Vietnam, Laos Exchange Experience on Private Sector Development and High-Quality FDI

VCCI Vice President Nguyen Quang Vinh (R) receives the delegation from the Lao Ministry of Finance 

At the meeting, Dr. Vongkhamheng Vongthachack expressed interest in how VCCI works with the Vietnamese Government to support private sector development, promote (Environmental, Social, and Governance) ESG adoption, develop sustainable industrial parks, and invest in high-quality human resources to keep pace with rapid advances in technology and artificial intelligence.

According to VCCI Vice President Nguyen Quang Vinh, amid rapid changes in the global economy, Vietnamese enterprises increasingly recognize that competitiveness must go hand in hand with social responsibility and contributions to national development. Vietnam regards the private sector as a key driver of the economy. Current development policies aim not only to increase the number of enterprises but also to improve growth quality, labor productivity, competitiveness, and deeper integration into regional and global value chains.

He said Vietnamese enterprises are accelerating digital transformation, adopting new technologies, and improving governance efficiency to move into higher value-added segments of global supply chains. More companies are adopting ESG principles to strengthen transparency, improve corporate governance, protect the environment, and contribute to local communities. At the same time, investment in human capital is seen as a core factor in strengthening long-term competitiveness and adapting to changing market conditions.

To attract high-quality FDI, Vinh said Vietnam is shifting its focus from quantity to quality and long-term value, viewing investment not only as a source of growth capital but also as a driver of technology transfer, stronger governance, human resource development, and deeper participation by domestic enterprises in global value chains.

Priority is given to high value-added sectors and projects, including high technology, innovation, the digital economy, semiconductors, electronics, clean energy, environmental technology, research and development (R&D) centers, supporting industries, and modern services. Vietnam is also strengthening linkages between FDI enterprises and domestic firms to build production ecosystems, increase localization, and enable Vietnamese enterprises to integrate more deeply into global value chains. Investment attraction is aligned with green development and digital transformation, while cooperation between domestic enterprises and foreign investors is encouraged to generate spillover benefits in technology, skills, and productivity.

The VCCI Vice President said that as a bridge between the Government and the business community, VCCI has launched several key initiatives over the years to help enterprises improve competitiveness and transition toward sustainable development. These include the Provincial Competitiveness Index (PCI), the Corporate Sustainability Index (CSI), and the Vietnam Corporate Sustainability Forum. VCCI also promotes policy dialogue, works to improve the investment environment, strengthens value chain linkages, supports enterprises in meeting international standards, encourages innovation and digital transformation, fosters business culture, and advances green development.

Based on these experiences, Vinh said attracting high-quality FDI should not rely solely on investment incentives but also on strong institutions and a stable investment environment. He added that it is important to clearly identify priority sectors and define the country's role in regional value chains. Infrastructure, skilled human resources, and a strong domestic business ecosystem are essential to absorbing high-quality investment, while domestic enterprises should be encouraged to integrate more deeply into regional and global value chains.

Dr. Vongkhamheng Vongthachack thanked Vinh for sharing practical insights drawn from VCCI's 63 years of experience and expressed hope that both sides would continue to strengthen exchanges, share experiences, and expand cooperation to further deepen economic ties between Vietnam and Laos in the years ahead.