Prime Minister Pham Minh Chinh have met with leaders of global investment firm Kohlberg Kravis Roberts (KKR) and Visa Group in New York and held phone talks with the Deputy Managing Director of the International Monetary Fund (IMF) during his trip to the US. At a meeting with Joseph Bae, Co-Chief Executive Officer of KKR, on May 16 morning (US time), Chinh asked the firm to share its experience and offer proposals to Vietnam.
Joseph Bae said KKR wishes to expand its operation in real estate, infrastructure, digital transformation, food, consumer goods and technology in Vietnam, noting that the firm has invested more than 1 billion USD in three Vietnamese companies. Vietnam is an attractive market for investors with incentives rolled out by the government, along with its favourable geographical location, and young, dynamic population, he noted.
The Southeast Asian nation is also the destination for many added value services, Joseph Bae added. Chinh lauded KKR’s investment in the private sector in Vietnam, and welcomed its plan to expand investment in the country, stressing that the firm’s investment focuses match Vietnam’s priorities.
He told Joseph Bae that Vietnam lured investments worth 1.3 billion USD in startups last year, the biggest ever number despite impacts of the COVID-19 pandemic.
During the meeting, KKR shared its experience in promoting investment in energy infrastructure, digital transformation and medical infrastructure, which Joseph Bae said need strong public-private partnerships (PPP) and a transparent legal framework to consolidate investors’ confidence, and improve the efficiency of the capital market as well as project management capacity. He believed that the comprehensive cooperation between the Vietnamese and US government will facilitate investment activities.
Chinh also asked for KKR 's policy consultations and support in technology and personnel training, and suggested the firm increase its presence in Vietnam to enhance the cooperation.
The same day, the Vietnamese PM met with Alfred Kelly, Chairman and Chief Executive Officer (CEO) of Visa Inc., a global digital payments company, and some CEOs from US groups like Citigroup and Standard & Poor.
Prime Minister Pham Minh Chinh and Alfred Kelly, Chairman and Chief Executive Officer (CEO) of Visa Inc., (Photo: VNA)
Visa has operated in Vietnam for more than two decades and is expanding its investment in online payment in the Southeast Asian country. The Visa leader expressed his impressions on Vietnam’s dynamic development, and congratulated the country on its hosting of SEA Games 31, which reflects that the pandemic has been brought under control in Vietnam, and the country has opened its doors.
Visa also highly valued Vietnam’s cashless payment plan and the development of the service in the country, with its growth expanding from 8 percent in 2020 to 28 percent this year. Kelly said he believes that the Vietnamese government will achieve the target of cashless payment by 2027. Visa wants to further its cooperation with Vietnam, helping the country fulfill its growth and reform targets in the financial sector, while providing support in digital transformation, assisting small and medium-sized enterprises, building smart cities and developing smart transport, he continued.
Lauding Visa’s operation in Vietnam over the past 20 years, Chinh emphasised that the firm has played a role in the development of card payment in Vietnam, called on the firm to expand its investment, work on new products, foster its partnerships with local commercial banks, and further engage in restructuring, digital transformation and financial development in Vietnam.
The PM showed his support for cooperation between Visa and the Vietnamese government in financial reform and cashless payment development, suggesting the company coordinate with the State Bank of Vietnam (SBV) to help with the implementation of the 2021-2025 project on cashless payment development in Vietnam.
On this occasion, PM Chinh talked over phone with Antoinette Monsio Sayeh, Deputy Managing Director of the IMF. Chinh thanked the IMF for its support to Vietnam in accessing vaccines and finances, as well as its advice in COVID-19 prevention and control, macro-economic policy making, sustainable development, and especially monetary policy stabilisation.
Briefing Sayeh on Vietnam’s initial achievements in socio-economic recovery post pandemic, the PM suggested the IMF assist the country in these efforts, and provide consultations, recommendations, technical support and assistance in personnel training during the planning and implementation of the 2021-2025 socio-economic development plan, and the 2021-2030 socio-economic development strategy.
Chinh also called for the fund’s support for socio-economic development in Vietnam in order to make it a developing country with modern industry and high middle income by 2030, and a developed, high-income nation by 2045.
For the short term, he suggested the IMF help Vietnam with consultations in ensuring the macro-economic stability; developing a transparent, sustainable capital market; controlling inflation; developing logistics; technological innovation and digital transformation; climate change response; and energy transition. For her part, Sayeh affirmed Vietnam is a good partner of the IMF, noting that the fund stands ready to support the country as suggested by the PM, including policy consultations.
Sayeh said she wants to visit Vietnam to hold working sessions with competent agencies on specific programmes.
