PM Chinh meets US business community

Cooperation activities between Vietnam and the US continue to develop strongly in all fields, particularly in investment and finance, with businesses of the two countries playing a very important role, said Prime Minister Pham Minh Chinh.

He was speaking during a meeting with the US business community in Washington DC on May 12 (US time), as part of the Vietnamese leader’s trip to the US.

The meeting was held by the US-ASEAN Business Council and the US Chamber of Commerce.

PM Chinh affirmed that Vietnam always considers the US as a leading, important partner.

He said the impressive growth of bilateral trade of between 17-20 per cent a year proves that there remains ample room for economic development between the two countries.

PM Chinh meets US business community

Prime Minister Pham Minh Chinh meets US investors and business leaders in Washington DC on May 12 (US time) — VNA/VNS Photo

Vietnam is the ninth largest trading partner of the US. Two-way trade turnover between the two countries in 2021 reached nearly US$112 billion in spite of difficulties caused by the COVID-19 pandemic, the PM said.

PM Chinh added that Vietnam is focusing on technology renovation, digital transformation and diversification of the supply chain.

The economies of Vietnam and the US have much potential and strengths that can support each other. On that basis, there are many things that the two countries need to do to benefit people and businesses.

PM Chinh said the world is undergoing many changes with opportunities, advantages and challenges intertwining.

Vietnam is currently implementing the policy of safe and flexible adaptation and effective control of the pandemic, gaining a positive change from a negative economic growth rate in the third quarter of 2021 to a positive growth rate of more than 5 per cent in the first quarter of 2022.

The macro economy is stabilised and major balances are guaranteed and although the capital market meets difficulties it is still seeing positive growth.

The PM also spoke of how Vietnam is focusing on infrastructure development, particularly strategic transport infrastructure, climate change prevention, digital transformation, pandemic prevention and control, healthcare and education infrastructure and administrative reform.

Vietnam was named among the world’s top 20 host economies for foreign direct investment, according to UN Conference on Trade and Development (UNCTAD), the PM said, adding that with support from international friends, the country aims to become a developing country with developed industry by 2025, a developed country with modern industry and upper middle income by 2030 and a high income country by 2045.

In order to fulfil the targets, Vietnam continues to build an independent, self-reliant, proactive and active economy with practical and effective international integration, the PM said, adding that Vietnam wants the US and other important partners, particularly US businesses, to support the country in this issue.

He reiterated Vietnam’s foreign policy of independence, self-reliance, diversification and multilateralisation, for peace, friendship, cooperation and development; and being a trustworthy partner and an active and responsible member of the international community.

"I am willing to hold dialogue with anyone in the world about the economy of Vietnam, about the democracy and human rights in Vietnam," he said.

At the meeting, USABC President and CEO Ted Osius said Vietnam creates conditions for the US business community to invest and do business in the country.

US businesses consider Vietnam as a strategic market so they pay special attention to the development of Vietnam, particularly in digital transformation, green transformation and strategic infrastructure development, he added.

Katherine Tai, US Trade Representative (USTR), affirmed that Vietnam is one of largest trading partner of the US in ASEAN.

She said the USTR pays attention to creating a sustainable agriculture system basing on science and effective management; digital economy development; and support small- and medium-sized businesses. Therefore, the USTR wants to cooperate with Vietnam in this field to help promote trade relations between the two countries.

At the meeting, PM Chinh answered questions from US businesses about issues relating to digital transformation, pandemic prevention and implementation of COP26 commitments. He said Vietnam is strongly implementing all of these issues and proposed the US support Vietnam in building mechanisms, science technology, finance and human resources training.

Regarding the Indo-Pacific economic framework, PM Chinh affirmed that Vietnam is willing to work with the US in analysing, evaluating, clarifying and concretising its contents such as supply chains, digital transformation, climate change adaptation and other issues relating to tax and labour in order to cooperate for the benefits of the people of the two countries and for peace, cooperation and development in the region and the world.

Representatives from the US businesses said that Vietnam is an important partner in ASEAN and they will closely coordinate with Vietnamese businesses and authorities to boost investment efficiency. They also committed long-term investment in Vietnam.

VietNam Economic News

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