Prime Minister Calls on U.S. Businesses to Strengthen Trade and Investment Cooperation with Vietnam in a New Era
VNHIIC
Ngày
28/11/2024
On November 27, the Vietnam – U.S. Business Summit held in Hanoi highlighted the vast economic potential and opportunities for deeper cooperation between the two nations. During the event, Prime Minister Pham Minh Chinh called on U.S. businesses to strengthen investments in Vietnam, particularly in key sectors such as high technology, renewable energy, infrastructure, and education.
Vietnam is solidifying its role as a critical link in the global supply chain, excelling in sectors like electronics, textiles, footwear, and agriculture. In 2023, bilateral trade between Vietnam and the United States reached a record $110.8 billion, making Vietnam one of the U.S.’s top 10 trading partners. This figure continues to rise in 2024, underscoring Vietnam’s immense economic potential to attract capital and foster international partnerships.
Speaking at the summit, Prime Minister Pham Minh Chinh emphasized that Vietnam is not only a promising market but also a highly attractive destination for international investors due to its stable economic growth, improved business environment, and a young, dynamic workforce. The Vietnamese government is committed to facilitating investment by streamlining administrative procedures and implementing favorable policies to attract foreign direct investment (FDI).
The focus of cooperation between Vietnam and the United States includes high technology, where Vietnam aims to become a regional hub for production and R&D. Renewable energy is another promising area, as the growing demand for clean energy aligns with Vietnam’s vast potential in solar, wind, and energy storage. Meanwhile, major infrastructure projects like Long Thanh International Airport and an expanding expressway network present significant opportunities for collaboration.
Additionally, education and training are seen as key to developing a workforce that meets the demands of modern industries. The Vietnamese government expects that support from U.S. enterprises and institutions will play a vital role in training a new generation of skilled workers capable of meeting international standards.
U.S. Secretary of State Antony Blinken commended Vietnam’s economic progress and reaffirmed the United States’ commitment to supporting Vietnam’s growth and improving its people’s quality of life. The comprehensive strategic partnership between the two nations not only delivers mutual benefits but also contributes to regional stability and development.
U.S. Ambassador to Vietnam Marc Knapper expressed confidence that the bilateral relationship will achieve even greater milestones in the future. He underscored the critical role of the business community in driving cooperation and pledged that the U.S. Embassy would continue to support American businesses investing in Vietnam.
The summit provided a platform for businesses from both countries to exchange ideas and explore collaborative opportunities, opening new prospects for economic and trade relations. Numerous agreements were signed during the event, laying the groundwork for sustainable development in the years ahead. Optimism from the business community about Vietnam’s economic potential signals a strong commitment to realizing shared goals.
With a solid foundation in their comprehensive strategic partnership, Vietnam and the United States are poised to make significant strides in economic cooperation. Vietnam’s economic recovery and growth, coupled with the support of U.S. businesses, not only enhance bilateral ties but also contribute to the stability and development of the Asia-Pacific region.
