Economic, trade & investment ties key to Vietnam-US cooperation
Prime Minister Pham Minh Chinh hosted a reception for the USABC delegation on March 21 in Hanoi |
Foreign-invested sector an important part of Vietnam economy
At the meeting, Prime Minister Pham Minh Chinh stated that immediately after Vietnam and the US elevated their relationship to a comprehensive strategic partnership, he paid an official visit to the US to concretize the framework of this cooperation. The cooperation, including trade exchange, between the two countries has been growing well and been promoted by the USABC.
The PM emphasized that economic, trade, investment, science-technology and innovation cooperation is crucial for the Vietnam-US comprehensive strategic partnership.
To support and accompany US investors in Vietnam and concretize the bilateral comprehensive strategic partnership, the Vietnamese Government has pledged that the foreign-invested economic sector remains an important part of Vietnam’s economy. Vietnam respects, encourages and creates favorable conditions for the long-term development of this sector, and fosters healthy, fair and equal cooperation and competition between foreign-invested enterprises and other economic sectors.
Vietnam has committed to ensuring the legitimate rights and interests of investors following the spirit of “harmonious interests, shared risks”; ensuring independence, sovereignty, territorial integrity, political stability, social order and stable policies to provide a secure, long-term business environment for investors in Vietnam; listening to and understanding businesses and the people; sharing visions and actions to develop the economy and contribute to elevating the bilateral relationship to new heights; and together working, enjoying, winning and developing.
Minister of Industry and Trade Nguyen Hong Dien and Minister of Science and Technology Huynh Thanh Dat at the March-21 reception for the USABC delegation - photo: Nhat Bac |
Strong commitments
President and CEO of USABC Ted Osius and representatives of American businesses congratulated Vietnam on its socioeconomic development achievements, particularly in recent years. They appreciated the improving investment environment and expressed gratitude for the Vietnamese government’s support for businesses in general and foreign-invested enterprises and American enterprises in particular. They made strong commitments to further investing in Vietnam’s science and technology, electronics, aviation, electric vehicles, logistics, energy, healthcare, finance, e-commerce, food, and tourism.
US businesses are impressed by Fitch Ratings’ upgrade of Vietnam’s credit rating at the end of 2023 and delighted with the elevation of bilateral relations, have recognized Vietnam’s increasing role as a vital production center and an important part of the global supply chain, and are excited to explore new cooperation opportunities, Ted Osius said.
American companies also announced new investment projects. For example, Pepsi plans to invest in two new modern factories that utilize renewable energy. These include a US$90-million food production plant in Ha Nam Province and a US$300-million-plus beverage production plant in Long An Province.
American businesses propose that Vietnam continue to improve its legal framework, simplify administrative procedures, particularly in investment licensing, labor permits, and visas, and provide incentives, especially tax incentives in priority sectors. They advocate for the development of a circular economy, green economy, green transportation, carbon emission reduction, energy transition, infrastructure, and logistics. These measures aim to create a more favorable environment for American businesses to invest, manufacture and operate efficiently in Vietnam.
Prime Minister Pham Minh Chinh suggested that USABC businesses strongly propose that the US government soon recognize Vietnam’s market economy status and abolish restrictions related to high-tech exports to Vietnam.
The PM urged American businesses to expand their investment in Vietnam while encouraging technology transfer to Vietnam, especially high-tech solutions for emerging sectors such as the digital economy, circular economy, climate change adaptation, green transition, sharing economy, knowledge-based economy, and revitalizing traditional driving forces, such as consumption, exports, and investment.
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