Prime Minister Phạm Minh Chính and the US-ASEAN Business Council (USABC) delegation in Hà Nội on Monday. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính on Monday hosted a reception for Senior Vice President and Regional Managing Director of the US-ASEAN Business Council (USABC) Michael Michalak and a delegation of the council's businesses.

PM Chính told his guests that Việt Nam is developing on three pillars, including building a law-governed socialist State, building socialist democracy and developing a socialist-oriented market economy, focusing on three strategic breakthroughs related to institutions, infrastructure and human resource; building a fair, transparent and stable business environment; and reducing input costs for businesses and investors in the spirit of harmonising interests and sharing risks for mutual benefits.

In 11 months of this year, Việt Nam’s exports-imports surpassed US$673 billion, up 11.8 per cent annually, with a surplus of $10.6 billion. Foreign direct investment in the country was estimated at $19.68 billion, up 15.1 per cent year-on-year. Two-way trade between the two countries topped $105 billion, up 18 per cent on an yearly basis.

Affirming that Việt Nam always treasures comprehensive partnership with the US, the host suggested the USABC and the council's groups support Việt Nam in three strategic breakthroughs, education-training, governance experience, and invest more in hi-tech, digital and green transformation, climate change response, aviation industry and cyber security, thus making substantive, healthy and effective contributions to bilateral ties.

Michalak, who is also former US Ambassador to Việt Nam, and executives of the council's groups, said Việt Nam could be proud of its high COVID-19 vaccination coverage and rapid economic re-opening and recovery, especially the top third-quarter GDP growth in ASEAN.

Việt Nam is effectively drawing new capital inflows and potentially benefits from the shifting of global supply chains, they said.

The guests spoke highly of Việt Nam’s business environment and potential as well as its initiative to hold 2022 International Defence Expo in Hà Nội this month.

They expressed their wish to enhance cooperation with Việt Nam in trade, defence industry, security, aviation, education-training and human resource development, contributing to bilateral ties. — VNS