Workers assemble vans at Ford Việt Nam in the northern province of Hải Dương. — VNS Photo Đoàn Tùng

HÀ NỘI – Việt Nam pledged to create favourable conditions for US companies to invest in and do business efficiently and successfully in Việt Nam, Deputy Prime Minister Trịnh Đình Dũng said.

Dũng was speaking at the 2019 US – Việt Nam Business Summit co-organised by the Việt Nam Chamber of Commerce and Industry (VCCI), American Chamber of Commerce (Amcham) and the US Chamber of Commerce (USCC) on Friday in Hà Nội to celebrate 25 years of trade and investment between the two countries.

Dũng said that US investments in Việt Nam were playing increasingly important roles in Việt Nam’s development, helping the country participate in the global value chain, increase incomes and creating prosperity.

Việt Nam wanted to receive more investment from the US in sectors such as renewable energy, infrastructure, finance and banking, education, tourism, technology and hi-tech agriculture, Dũng stressed.

With a young labour force, political and social stability coupled with the Government’s hastened efforts of reforms and international integration, Việt Nam was becoming an attractive destination for foreign investors, Dũng said.

He reaffirmed Việt Nam’s determination in building a constructive Government to create favourable conditions for businesses, especially US investors.

“Việt Nam always regards the US as a leading partner and would like to further co-operation with the US, in which trade and investment are major factors in the two countries’ bilateral relationship,” Dũng said.

At the business summit, Dũng also pointed out that products of the two economies were increasingly supplementary to each other. Việt Nam had strength in exporting products like seafood, cashew, garments and footwear to the US while the US was supplying Việt Nam with hi-tech products like aeroplanes as well as investments in clean energy.

According to the US Ambassador to Việt Nam Daniel J. Kritenbrink, the US - Việt Nam bilateral trade relation was enjoying a rising tide. “Now is the right time to broaden and deepen our economic and trade partnership, and to elevate conversations about the comprehensive economic relationship between the US and Việt Nam.”

Appreciating the openness of Việt Nam, Kritenbrink urged Việt Nam to maintain a predictable investment and tax environment not just for Americans, but for all foreign companies. 

He stressed that the US was eager to partner with Việt Nam as it pursued its digital economy goals.

Natasha Ansell, Chairwoman of AmCham Hanoi, said at that US companies had invested billions of dollars in Việt Nam so far, which helped Việt Nam participate in the global value chain and create jobs.

She said that the US companies were showing significant interest and optimism in the success of Việt Nam in the future, adding that AmCham would continue to provide support to Việt Nam in developing the private sector.

At the event, Amcham also announced a framework to increase trade and investment between the two countries. Accordingly, the two countries would need to focus on solving issues such as intellectual property, trade and customs facilitation, quarantine requirements and energy infrastructure.

Two-way trade increased more than 130 times, from US$450 million in 1994 to nearly $60 billion in 2018.

The US now has around 900 investment projects in Việt Nam with total capital of more than $9 billion.  VNS