Groups promise to support Vietnam in meeting standards of digital economy

Deputy Prime Minister Vuong Dinh Hue on September 13 received representatives from Mitsubishi, Deloitte, Hanwha Energy, McKinsey, and HSBC in the framework of the World Economic Forum on ASEAN in Hanoi. 

Deputy Prime Minister Vuong Dinh Hue (R) receives Vice President of

Mitsubishi Heavy Industries Ken Kawai (Source: VNA)

At separate meetings with the Vietnamese official, leaders of the groups said they are willing to support Vietnam in meeting standards of a digital and environmentally-friendly economy. 

Meeting with Vice President of Mitsubishi Heavy Industries Ken Kawai, Deputy PM Hue expressed his appreciation for the group’s scholarships for Vietnamese students as well as its expanded investment and business in the country. 

He suggested the group promote the development of the supporting industry, in which Vietnamese enterprises will become an important link and more deeply join the production and business process. 

Vietnam's growth momentum comes from its processing and manufacturing industry and energy sector, Hue noted, adding that Vietnam welcomes the firm’s technology transfer with modern and environmentally-friendly criteria.

During his reception for head of HSBC Asia Pacific’s international department Matthew Lobner, Deputy PM Hue asked the group to share its experience with Vietnamese partners in the application of financial technology and non-cash payment development. 

He also suggested the HSBC provide assessment reports; give feedback on macroeconomic policies; help Vietnam deal with bad debts and restructuring financial institutions; and increase resilience of Vietnamese banks amid impact of the world economic situation.

In his meeting with Deputy PM Hue, Chief Executive Officer at Deloitte Southeast Asia Philip Yuen said that Deloitte – one of the four most prestigious auditors in the world – has established an auditing training centre in Vietnam. 

The firm is willing to participate in large projects including the equitisation of State-owned enterprises (SOEs) of Vietnam, contributing to modernising accounting and auditing standards in the country, he added. 

For his part, Deputy PM Hue praised Deloitte for its attention to training human resources for Vietnam and some other countries in the region, as well as in raising the scale and quality of the Vietnam Association of Certified Public Accountants’ operation. 

The Vietnamese Government hopes the group will give advice on how to prevent and handle the transfer pricing of foreign invested-enterprises operating in Vietnam, he said. 

For the time ahead, the Vietnamese Government will continue the equitisation of and divestment from large SOEs, which will be a great opportunity for large, prestigious audit firms like Deloitte to participate in appraisal, contributing to making Vietnam’s financial market more transparent, Hue added. 

Meanwhile, Kaushik Das, CEO of McKinsey & Co., consultants in Southeast Asia, said that over the past few years, the firm has completely transformed its digital data based-consultancy to adapt to changes and trends in science and technology. 

McKinsey is ready to assist Vietnam in converting consultancy activities and analysing policies based on the requirements of digital technology, he stressed. 

In his reply, Deputy PM Hue praised the impressive results of McKinsey, calling on the firm to provide advice for Vietnam in making policies for sustainable development, capacity building, and personnel training, towards preparing human resources for the Fourth Industrial Revolution. 

While receiving Senior Vice President of Hanwha Energy group Pyo Kim, Deputy PM Hue expressed that the local government is highly interested in the energy sector, particularly in renewable energy and solar power.

He suggested the group accelerate the completion of investment procedures, hoping that the firm will pay attention to projects involving high-technology transfer, which ensure criteria on green and sustainable development.

For his part, Kim spoke highly of Vietnam’s economic growth and highlighted the potential for the firm’s cooperation with the country in the coming time. He also stressed his firm’s technological strengths as it invests in Vietnam.

Source: VNA