Speaking at the reception, Prime Minister Pham Minh Chinh affirmed that after one year of establishment, the Vietnam-US Comprehensive Strategic Partnership continues to develop in depth and substance. Bilateral political relations are at their best since the normalization of relations (in 1995) and the two countries are looking forward to celebrating the 30th anniversary of the establishment of Vietnam-US diplomatic relations. Economic, trade and investment cooperation is the focus and driving force in the bilateral relationship. In terms of trade, the United States has been Vietnam's largest export market for the past 20 years and Vietnam has become the 7th largest trading partner of the United States, as well as the largest partner in the ASEAN region. The trade turnover between the two countries in the first 11 months of 2024 reached nearly 123 billion USD. In terms of investment, by the end of November 2024, US direct investment in Vietnam is estimated at nearly 12 billion USD. The potential for economic-trade-investment cooperation between Vietnam and the United States is enormous and has many implications for the bilateral relationship, while contributing to maintaining peace, stability, cooperation and development in the region and the world.
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| Prime Minister Pham Minh Chinh shakes hands with leaders of US corporations and businesses. (Photo: TRAN HAI) |
The Prime Minister highly appreciated the delegation of aerospace, defense and security enterprises of USABC participating in the 2nd International Defense Exhibition in Vietnam. This year's exhibition is of great significance, being a prominent activity in the series of events celebrating the 80th anniversary of the founding of the Vietnam People's Army and the 35th anniversary of the Vietnam National Defense Day. This is an opportunity for US corporations to exchange, work and cooperate with agencies, organizations and enterprises in the Vietnamese defense industry, continue to support Vietnam in potential and strategic fields; as well as provide practical support for the development of
Vietnam-US relations. This visit contributes to strengthening relations, mutual understanding and enhancing bilateral trade relations.
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| Prime Minister Pham Minh Chinh speaks at the reception. (Photo: TRAN HAI) |
Mr. Brian McFeeters (Senior Vice President and Regional Managing Director of USABC) highly appreciated the fact that Vietnam and the United States have upgraded their relationship to a Comprehensive Strategic Partnership; emphasizing that the two sides have a lot of room to enhance economic, trade and investment cooperation. US Ambassador to Vietnam Marc Knapper emphasized that this is an extremely important time in bilateral relations. The two sides have upgraded their relationship for 15 months, and at the same time, they are preparing to celebrate the 30th anniversary of the establishment of diplomatic relations between the two countries. The Ambassador hopes to promote bilateral cooperation to a new level, contributing to improving Vietnam's defense capacity.
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| Reception scene. (Photo: TRAN HAI) |
Representatives of US businesses shared solutions and proposed opportunities to strongly promote bilateral cooperation; highly appreciated Vietnam's economic development prospects, and the level of Vietnamese businesses capable of receiving technologies and being able to manufacture high-tech equipment in the coming time. Ms. Imelda Martin-Hum, Chairwoman of the USABC's Security, Aviation and Defense Committee, assessed that Vietnam has the ability to adapt well to changes in the new context; stated that in bilateral relations, nothing is impossible; affirmed that US businesses have many strengths that can support Vietnam. She pledged to invest more in Vietnam, create jobs, and further enhance Vietnam's production and manufacturing capabilities, which she called the "Co-Production Initiative".
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| US Ambassador to Vietnam Marc Knapper speaks. (Photo: TRAN HAI) |
The representative of Boeing Corporation highly appreciated the comprehensive strategic partnership between the two countries; stated that Southeast Asia plays a very important role in global security; appreciated the Vietnamese market; committed to a stronger aviation presence in Vietnam; supported Vietnam's efforts to develop sustainable aviation fuel through production and energy conversion in Vietnam. Lockheed Martin Corporation highly appreciated the cooperation with Vietnam; said that this was the first time the corporation brought products to the exhibition; wished to further expand cooperation with Vietnam in the fields of aviation, high technology, etc.
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| Representatives of US corporations and businesses speak. (Photo: TRAN HAI) |
Thanking the goodwill of leading US corporations, Prime Minister Pham Minh Chinh affirmed that the relationship between the two countries has never been as good as it is now, so that the business community can strengthen cooperation; stating that Vietnam is making efforts to perfect its institutions, improve its investment and business environment; and implement three strategic breakthroughs, including breakthroughs in institutions, infrastructure and human resources. Vietnam has determined that in the coming years it must achieve double-digit growth in the next decade to achieve two 100-year goals. Therefore, Vietnam is actively exploiting outer space, including aviation economy; exploiting marine space such as wind energy, solar energy, hydrogen; and exploiting underground space. Located in a geostrategic position, Vietnam must focus on exploiting these three spaces without the conditions, so the two sides need to listen and understand; share vision, awareness and action; work together, enjoy together, win together and develop together; share joy, happiness and pride. Vietnam is in great need of assistance and cooperation from US businesses in these areas. Regarding solutions, the Prime Minister suggested that the US side should actively promote trade cooperation, actively transfer technology, and investment, especially in the field of national defense and security, which plays an important role in helping Vietnam become a master of technology. Along with that, it is necessary to support Vietnam in training high-quality human resources for emerging industries, especially the aviation and aerospace industries. Vietnam also needs to apply smart governance, so it is in great need of experience and capital from US businesses in this field. The Prime Minister said that US businesses can cooperate with Vietnamese corporations and groups in the field of national security and defense; Vietnamese state-owned and private corporations and groups. This still has a lot of room for cooperation between the two sides. The Prime Minister hopes that the two sides will continue to expand the areas in which they have cooperated; seek new cooperation opportunities in the spirit of harmonious benefits and shared risks. The Vietnamese Government always ensures the legitimate rights and interests of foreign investors; maintains a peaceful, cooperative and developing environment so that investors can feel secure in doing business long-term, ensuring their interests. The Prime Minister hopes that the two countries will promote their relationship to a new level; hopes that the US Government will soon recognize Vietnam as a market economy; hopes that USABC will mobilize relevant US agencies to soon remove Vietnam from the D1-D3 list of restricted high-tech exports, thereby creating more favorable conditions for Vietnam to access advanced US technologies. The Prime Minister hopes that US businesses will seek investment opportunities in Vietnam; the Government is committed to creating opportunities and ensuring benefits for US investors.
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