PM attends US-Vietnam Business Summit in Hanoi

Themed “Policies and approaches to ensure mutual beneficial commercial relations”, the event also saw the presence of US Ambassador to Vietnam Marc Knapper and ambassadors of other countries, and leaders of the two countries’ businesses; and was attended by US Secretary of State Antony Blinken and former US Trade Representative Michael Froman via videoconference.

Prime Minister Pham Minh Chinh speaks at the 2024 US-Vietnam Business Summit. (Photo: VNA)

Addressing the third consecutive summit he has attended, Chinh stated that Vietnam's foreign policy toward the US was shown right after the country gained independence, as President Ho Chi Minh in 1946 sent a letter to President Harry Truman expressing Vietnam's desire to establish full diplomatic relations with the country.

According to the PM, through both upheavals and breakthroughs, with the approach of putting the past aside, respecting differences, utilising points in common, minimising points in difference, and looking towards the future for the benefit of both nations and their peoples, the Vietnam-US diplomatic relationship has flourished over the past nearly 30 years since its establishment. It has developed into a Comprehensive Strategic Partnership, thanks to efforts of leaders and people of both countries, as well as the contributions by their businesses.

Saying he believes that time, intellect, and decisiveness are key to the success of investment and business, he called on enterprises to cooperate in investment and business activities, participate in addressing global issues, and foster the bilateral relationship.

Sharing about the six key tasks and three strategic breakthroughs for the country to thrive in the new era of prosperity and strength, Chinh stressed that Vietnam is focusing on major projects with the potential to "transform situations and change the status quo" such as the high-speed expressway system, the North-South high-speed railway, and railways connecting countries in the region, the restart of nuclear energy projects, major seaports, and the exploration of space and marine space. At the same time, the country is prioritising the development of the digital economy, green economy, circular economy, innovation, and start-up, and making the most of the achievements of the fourth Industrial Revolution.

It is also continuing efforts to improve the business environment by ensuring stable, increasingly open, and transparent policies that align with international practices; and striving to prepare the necessary conditions for foreign investors, including those from the US, he stated.

The leader called on the US to remove barriers and sanctions against Vietnam, soon recognise its market economy status, and create favourable conditions for both countries and their businesses to cooperate and develop for the mutual benefits of both nations and their peoples.

With the stance of "harmonised interests, shared risks" and on the basis of win-win cooperation, Chinh encouraged enterprises to support one another in their deeper engagement in new supply chains, and contribute to the expansion of global supply chains in Vietnam. He also asked US businesses to focus on developing larger-scale investment projects with stronger effects, thus creating breakthroughs in investment cooperation between the two countries.

The Government leader called on US businesses to expand financial investment, transfer science and technology, provide training for human resources, and share management experience with Vietnam, while highlighting opportunities in high technology, electronics, semiconductor, innovation, renewable energy, new energy, financial centres, infrastructure development, transport, logistics, and research and development activities.

Vietnam is always ready to welcome and create favourable conditions for foreign businesses, including those from the US, to invest and do business in the country; and is committed to listening to their opinions and engaging in dialogues to further promote substantive and effective collaboration, added Chinh.

Speaking at the summit, US Secretary of State Antony Blinken noted that the cooperation between the two countries and the partnership between their businesses are thriving, bringing tangible benefits to the two peoples.

The US is currently Vietnam's second-largest trading partner, its largest export market, and one of its top investors. For the US, Vietnam has risen into one of its top ten trading partners, with bilateral trade reaching a record high of 110.8 billion USD in 2023 and hitting 110.9 billion USD in the first 10 months of this year. Vietnam is also a key link in the US’s global supply chain, while US businesses and investors have made significant contributions to the development and transformation of the Southeast Asian nation's economy.

The summit provided an opportunity for timely discussions on the policies and directions that both governments and the private sectors need to implement so as to ensure a mutually beneficial trade and investment relationship between Vietnam and the US. It focused on the need to enact reasonable regulations, fully harness the potential of the digital economy, and address energy security and development needs through practical actions, maintain competitiveness by increasing productivity and reducing risks.