European businesses plan over $22bn in potential investments in Vietnam

The preliminary investment plans were introduced at economic and trade forums and during business meetings, creating additional opportunities to mobilize resources for Vietnam’s socio-economic development, Trung told the press following the trip.

Many cooperation deals were also signed by ministries, local authorities, and businesses, helping translate prospects for cooperation into concrete initiatives.

According to the foreign minister, European leaders and business communities expressed appreciation for Vietnam’s development policies, particularly efforts to improve institutions, develop infrastructure, and enhance workforce quality.

However, partners also called on Vietnam to continue improving its legal and policy frameworks to make them more stable, transparent, consistent, and predictable, facilitating long-term investment and cooperation, he said.

Throughout the trip, Party chief and President To Lam met with businesses in each destination, emphasizing that cooperation should go beyond increasing trade and attracting investment to creating shared value.

At the Vietnam-Denmark business forum held in Copenhagen on October 20, attended by Danish King Frederik X, Party chief and President To Lam urged Danish companies to shift from “investing in Vietnam” to “investing alongside Vietnam.”

He called on businesses to bring research and innovation activities to Vietnam rather than limiting their presence to manufacturing facilities.

He also encouraged cooperation in green growth, including clean energy, green logistics, low-carbon manufacturing, and circular-economy models that meet European standards.

During his visit to Belgium on October 22, the Party chief said economic cooperation between Vietnam and Europe needed to move to a higher level, with greater emphasis on technology, development standards, and the role of businesses from both sides in global value chains.

He stressed that the success of a technology project should not be measured solely by its investment value, but also by the number of Vietnamese engineers trained, domestic companies integrated into supply chains. and new competitive capabilities developed.

Foreign Minister Trung described the trip as a success in both strengthening political relations and paying the way for substantive cooperation with European partners.

The top diplomat said the visits had elevated Vietnam’s relations with its partners based on strong political commitment and shared strategic priorities, while expanding the country’s network of trusted partners and strengthening its ties with Europe at both bilateral and regional levels.

Vietnam, Denmark upgrade ties

During the visit, both countries agreed to upgrade their ties to a comprehensive strategic partnership, making Denmark the second European Union member state to establish such a partnership with Vietnam.

Foreign Minister Trung said Danish leaders had emphasized the strong foundation of friendship between the two countries and the longstanding ties between the Danish Royal Family and Vietnam.

The two countries agreed that economic, trade, and investment cooperation will serve as key pillars of the upgraded relationship.

Both sides also highlighted renewable energy, offshore wind power, green transition, seaports, logistics, and green maritime transport as priority areas.

Trung said stronger political trust and clearer strategic directions would create opportunities to expand cooperation in politics, diplomacy, the economy, science and technology, and education and training.

Vietnam, EU expand cooperation in technology, innovation

During the visit, Party chief and President To Lam held extensive discussions with the presidents of the European Council and the European Commission.

Trung said these engagements, alongside other recent visits by Vietnamese leaders to Europe, had strengthened mutual understanding and political trust while opening up new frameworks for cooperation between Vietnam, the EU, and European countries.

The approach to cooperation is also expanding beyond trade, investment, and technology transfer alone.

Vietnam and European partners are seeking closer links among research institutions, universities and businesses to jointly conduct research, develop and apply technologies, create shared products and participate more deeply in global value chains and supply chains.

The two sides discussed science and technology, innovation, critical raw materials, strategic infrastructure, the circular economy and the maritime economy.

They also sought to make greater use of cooperation mechanisms and initiatives, including the EU’s Global Gateway strategy, the Just Energy Transition Partnership, and Horizon Europe.

Both sides agreed to strengthen contacts and strategic dialogue, make better use of existing cooperation mechanisms and expand collaboration into emerging areas, including defense and security, maritime security, and responses to non-traditional security challenges.

Belgium partnership targets ports, clean energy, high-tech projects

In Belgium, its approval of the EU-Vietnam Investment Protection Agreement shortly before the official activities of Lam’s visit was a positive signal, demonstrating Belgium’s goodwill and commitment to relations with Vietnam, Foreign Minister Trung said.

Senior leaders from both countries agreed on a vision of upgrading bilateral ties to a strategic partnership, reflecting the expanding scope of cooperation beyond the existing sectoral strategic partnership in agriculture.

The visit opened up new opportunities aligned with Vietnam’s development needs and Belgium’s strengths, with a focus on flagship projects in seaports, logistics, clean energy, science and technology, and high-quality workforce training.

Turning commitments into concrete projects

The top Vietnamese diplomat said the main challenge ahead was to translate shared understandings, high-level commitments, and signed agreements into concrete programs, projects, and products.

For Denmark, Vietnam will prioritize cooperation in energy transition, offshore wind power, seaport infrastructure, and green logistics.

With the EU, Vietnam will propose projects under the Global Gateway, Just Energy Transition Partnership, and Horizon Europe, as well as initiatives in strategic technologies.

Regarding Belgium, the focus will be on seaports, logistics, clean energy, science and technology, and high-quality workforce training.

The minister expressed hope that Vietnam’s relations with Denmark, the EU, and Belgium will continue to develop in a deeper and more effective manner.”