PM Phuc receives US Secretary of Commerce

PM Phuc receives US Secretary of Commerce

Welcoming the guests to Viet Nam, PM Phuc hailed the efforts made by the US Secretary of Commerce to promoting Viet Nam-US trade and investment ties.

He stressed Viet Nam always treasured its comprehensive partnership with the US and hoped to lift bilateral relations to a new level, thus contributing to peace, stability, co-operation and development in the region and the world.

He took note of the substantial progress made across all fields of the bilateral relationship, particularly the stable economic growth and trade ties which served as an important driver of relations between the two countries.

PM Phuc also appreciated the co-operation between the two countries in the framework of the Trade and Investment Framework Agreement (TIFA) to discuss economic and trade issues of mutual concern and promote two-way trade, thus helping remove difficulties for their enterprises.

The Government leader welcomed the close collaboration between Viet Nam’s Ministry of Industry and Trade and the US Trade Representative (USTR) in building a plan of action towards a harmonious and sustainable trade balance between the two countries.

The Vietnamese PM pledged to create the best possible conditions to promote economic, trade and investment co-operation with the US, and open the market for US products.

He said Viet Nam was carrying out the equitisation of State-owned enterprises, which offered opportunities for US companies to become strategic partners in those enterprises.

PM Phuc added that he hoped the US would send more business delegations in 2020 when Viet Nam took the Chair of the Association of Southeast Asian Nations (ASEAN).

Secretary Ross said the US business delegation accompanying him during this trip included representatives from many big corporations who were interested in the Vietnamese market.

He remarked that per capita income in Viet Nam had continuously increased, reflecting Viet Nam’s socio-economic development.

According to the secretary, US groups were keen to contribute to Viet Nam's development, and hoped the Vietnamese Government would further improve the business and investment climate, and simplify administrative procedures to facilitate business activities.

He said the US Department of Commerce planned to arrange for a business delegation to visit Viet Nam in March next year to seek opportunities in co-operation on energy.

The two countries could also promote partnerships in healthcare, as this was a strength of the US, he said.

Representatives from some US groups expressed their wish to invest more in Viet Nam and thanked the Vietnamese Government, ministries, sectors and partners for their support and co-operation.

They voiced their hope for stronger bilateral trade and the opening of direct flights between the two countries.

Following the reception, PM Phuc, Secretary Ross and officials from both countries witnessed the signing of several important commercial deals.

Virginia-based AES signed an MOU with the Ministry of Industry and Trade to solidify co-operation on the US$3.1 billion Son My 2 Combined Cycle Gas Turbine Power Plant, which is expected to begin commercial operations in 2024.

The California-based Varian Medical Systems signed an MOU with the National Institute of Medical Equipment & Construction for strategic co-operation on the maintenance and calibration of existing and future Varian Linear Accelerators, in order to help maximise the number of cancer patients that can be treated per day.

At the ceremony, the national flag carrier Vietnam Airlines signed two deals – one multi-year $1 billion engine service agreement with Connecticut-based Pratt & Whitney, and another multi-million-dollar agreement with Texas-based technology Sabre regarding co-operation on solutions to strengthen the carrier's forecasting and inventory control capacity.

Arkansas-based Murphy Oil also signed the Block 15-2/17 production sharing contract (PSC) with Vietnam National Oil and Gas Group (PetroVietnam), PVEP and SK Innovation.

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