A large free trade area will be open between Vietnam and its 55 partners, including all G7 members and 15 members of the G20 group from now until 2020, said Prime Minister Nguyen Xuan Phuc.

Speaking to more than 1,000 leaders from prestigious banks and investors at the 17th Asian Banker Summit on May 11 in Hanoi, the government leader voiced Vietnam’s support for the conference’s topic: “new breakthroughs”. He added that this reflects long-term vision and concerns necessary to make creative changes towards a dynamic and effective financial community.

“The topic to be discussed matches the current economic situation in the region and world, which is full of uncertainties and challenges. For example economic recovery is lower than projected, and Asia’s growth is slowing.  Natural disasters and climate change heavily effect the region. A series of newly-signed free trade agreements and the just-established ASEAN economic community pose a challenge to all countries. So we need change and innovative growth momentum to overcome the challenges and achieve the goal of sustainable development," PM Phuc said.

The government leader told investors that Vietnam will go ahead with administrative reforms, improve the business climate and enhance competitiveness.

Efforts should be made to attract domestic and foreign investment, uphold democracy and consider businesses momentum for socio-economic development.

" Vietnam pledges to create favorable conditions for investors, considering their successes as ours and to cooperate for a strong, stable and prosperous community," the PM said.

This is the second time Vietnam has hosted the summit, which sees the participation of major banks from Asia and developed nations such as Standard Chartered, ANZ and HSBC.

VOV