US businesses urged to expand their presence in VN
US businesses urged to expand their presence in VN
US companies should continue to expand their investment scale in Việt Nam and facilitate the transfer of technology used for emerging sectors such as digital and circular economy, climate change adaptation and green transformation.
At the working sesion. —VNA/VNS Photo Dương Giang |
Prime Minister Phạm Minh Chính delivered this statement during a working session with the US-ASEAN Business Council (USABC) and 60 leading investment funds and businesses in the US on Thursday in Hà Nội.
The PM also urged US enterprises to support Việt Nam in perfecting its institutions, improving its governance capacity, and training high-quality human resources to serve development in the new era.
In his speech at the event, PM Chính praised the contribution of the US business community in promoting two-way relations in economy, trade, and investment, thus helping Việt Nam build a socialist-oriented market economy.
The PM said he believed that the comprehensive strategic partnership between the two nations would be detailed through specific cooperation programmes and projects. The results of this would be beneficial for both sides.
For his part, USABC President and CEO Ted Osius spoke highly of the country's socio-economic development over the past years and its investment climate.
He expressed gratitude for the government's support and cooperation with businesses, including US ones, saying that US businesses were strongly committed to continue investing in Việt Nam in priority areas such as science and technology, electronics, aviation, electric vehicles, logistics, energy, healthcare, finance, e-commerce, food and tourism.
US businesses that participated in the event proposed Việt Nam continue to improve its legal framework, speed up administrative reforms, especially in issues related to investment licencing, labour permits and visas, and provide incentives in certain priority areas.
Việt Nam should also promote a circular and green economy, green transportation development, carbon emission reduction and energy transformation, while developing logistics infrastructure to facilitate their business operations in the country, they suggested.
US businesses have shown great interest in Việt Nam. From almost no trade relations in the 1990s, the two sides enjoyed two-way trade of US$138 billion in 2022, and Việt Nam has become the eighth largest trade partner of the US.
The US has 1,286 valid investment projects in Việt Nam with a total registered capital of $11.7 billion, becoming the 11th largest investor out of 143 countries and territories currently investing in the country.
The investment influx from the US in Việt Nam will continue in 2024 with priority fields like technology, clean energy, energy transition, financial services, tourism and defence.
