Vietnam Hopes for Stronger Comprehensive Partnership with US: PM

Prime Minister Pham Minh Chinh has stressed that Vietnam wants to promote its comprehensive partnership with the US in a practical, effective, equal and mutually-beneficial manner.

Vietnam Hopes for Stronger Comprehensive Partnership with US: PM
At the working session between PM Pham Minh Chinh and the US-ASEAN Business Council (USABC) delegation. Photo: VGP

The PM made the affirmation at a recent working session with the US-ASEAN Business Council (USABC) delegation in Hanoi, which comprised leaders of over 50 leading US and world businesses like Netflix, Boeing, Apple, Coca-Cola, Pfizer, Abbott, Visa, Citibank, Meta, Ford, Fedex Express, among others.

PM Chinh affirmed that Vietnam always considers the US one of the top important partners, adding that the Vietnamese Government always stays ready to listen to the US firms to deal with difficulties in the spirit of harmonising benefits and sharing risks, VietnamPlus reported.

Expressing his belief in Vietnam’s growth prospect in the future, USABC President and CEO Ted Osius said the US enterprises are committed to doing long-term business in Vietnam.

US Ambassador to Vietnam Marc E. Knapper said it is the biggest-ever US business delegation to Vietnam, showing the US’s commitment to promoting ties with the Southeast Asian country.

Representatives of US business expressed their desire to continue investing in Vietnam, particularly in green transformation, digital transformation, energy transition, finance, manufacturing, automobile industry, entertainment industry, healthcare, science and technology, logistics, and others.

They offered suggestions related to a legal framework for e-commerce, cybersecurity and information access, tax policies, reform of the capital market to draw investment, easier visa policies, acceleration of licensing of several projects and products, and improvement of Vietnam’s product standards.

Chinh stressed that the Vietnamese Government will continue making it easier for US firms to expand operations in Vietnam and help the Vietnamese enterprises join more deeply in the US’s production value chain, PM Chinh said.

The PM called on the USBAC to work with Vietnam to build special policies to draw the US’s multinational corporations in large-scale and hi-tech projects, construction of R&D centres and incubators, and facilitate technology transfer to Vietnamese firms, especially in production of vaccines and medicines, medical equipment, hi-tech; digital, clean and smart agriculture; and climate change adaptation.

Vietnam is ready to import machinery, equipment, tools and spare parts from the US to improve trade balance with the US, he said.

On March 23, the USABC delegation met with NA Chairman Vuong Dinh Hue, who said the Vietnamese legislature will create a stable, transparent and favourable legal framework for foreign enterprises, including those from the US, to continue their long-term operations in Vietnam, especially in fields of the US’s strength and Vietnam’s demand, according to Nhan dan (People) newspaper.

Vietnam Hopes for Stronger Comprehensive Partnership with US: PM
On March 23, the USABC delegation meet with NA Chairman Vuong Dinh Hue. Photo: VNA

The Vietnamese NA will pass several laws in the near future to facilitate digital transformation and wished that the USABC would give opinions to the Vietnamese legislature to complete legal framework for the field.

The Vietnamese Government and NA will thoroughly mull over the draft revised Law on Pharmacy and pledge to issue the best draft law up to international practices that matches Vietnam’s conditions for the benefit of the people and business community, he said./.

Vietnam Hopes for Stronger Comprehensive Partnership with US: PM
Vietnam-US trade hits $123 billion in 2022. Photo: VOV

Economic, trade, and investment cooperation has been a notable bright spot in the Vietnam-US relations, with two-way trade reaching $123 billion in 2022, four times higher than that in 2013.

The US has become Vietnam’s first export market surpassing $100 billion in turnover while Vietnam has become the eighth largest trade partner of the US.

The US’s foreign direct investment in Vietnam reached $11.4 billion, placing the US at the 11th place among countries investing directly in Vietnam.

Rosy Huong