“Hearing about the potential of the Dominican Republic, I see countless convincing opportunities. If I were a businessperson, I would head there immediately to invest because the feasibility and potential are incredibly high,” Prime Minister Pham Minh Chinh said.
On November 21 (local time), during his official visit to the Dominican Republic, Prime Minister Pham Minh Chinh attended a Vietnam-Dominican Republic business forum.
Biviana Riveiro, Director of the Dominican Republic’s Investment Promotion Center, described the meeting as historic and a timely step to strengthen trade relations and explore investment opportunities between the two nations.
Highlighting her country’s potential, Riveiro explained that the Dominican Republic occupies a central and strategic position in Latin America and the Caribbean. It boasts macroeconomic and political stability, sustainable growth, and is the fifth-largest economy in Latin America. The nation is also a major tourist destination.
She further outlined plans to promote public-private partnerships, enhance port connectivity, and encourage investments in free-trade zones.
The Dominican Republic has 80,000 students trained in high technology to meet global workforce demands, as well as 17 seaports, multiple international cruise ships, and both international and domestic airports supporting its robust tourism sector.
“Though Vietnam is 24 hours away by air, through the Dominican Republic, Vietnamese businesses can access numerous economies in the region and create substantial added value,” Riveiro emphasized.
She also highlighted opportunities for collaboration in tourism, services, automotive manufacturing, electronics, logistics, and hotel construction. With 10 million internet users, 50 telecom companies, and widespread 5G adoption, the Dominican Republic offers fertile ground for telecommunications businesses. The country’s significant interest in smart and digital government development presents additional opportunities.
“We hope our advantages become opportunities for Vietnamese businesses,” Riveiro said.
During the forum, Dominican companies expressed their commitment to providing a reliable investment environment for foreign investors, particularly in telecommunications.
Dominican enterprises also showed interest in partnering with Vietnamese businesses in tourism, noting their country’s eight international airports and leading position in Latin America and the Caribbean’s tourism industry.
Representatives from PetroVietnam voiced their agreement to explore offshore oil and gas opportunities in the Dominican Republic and collaborate in clean and renewable energy sectors, including solar and offshore wind energy.
Other Vietnamese companies in telecommunications, chemicals, and agriculture expressed their desire to collaborate with Dominican businesses to capitalize on each other’s strengths and foster mutual growth.
Vietnamese and Dominican business representatives. (Photo: Nhat Bac)
Prime Minister Pham Minh Chinh shared his enthusiasm upon hearing about the collaboration opportunities:
“Hearing about the Dominican Republic’s potential, I find it incredibly convincing and feasible. If I were a businessperson, I would head to the Dominican Republic immediately to invest,” he said.
After 20 years of diplomatic relations, the Prime Minister noted that mutual understanding and appreciation between the two nations have deepened, paving the way for stronger cooperation.
Vietnam is advancing three strategic breakthroughs in institutional reforms, infrastructure, and human resources, Chinh added. Institutional reforms aim to reduce costs, simplify investment procedures, and create a favorable environment for businesses. Infrastructure development focuses on improving logistics, lowering transportation costs, and enhancing competitiveness.
During his discussions with Dominican leaders, the two sides agreed to elevate bilateral relations. Legal frameworks, including free trade agreements, investment protection agreements, and visa exemptions, were key topics to facilitate cooperation and protect investor rights.
Priority areas for collaboration include clean energy, digital transformation, telecommunications, semiconductors, agriculture, fertilizer and chemical production, rice exports, and tourism.
The Prime Minister also emphasized opportunities in construction, where Vietnamese state-owned and private corporations could invest in the Dominican Republic.
“I urge immediate implementation of specific collaborative projects following this visit. Businesses should connect and take action promptly,” he said.
To facilitate these efforts, the Vietnamese government will consider establishing a task force to promote bilateral cooperation, ensuring legal and legitimate rights for both sides’ investors.
Prime Minister Chinh concluded by stressing that the call for collaboration benefits not just businesses but reflects a heartfelt commitment and responsibility to the 60-year relationship built by previous leaders.
“Time, intellect, and decisive action are critical for successful partnerships. Businesses from both countries should connect, support one another, and create mutual benefits. Together, we can build prosperous nations and ensure a happy, fulfilling life for our people,” the Prime Minister said.
Thu Hang
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Publish date : 2024-11-21 13:10:00
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Author : theamericannews
Publish date : 2024-11-22 04:29:50
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