Prime Minister Pham Minh Chinh affirmed that Vietnam is always ready to welcome and create favorable conditions for foreign enterprises, including US enterprises, to invest and do business in Vietnam.
On the morning of November 27, in Hanoi, Prime Minister Pham Minh Chinh attended the 2024 Vietnam-US Business Summit organized by the Vietnam Federation of Commerce and Industry (VCCI), the American Chamber of Commerce in Vietnam (AmCham) and the American Chamber of Commerce in Washington.
Also attending were leaders of Vietnamese ministries and sectors; the US Ambassador and Ambassadors of other countries to Vietnam; and many business leaders from both countries. US Secretary of State Antony Blinken and former US Trade Representative Michael Froman attended online.
Vietnam and the United States upgraded their relationship to a Comprehensive Strategic Partnership in September 2023. Over the past year, bilateral cooperation has expanded in all important areas, bringing benefits to both countries. Two-way trade turnover in 2023 reached 110.8 billion USD, and in the first 10 months of 2024 it reached 110.9 billion USD. Vietnam is currently the 8th largest trading partner of the United States. The United States is the second largest trading partner, the largest export market, and one of the leading investors in Vietnam.
The 7th Vietnam-US Business Summit 2024 has the theme “Policies and approaches to ensure trade relations bring mutual benefits.”
With the goal of tightening trade and economic relations and realizing the framework of the Vietnam-US Comprehensive Strategic Partnership, delegates discussed policies and directions that the Government and the private sector need to implement to ensure that Vietnam-US trade and investment relations develop in depth, become more substantial, and more effective.
The conference focused on the need to enact appropriate regulations, harness the potential of the digital economy to drive growth, invest in innovation, address energy security and development needs with practical actions, maintain competitiveness through increased productivity and reduced risks, and strengthen resource mobilization, manufacturing and supply chain capabilities.
Speaking at the third consecutive Vietnam-US Business Summit, the Prime Minister said that Vietnam's foreign policy towards the US was demonstrated right after gaining national independence, with President Ho Chi Minh sending a letter to President Harry Truman expressing his desire to establish full relations with the US in 1946.
According to the Prime Minister, through ups and downs and breakthroughs, with the viewpoint of putting the past behind, respecting differences, exploiting commonalities, limiting disagreements, looking towards the future, for the benefit of both countries, two nations, and two peoples, after nearly 30 years of establishment, Vietnam-US diplomatic relations have developed well, becoming a Comprehensive Strategic Partnership. Such results are thanks to the efforts of the leaders and people of the two countries and the contributions of businesses of the two countries.
Assessing the world situation, the Prime Minister said that no people or country can develop smoothly if there are still conflicts, natural disasters, epidemics, and resource depletion in the world. These are global, comprehensive, and all-people issues, so a global, comprehensive, and all-people approach is needed, promoting multilateralism and calling for international solidarity.
Believing that time, intelligence and decisiveness are decisive factors in the success of investment and business, the Prime Minister called on businesses of the two countries to cooperate in investment and business, participate in solving global issues and foster bilateral relations.
Prime Minister Pham Minh Chinh pointed out that Vietnam is determined to move towards socialism based on three main pillars: Socialist democracy, socialist rule of law state and socialist-oriented market economy. Throughout that process, people are the center, subject, driving force and resource of development; not sacrificing fairness, progress, social security and environment for mere economic growth.
Implementing that policy, Vietnam, from a poor, backward, post-war country, after nearly 40 years of renovation, has now risen to 34th place among the world's economies; has FTA agreements with over 65 economies in the world. Trade turnover in 2024 is estimated to reach nearly 800 billion USD; currently there is more than 400 billion USD in foreign investment, this year trying to attract 40 billion USD, disbursement of FDI capital strives to reach more than 25 billion USD. The material and spiritual life of the people is increasingly improved... This is Vietnam's effort, with the help of international friends, including US businesses.
Sharing about 6 key tasks and 3 strategic breakthroughs for the country to rise up in the new era of prosperity and wealth, the Prime Minister said that Vietnam is focusing on major projects that "turn the situation around and change the state" such as the expressway system, the North-South high-speed railway, the railway connecting countries in the region, restarting nuclear power projects, large seaports, exploiting space, sea space... At the same time, prioritizing the development of digital economy, green economy, circular economy, innovation, startups, taking advantage of the achievements of the fourth industrial revolution...
According to the Prime Minister, Vietnam is focusing on promoting innovation to fly high, creativity to reach far, integration to develop; continuing to improve the business environment towards stable policies, increasingly open, transparent, approaching international practices, making efforts to prepare conditions and create favorable conditions for international investors, including US businesses. At the same time, he proposed that the US remove some barriers and embargoes against Vietnam, soon recognize Vietnam's market economy status, create conditions for the two countries and businesses to cooperate and develop, for the common interests of the two countries and peoples.
With the viewpoint of “harmonizing benefits, sharing risks,” “listening and understanding together, sharing vision and action, doing together, winning together, enjoying together, developing together, sharing joy, happiness and pride,” the Prime Minister suggested that businesses of the two countries support each other to participate more deeply in new supply chains, contributing to expanding the global supply chain in Vietnam. US businesses are interested in developing larger-scale investment projects with stronger influence to create breakthroughs in investment cooperation between the two countries.
Emphasizing that resources come from thinking and vision; motivation comes from innovation and creativity; strength comes from people and businesses, the head of the Government suggested that US businesses invest financially, transfer science and technology, train human resources, and share management experience with Vietnam, especially in the fields of digital economy, green economy, circular economy, knowledge economy; high-tech projects, electronics, semiconductors, innovation; renewable energy, new energy; financial centers, infrastructure construction, transportation, logistics, research and development activities...
In the spirit of “what is said must be done, what is committed must be done, what is done must have measurable results,” the Prime Minister hopes that US businesses will have specific programs and projects that bring benefits to the people, businesses and relations between the two countries.
Prime Minister Pham Minh Chinh affirmed that Vietnam is always ready to welcome and create favorable conditions for foreign enterprises, including US enterprises, to invest and do business in Vietnam, listen and dialogue to further promote increasingly substantive and effective cooperation.
The Prime Minister hopes and believes that businesses of the two countries will be the source of strength to exploit that unlimited potential, so that the Vietnam-US Comprehensive Strategic Partnership will have new thinking, new vision, new momentum; create new values, and bring more practical common benefits to both sides./.
Source
![[Photo] Prime Minister Pham Minh Chinh chairs Government Conference with localities on economic growth](https://vstatic.vietnam.vn/vietnam/resource/IMAGE/2025/2/21/f34583484f2643a2a2b72168a0d64baa)
Comment (0)