Standing Deputy Prime Minister Phạm Gia Túc chairs a meeting with representatives of US business associations and companies operating in Việt Nam on Friday.  — Photo baochinhphu.vn

HÀ NỘI — Standing Deputy Prime Minister Phạm Gia Túc on Friday reaffirmed the Vietnamese Government's commitment to fostering a transparent, stable and predictable business environment while encouraging US enterprises to expand investment and deepen their long-term engagement in Việt Nam.

Chairing a meeting with representatives of US business associations and companies operating in Việt Nam, Túc praised the US business community for its substantive contributions to Việt Nam's socio-economic development as well as the two countries’ relations.

Stressing that economic, trade and investment cooperation remains a key pillar of bilateral relations, he noted many US companies have maintained a long-term presence in Việt Nam, contributing to technology transfer, human resources development, enhanced manufacturing capacity and the country's deeper integration into regional and global value chains.

He underscored that the Vietnamese Government regards US businesses not only as investors and trade partners but also as strategic partners in the country's efforts to transform its growth model, promote science and technology, innovation, digital transformation and green transition.

Reaffirming Việt Nam's consistent policy of improving the investment climate, Túc said the Government will continue refining institutions, streamlining administrative procedures, safeguarding the legitimate rights and interests of businesses, and enhancing the consistency, stability and predictability of policies.

He highlighted the Government's sweeping administrative reforms, noting that implementation time and compliance costs have been reduced by more than 50 per cent.

Administrative reform, he said, is a continuous process aimed at bringing Việt Nam's regulatory procedures closer to international practices while remaining aligned with domestic conditions.

Representatives of US businesses welcomed Việt Nam's recent policy initiatives designed to create new growth drivers, including the Politburo's Resolution No. 10-NQ/TW on the development of the foreign-invested sector.

They described the resolution as an important milestone that has strengthened investor confidence and encouraged further business expansion in Việt Nam.

The business representatives also praised the Government for maintaining regular and direct dialogue with businesses, enabling them to raise practical concerns and recommendations.

They expressed confidence in Việt Nam's development potential and affirmed their willingness to support the country's strategic development goals, particularly its ambition to achieve double-digit economic growth through greater investment, technology transfer, high-quality workforce development and deeper participation in local value chains.

At the same time, the US enterprises highlighted a number of challenges relating to regulatory frameworks and policy implementation in areas such as technology, trade, taxation, aviation, energy, infrastructure, logistics and services.

They called for greater policy consistency, stability and predictability, faster administrative processing and broader consultation with the business community during the formulation and implementation of regulations.

Representatives of ministries and agencies responded to issues within their remit, while acknowledging recommendations requiring further inter-agency coordination or consideration by higher authorities.

They affirmed their commitment to maintaining direct dialogue with businesses in accordance with Vietnamese law and the country's international commitments.

Concluding the meeting, Túc stressed that legitimate concerns raised by enterprises should be addressed in a substantive manner through clearly designated focal points and practical solutions, with due consideration given to balancing the interests of the State, businesses and the public in line with the law, international commitments and Việt Nam's long-term development objectives.

He also encouraged US enterprises to promote their strengths in capital, technology, corporate governance and global networks by expanding investment in Việt Nam's priority sectors.

He called on the US business community to continue serving as a bridge between the two countries by objectively sharing information about Việt Nam's investment environment and ongoing reform efforts, thereby helping strengthen confidence and promote balanced, substantive and mutually beneficial economic cooperation.

The official emphasised that the success of US businesses in Việt Nam will not only contribute to the country's development but also provide a stronger foundation for the Việt Nam–US Comprehensive Strategic Partnership to grow in a deeper, more effective and sustainable manner. — VNA/VNS