Attending the event were members of the Party Central Committee: Secretary General of the National Assembly, Head of the National Assembly Office Bui Van Cuong; Chairman of the Foreign Affairs Committee Vu Hai Ha; Chairman of the Economic Committee Vu Hong Thanh; Chairman of the Science, Technology and Environment Committee Le Quang Huy - Chairman of the Vietnam - US Parliamentarians' Friendship Group.
Also attending were: Vice Chairman of the Finance and Budget Committee Nguyen Van Chi and permanent representatives of a number of National Assembly agencies, representatives of relevant central departments, ministries and branches.
On the US side, there were: Ambassador to Vietnam Marc Evans Knapper; President and CEO of USABC Ted Osius; Special Representative for Trade and Business, Department of State Sarah Morgenthau; Country Director of Boeing Vietnam, Chairman of USABC Vietnam Committee Michael Nguyen and many leaders of USABC member businesses.
Affirming commitment to realizing visions and strategic orientations in Vietnam - US relations
At the meeting, National Assembly Chairman Vuong Dinh Hue welcomed the first visit of USABC to Vietnam after the two countries upgraded their relationship to a Comprehensive Strategic Partnership. He also stated that this new framework will create new space and momentum for cooperation in many fields, including economics, trade and investment with a longer vision, larger scale, deeper connection, higher quality and efficiency.
The National Assembly Chairman affirmed that Vietnam considers the United States a leading important partner, especially in terms of economy and trade; highly appreciates the United States' consistent support for a strong, independent and prosperous Vietnam. Vietnam is ready to develop a comprehensive strategic partnership with the United States on the basis of respect for each other's independence, sovereignty, territorial integrity and political institutions. Vietnam prioritizes further expanding cooperation with the United States on bilateral, regional and global levels with a higher level of mutual understanding and trust.
The National Assembly Chairman stated that the Vietnamese National Assembly always strongly supports the development of Vietnam-US relations, bringing benefits to the people and businesses of the two countries; strives to create a favorable, stable and transparent legal framework for foreign enterprises, including US enterprises, to continue operating, expanding their scale and developing long-term in Vietnam, especially in areas where the US has strengths and Vietnam has demand.
On behalf of the delegation, US Ambassador to Vietnam Marc Evans Knapper thanked Vietnam for its cooperation with the United States in upgrading the bilateral relationship to a Comprehensive Strategic Partnership. Recalling the event when President Joe Biden visited the Vietnamese National Assembly and met with National Assembly Chairman Vuong Dinh Hue to discuss the bilateral relationship, Ambassador Marc Evans Knapper thanked the National Assembly Chairman and the Vietnamese National Assembly for their personal support for the bilateral relationship as well as for promoting increasingly closer economic and trade cooperation between the two countries.
Ambassador Marc Evans Knapper affirmed that US businesses consider Vietnam a very important market; expressed his pleasure in joining the USABC delegation this time, and emphasized that this clearly demonstrates the commitment not only of the government but also of US businesses in realizing the contents and goals of the Vietnam - US Comprehensive Strategic Partnership.
National Assembly Chairman Vuong Dinh Hue said that Vietnam is currently implementing key goals: creating breakthroughs in the fields of infrastructure, institutions and human resources; promoting the application of science and technology, innovation, digital transformation, green transformation, sustainable development, and response to climate change.
The National Assembly Chairman highly appreciated the fact that many large US enterprises and corporations consider Vietnam a strategic market and share the same vision with Vietnam's development orientation, have committed to long-term investment, and expand their investment portfolio in Vietnam. Many US enterprises are implementing or have cooperation projects, supporting Vietnam to achieve the goal of reducing carbon emissions, implementing climate change commitments made at COP26, contributing to training high-quality human resources for Vietnam and building low-carbon industrial zones...
Appreciating the commitment of the US Government to consider recognizing Vietnam's market economy status, the National Assembly Chairman emphasized that this is a practical and important step, affirming the US's commitment to realizing the visions and strategic directions that the leaders of the two countries stated in the Joint Statement.
Believing that this will also be a testament to the trust between the two countries, creating a premise for cooperation in various fields and bringing practical benefits to businesses and people of the two countries, the National Assembly Chairman hopes that USABC businesses, based on their many years of operation in Vietnam, will have a voice, provide objective information, and contribute to promoting the United States' early recognition of Vietnam's market economy status.
USABC President and CEO Ted Osius stated that recently, with the practical operations in Vietnam, USABC has provided the US Department of Commerce with evidence showing Vietnam's market economy and USABC recognizes Vietnam's economy as a market economy. Emphasizing that when investors come to Vietnam, they will see that Vietnam is already a market economy, USABC CEO also said that US businesses are very interested in the Vietnamese market and pointed out areas with great potential for cooperation between the two countries such as: energy development, supply chain, innovation...
Ensuring harmony of interests in amending tax laws
At the meeting, leaders of US businesses introduced to the National Assembly Chairman their orientations and plans for operations in Vietnam in the coming time, and made a number of specific proposals and recommendations.
National Assembly Chairman Vuong Dinh Hue welcomed and thanked business leaders for their many enthusiastic opinions and recommendations; highly appreciated the plans and commitments to expand investment in Vietnam, including very new fields, in line with Vietnam's development strategy; at the same time, spent a lot of time discussing specific proposals and recommendations of businesses, focusing on recommendations related to the authority of the National Assembly.
Regarding energy development, the National Assembly Chairman stated that not only for Vietnam but for any country, "energy security, ensuring enough energy for production and consumption is the number one priority, a matter of survival" and clean energy is the top priority.
Regarding the fair and sustainable energy transition, the National Assembly Chairman said that this is a global issue, no country can stand aside and no country can do it alone. However, to move towards a green, clean, safe economy, ensuring the harmony of interests between the State, people and businesses, ensuring fairness and sustainability, there must be extensive international cooperation in terms of capital, science and technology and human resources.
The National Assembly Chairman also said that Vietnam has officially had policies on the electricity sector; the 8th Electricity Plan has been issued and the Government is currently developing a Plan to implement the Plan, which will identify specific projects in localities. Recently, the Committee on Science, Technology and Environment has conducted comprehensive supervision on energy development. The National Assembly will continue to supervise and promote these issues.
Regarding the issue of connecting power transmission infrastructure, the National Assembly Chairman said that at the First Extraordinary Session in early 2022, the National Assembly amended the law to allow socialized investment in the construction of power transmission infrastructure. Government agencies and the National Assembly are also reviewing to comprehensively amend the Electricity Law.
The National Assembly Chairman asked USABC to study and propose cooperation and technology transfer mechanisms in the fields of wind power and solar power; committed that the Vietnamese National Assembly will consider and create all favorable conditions regarding the legal framework and issues under the authority of the National Assembly to promote this issue, contributing to the goal of a fair and sustainable energy transition.
Regarding digital transformation and digital economic development, the National Assembly Chairman stated that currently, the contribution of the digital economy to the scale of Vietnam's economy is about 16%, striving to reach 20% by 2025 and 30% by 2030. Recently, Vietnam has been one of the countries with the fastest digital economic growth rate in the region.
Since the beginning of its 15th term, the Vietnamese National Assembly has focused on amending many related laws such as the Law on Electronic Transactions, the Law on Telecommunications, the Law on Identification, etc.; and is currently continuing to review, amend, and perfect laws in this field with the spirit of creating development, building a legal framework for the development of the digital economy, digital society, digital citizens, digital government, etc.
The National Assembly Chairman also noted that digital transformation must be associated with digital trust and digital sovereignty, ensuring safety in cyberspace; he asked USABC enterprises to promote cooperation with Vietnamese partners in this spirit, ensuring information security, safety, health and sustainability.
Regarding recommendations related to the tax sector, the National Assembly Chairman stated that Vietnam is currently reviewing and amending tax laws. In particular, the National Assembly has recently focused on handling issues related to the global minimum tax, both exercising Vietnam's right to impose additional taxes and assigning the Government to develop a Decree to be issued in 2024, striving to establish the Investment Support Fund in areas that Vietnam prioritizes as early as the first half of 2024.
The Law on Value Added Tax, the Law on Special Consumption Tax, and the Law on Personal Income Tax are also being reviewed for submission to the National Assembly for amendment. The Chairman of the National Assembly said that the delay in amending these Laws compared to the requirements of the Tax System Reform Strategy is due to the consequences of the Covid-19 pandemic, which has had a profound impact on people's lives and the "health" of businesses. Therefore, the National Assembly and the Government have carefully considered and assessed the impacts to amend these Laws, ensuring that the tax base is not eroded, revenue sources are nurtured, and development is encouraged. The Vietnamese National Assembly is committed to listening to the opinions of businesses and conducting thorough research to ensure the harmonization of interests of all parties in amending tax laws.
Regarding the health and insurance sectors, the National Assembly Chairman said that the National Assembly has recently issued the Law on Medical Examination and Treatment (amended), the Law on Insurance Business (amended), issued a Resolution on automatic extension of licenses for circulation of drugs and pharmaceutical ingredients... The National Assembly and the Government have also issued laws and decrees to remove obstacles in the field of bidding for drugs and medical equipment, and completed the mechanism related to budget allocation for vaccine purchases in the national vaccination program... In the near future, the National Assembly will comprehensively amend the Law on Pharmacy (expected to be submitted to the National Assembly for consideration and approval at the upcoming Eighth Session), the Law on Social Insurance will also be amended and supplemented and is considering the development of a law on equipment and healthcare...
To consolidate and maintain the positive development momentum of trade and investment cooperation in particular and the Vietnam-US Comprehensive Strategic Partnership in general, at the meeting, the National Assembly Chairman also requested that USABC and its member enterprises continue and regularly exchange and propose to the National Assembly and the Government of Vietnam policy and legal solutions to continue to improve the investment and business environment and national and business competitiveness.
The National Assembly Chairman stated that Vietnam encourages US businesses to increase investment and cooperation with Vietnamese businesses in the fields of green transformation, clean energy, renewable energy, transport infrastructure, digital economy, high technology, healthcare - pharmaceuticals, electronics - semiconductors, manufacturing industry, finance - banking, logistics and training of high-quality human resources.
The National Assembly Chairman suggested that USABC promote the connection between Vietnamese enterprises and US enterprises in implementing a number of large projects, especially projects requiring large investment capital, applying strict standards on clean energy and greenhouse gas emissions; projects using modern technology, with high added value and competitiveness, bringing practical benefits to all parties... Promote cooperation in research and development, innovation and creativity, application of science and technology; increase investment, support in finance, expertise, and experts; promote research to establish innovation centers in Vietnam...
With its prestige and network of relationships and cooperation, the National Assembly Chairman hopes that USABC will further promote its role as a bridge, promoting the US Government and Congress to strengthen cooperation with the Vietnamese National Assembly.
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