Viêt Nam promises optimal conditions for US enterprises: PM

March 23, 2023 - 06:10
The PM said that Việt Nam considered the US one of its most important partners and wanted to deepen the comprehensive bilateral partnership. 


Prime Minister Phạm Minh Chính and delegates of the US-ASEAN Business Council in Hà Nội on Wednesday. —VNA/VNS Photo Dương Giang


HÀ NỘI — The Vietnamese Government will continue to create favourable conditions for US businesses to expand investment in Việt Nam and support Vietnamese enterprises participating deeply in the production value chain of US enterprises. 

Prime Minister Phạm Minh Chính delivered this statement during a working session with the delegation of the US-ASEAN Business Council (USABC) in Hà Nội yesterday. 

The PM said that Việt Nam considered the US one of its most important partners and wanted to deepen the comprehensive bilateral partnership. 

He also praised the US business community's production and investment activities in Việt Nam, saying that the Vietnamese Government was willing to listen to the US businesses' opinions. 

The PM noted that the Vietnamese Government would accompany US businesses to solve difficulties and successfully implement their investment projects in the country. 

He suggested that USABC businesses act as a bridge between the US Government and firms with the Vietnamese Government, between the business community and the people of the two countries and support to promote cooperation channels between the two countries.

He urged these firms to strengthen cooperation with Việt Nam based on optimising the potential of the framework of the Việt Nam-US Comprehensive Partnership, especially in the field of economy, trade and investment. 

Besides, he suggested that USABC to further expand its investment in Việt Nam, focusing on fields in which the country had needs and their members had strengths.

USABC should also work with Việt Nam in researching and developing specific policies that would enable Việt Nam to approach and attract investment from US multinational companies in two directions.

The first direction was implementing large high-tech projects, creating conditions for US corporations to build R&D centres and technology incubators associated with human resource training and modern management.

Prime Minister Phạm Minh Chính meets representatives from US businesses during the working session. — VNA/VNS Photo Dương Giang

The second was strengthening cooperation, procurement and technology transfer for Vietnamese enterprises, especially in vaccine production, therapeutic drugs, medical equipment, high technology, digital agriculture, and clean agriculture.

In his speech at the working session, the PM also briefed on a number of specific industries and fields that USABC and US businesses were interested in, such as the digital economy and creative industries, healthcare, energy, agriculture and aviation.

He also informed the US delegation that Việt Nam has made three strategic breakthroughs, including perfecting the development institution synchronously, human resource development, and building a synchronous and modern infrastructure system. 

For his part, USABC President and CEO Ted Osius expressed his belief in Việt Nam's economic growth prospects. He said Việt Nam was a strategic market for US businesses, so they were committed to long-term investment in the country. 

He added that Việt Nam's three strategic breakthroughs would help businesses, including those from the US, invest effectively in the country.

At the working session, representatives of US businesses showed their desire to continue investing in Việt Nam, especially in green transformation, digital transformation, energy transformation, finance, manufacturing, automotive and logistics. 

They also proposed the State, ministries and branches facilitate capital market reform to promote investment, perfect the legal framework on e-commerce, speed up the planning, approving and licensing of several specific projects and improve the standard of Vietnamese products. 

Many business delegations of the USABC have come to Việt Nam in the past, but this time, there were up to 50 firms, including major ones like Boeing, Coca-Cola, CitiBank, Meta, SpaceX, Netflix, Abbott, and AES.

The US currently has 1,223 valid projects worth over US$11.4 billion in Việt Nam, ranking 11th among the 142 countries and territories investing here. Meanwhile, it ranks 10th among the 80 countries where Vietnamese firms are investing in.

Bilateral trade hit a record of over $123 billion in 2022, up 11 per cent year on year, turning the US into the second biggest trading partner of Việt Nam, and Việt Nam the eighth largest one of the North American nation. — VNS