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PM Pham Minh Chinh meets US business community

Cooperation activities between Vietnam and the US continue to develop deeply in all fields, particularly in investment and finance, with businesses of the two countries playing a very important role, said Prime Minister Pham Minh Chinh.

He made the statement at a meeting with the US business community in Washingon D.C on May 12 (local time), as part of his trip to the US.

The meeting was held by the US-ASEAN Business Council and the US Chamber of Commerce, during which he also affirmed that Vietnam always considers the US a leading partner.

He said the impressive growth of trade of between 17-20 percent a year proves that there remains an ample room for economic development between the two countries.

Vietnam is the ninth largest trading partner of the US. Two-way trade turnover between the two countries in 2021 reached nearly 112 billion USD in spite of difficulties caused by the COVID-19 pandemic, the PM noted.

He said the world's context is undergoing many changes with opportunities, advantages and challenges intertwining. Vietnam is currently implementing the policy of safe and flexible adaptation to and effective control of the pandemic. The macro economy is stabilised and major balances guaranteed. Vietnam is also focusing on infrastructure development, particularly strategic transport infrastructure, climate change prevention, digital transformation, pandemic prevention and control, healthcare and education infrastructure, and administrative reform.

Vietnam was named among the world’s top 20 host economies for foreign direct investment, according to UN Conference on Trade and Development (UNCTAD), the PM said. With support from international friends, the country targets to become a developing country with developed industry by 2025, a developed country with modern industry and upper middle income by 2030 and a high income country by 2045.

In order to fulfil the targets, Vietnam continues to build an independent, self-reliant, proactive and active economy with practical and effective international integration, he said, adding that Vietnam wants the US and other important partners, particularly US businesses, to support the country in this issue.

He reiterated Vietnam’s foreign policy of independence, self-reliance, diversification and multilateralisation, for peace, friendship, cooperation and development; and being a trustworthy partner and an active and responsible member of the international community.

The leader said he is willing to hold dialogue with anyone in the world about the economy of Vietnam and democracy and human rights in Vietnam.

At the meeting, USABC President and CEO Ted Osius said Vietnam facilitates the US business community to invest and do business in the country. 

US businesses consider Vietnam as a strategic market so they pay special attention to the development of the country, particularly in digital transformation, green transformation and strategic infrastructure development, he said. 

Katherine Tai, US Trade Representative (USTR), affirms that Vietnam is one of largest trading partner of the US in ASEAN.

The USTR is attention to creating a sustainable agriculture system basing on science and effective management, digital economy development, and support small- and medium-sized businesses. Therefore, the USTR wants to cooperate with Vietnam in this field to help promote the between the two countries.

At the meeting, PM Chinh answered questions of the US businesses about issues relating to digital transformation, pandemic prevention and implementation of COP26 commitments. He proposed the US support Vietnam in building mechanisms, science technology, finance and human resources training.  

Regarding the Indo-Pacific economic framework, he affirmed Vietnam is willing to work with the US in analysing, evaluating, clarifying and concretising its contents such as about supply chain, digital transformation, climate change adaptation and other issues relating to tax and labour in order to cooperate for the benefits of the peoples of the two countries and for peace, cooperation and development in the region and the world.   

Representatives from the US business affirmed that Vietnam is an important partner in ASEAN and they will closely coordinate with Vietnamese businesses and authorities to boost investment efficiency. They also committed long-term investment in Vietnam./.