The first activity for Day One Program of the CACCI Presidential Visit to Vietnam led by Mr. McMullin AM and his delegation was a visit to the headquarters of Vietnam Chamber of Commerce and Industry (VCCI), where they were met by the officers and members of the Chamber led by Chairman and President Mr. Pham Tan Cong.

In his Welcome Remarks, Chairman Pham noted that given the currently difficult economic situation globally, it is important for business organizations such as CACCI and VCCI to explore possible areas of collaboration to help enterprises and their respective constituencies overcome various challenges over time.

In response, Mr. McMullin thanked Chairman Pham for receiving the delegation and for the active role and strong support that VCCI has played in CACCI over the years, including previously hosting two Presidential visits (in 2011 and 2018) and two CACCI Conferences (1993 in Hanoi and 2000 in HCMC).

He also expressed his hopes that VCCI will remain actively involved in the Confederation as CACCI certainly needs Vietnam’s representation in the group, given the important role that the country’s economy and business sector play in the development of the Asia-Pacific region.

Mr. McMullin informed the VCCI Chairman that during his CACCI Presidency, he will work around the SET principle – Sustainability, Entrepreneurship, and Trade – as a basis for collaboration and cooperation among countries in the region to create an environment conducive to the growth of business and ensure stability and peaceful and productive relationship between countries, thereby making businesses merchants of peace.

Chairman Pham said that since Vietnam adopted the market economy in 1990, CACCI has provided VCCI the much-needed support to reach out into the regional and international markets. He said that since then, the Vietnamese economy has been doing very well, averaging an annual economic growth of 8%, one of the highest in the world.

The country hopes to maintain this growth momentum, targeting an average growth rate of 6-7% in order for Vietnam to become a developed country by 2035. He pointed out that VCCI, with its 200,000 enterprise members and 200 business association affiliates, aims to take advantage of the opportunities that will open up in the years ahead, and hopes to secure the support of CACCI in achieving this objective. VCCI also intends to remain a key policy adviser to the government, he added.

Chairman Pham welcomed the proposal of Mr. McMullin to host another CACCI Conference in Vietnam in the near future. He pointed out that despite the current geopolitical and economic challenges and difficulties in the global environment, Vietnam still sees the need for incoming and outgoing investments, particularly in green economy, circular economy, sustainable development, renewable energy, electronics, textiles and garments, ICT, and tourism, among others. To help achieve this objective the VCCI intends to continue its high-level commitment to take an active role in CACCI.

Members of the CACCI delegation raised the following points during the course of the meeting discussions:

(a) Mr. Khurram Sayeed cited the potential for bilateral trade between Vietnam and Pakistan in textiles, IT, fruits and vegetables, and pharmaceutical products.

(b) Mr. Jemal Inaishvili mentioned the important role played by Georgia as a transit point for goods to Central Asia as well as to European countries, and offered his assistance to discuss Vietnam-Georgia bilateral relations with relevant government officials in Georgia as well as in organizing visits of business delegations between the two countries.

(c) Dr. Alireza Yavari from Iran cited the potential for Vietnam-Iran bilateral trade in products exempted from US sanction such as food, medicines, pharmaceutical products, medical equipment, agricultural products, garments and textiles, and agricultural machinery, among others.

(d) Mr. Ernest Yuen from Hong Kong said he will invite members from Kowloon Chamber of Commerce to visit Vietnam to explore first-hand business opportunities offered by the country.

(e) Mr. Atif Iqbal cited the business opportunities in Pakistan’s pharmaceutical sector which is composed of 600 manufacturing companies, adding that Vietnam and Pakistan can collaborate in manufacturing and selling quality medicines at affordable prices.

(f) Ms. Weena Lee from Hong Kong offered her assistance in business legal aspects between Hong Kong and Vietnam, taking into account the fact that international business consulting has shifted its focus on Vietnam and that legal services in Vietnam has taken a more sophisticated legal framework with the aim of protecting investors.

Chairman Pham informed the delegation that he will lead a business delegation to Taiwan during the fourth quarter of 2023 to promote Vietnamese investments between the two countries.

At the end of the meeting, President McMullin and Chairman Pham exchanged tokens of appreciation for the opportunity to share information and views on business opportunities between Vietnam and CACCI member countries.

The complete report of the CACCI Presidential Visit to Vietnam can be read HERE.