments at the 26th United Nations Climate Change conference (COP-26), the National Assembly of Vietnam approved the National Electricity Development Plan for the 2021-2030 period with a vision to 2050, and recently, the Vietnamese Prime Minister issued an implementation plan. He added that the Vietnamese legislature approved one law and amended nine laws including the electricity law in early 2022 and will continue to revise laws to attract investors in this field.

The NA Chairman hailed the scale, potential, and technological level of PowerChina and welcomed the group's plan to expand its investment in Vietnam in the coming time.

For his part, Wang said that since 2018, PowerChina has focused on developing clean energy in Vietnam. To date, the group has participated in the construction of many energy projects with a total contract value of more than 9 billion USD, employing 1,000 workers and committed to operate long-term in the country.

Receiving Vice President of BYD Co., Ltd Liu Huanming, Hue congratulated the company on its business successes globally over the past time. He welcomed the company's new investment plan in Vietnam with a commitment to contribute to Vietnam’s socio-economic development, export and job creation. He affirmed that the Vietnamese NA will support and create favourable conditions for foreign businesses, including Chinese ones, to invest and do business effectively in Vietnam.

BYD Co.,Ltd invested in a factory to make tablets with a total investment of nearly 270 million USD in the northern province of Phu Tho in 2021. The factory now has more than 9,000 employees.

The company's executive made some proposals on preferential policies on the production and sale of new energy vehicles in Vietnam.

At the meeting with the Vietnamese top legislator, General Director of China Rare Earth Group (CREG) Liu Leiyun said the group wants to strengthen ties with the Vietnam National Coal and Mineral Industries Group and other Vietnamese partners to roll out cooperation in the field of important minerals.

NA Chairman Hue highly appreciated CREG’s capacity and experience, adding that the mineral industry, including rare earth, is a strategic industry and the foundation for developing many other important industries. He affirmed that Vietnam welcomes businesses to engage in research and cooperation in this field to promote socio-economic development in accordance with Vietnam's law.

Meeting with Dong Dexi, Chairman of Board of Directors and General Manager of Haosen, Hue congratulated the company on its business and investment success and welcomed its new investment plan in Vietnam.

During the meetings, leaders of Chinese corporations and businesses expressed interest in Vietnam's policies to support foreign technology enterprises as well as investment opportunities in fields of great potential of both countries.

NA Chairman Hue said that Vietnam has issued many investment incentives such as exemption and reduction of corporate income tax and land rent, among others, to attract investment in new industries.

He informed them that Vietnam is proactively preparing necessary conditions to strengthen investment cooperation such as training skilled workforce, improving investment environment, and perfecting its legal framework.