US President Joe Biden and Việt Nam Prime Minister Phạm Minh Chính at the US – Việt Nam Innovation and Investment Summit in Hà Nội on Monday. — VNA/VNS Photo Dương Giang

HÀ NỘI — At a business summit on Monday, US President Joe Biden and Việt Nam Prime Minister Phạm Minh Chính agreed to turn technology, innovation and investment into new, important pillars of the freshly established comprehensive strategic partnership between the two countries.

The US – Việt Nam Innovation and Investment Summit was held as part of President Biden’s two-day visit to Hà Nội featuring 14 executives from top US and Vietnamese firms looking at ways to expand technology and economic cooperation.

PM Chính said that one of the main points of Biden’s visit to Việt Nam was to promote the growth of technology–focused innovation driven by the Vietnamese economy.

He cited Party leader Nguyễn Phú Trọng who emphasised that fostering innovation-oriented economic, trade and investment cooperation is a stepping stone, a focus, and an impetus for bilateral relations.

The PM noted that he and the US President agreed to turn technology, innovation, and investment into a key focus of the countries’ comprehensive strategic partnership.

Sharing President Biden’s view that innovation is the key to the countries’ future, he called on enterprises from both countries to prioritise investment in science, technology and innovation, especially digital transformation, the semi-conductor industry, green growth, renewable energy, climate change fight and the circular economy.

PM Chinh told his guest that Việt Nam has set goals to become a developing country with modern industry and high average income by 2030, and a developed and high-income country by 2045.

Therefore, science, technology and innovation are the main motivations for national development, and its consistent policy is to call for investment and to open markets with all partners and businesses around the world, especially those from the US, he stated.

To create favourable conditions for investors, Việt Nam has been focusing on developing human resources, introducing preferential policies for digital transformation, renewable energy, the semiconductor industry, high-tech parks, innovations centres and financial centres as well as industries and fields with high-added value and competitiveness able to participate in the global value chains with an aim to attract international strategic investors to Việt Nam.

The Vietnamese Government leader expressed his hope to continue receiving political support from the US Government and President Biden, as well as the US business community’s commitments in terms of capital, science and technology and high-quality human resources training to help Việt Nam transform its growth model and restructure the economy towards a green, rapid, sustainable and inclusive direction.

With the stance of “resources originating from thinking and vision, motivation from innovation and creativity, and strength from people and businesses”, Chính said that the Việt Nam-US comprehensive strategic partnership represents new thinking, new vision, and new motivation and creates new strength and new values. He proposed both sides cooperate, share, learn from, and support each other in the spirit of harmonising benefits and sharing risks.

President Biden spoke highly of Việt Nam's development achievements in recent times, stressing he believes that it is time for the US and Việt Nam to promote relations in all fields to bring about common prosperity.

The two countries and businesses need to work together to consolidate and advance cooperation in the coming time, he stressed.

The US will cooperate and support Việt Nam to seize opportunities and make the most of its potential, he stated, suggesting Việt Nam and its businesses continue to work closely to promote development in such areas as science, technology, innovation, semiconductor industry, green transformation, climate change response and human resources training, and to participate more deeply in regional and global value chains.

Biden emphasised that cooperation and sharing should not only happen during times of favourable development, but also in times of difficulties and risks.

At the summit, Vietnamese Minister of Planning and Investment Nguyễn Chí Dũng and US Secretary of State Antony Blinken said the upgrade of bilateral ties to the comprehensive strategic partnership for peace, cooperation, and sustainable development during the visit will create new opportunities and potential for the two countries and their enterprises to promote investment cooperation, especially in such fields as innovation.

Ministries and sectors of the countries will keep providing optimal conditions for US and Vietnamese enterprises to successfully make investments and do business, engage in sustainable regional and global supply chains, and help generate prosperity for both countries, the officials noted.

Dũng urged US enterprises to increase investment in Việt Nam and support Vietnamese companies to participate in value chains.

Specifically, he called on semiconductor corporations such as Intel, Amkor, Marvell, Global Foundries and the US Semiconductor Industry Association to develop chip and semiconductor ecosystem, promote coordination with the National Innovation Centre to build centres for training, research and development. He also urged Boeing to build a component manufacturing ecosystem and a regional aircraft maintenance centre in Việt Nam.

Dũng also urged corporations and financial institutions from the US to provide green credits to Việt Nam and support Việt Nam in developing a financial hub on a regional scale.

During the conference, Vietnamese and US enterprises discussed investment cooperation chances, with a focus on four main areas – technology and innovation, production investment, financial services and financial technology, and trade and services. — VNS