Prime Minister Pham Minh Chinh meets US business community

Cooperation activities between Viet Nam 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.
Prime Minister Pham Minh Chinh meets US business community
Prime Minister Pham Minh Chinh meets the US business community. (Photo: VNA)

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 Viet Nam 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 ample room for economic development between the two countries.

Viet Nam 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 Prime Minister noted.

He said the world's context is undergoing many changes with opportunities, advantages and challenges intertwining. Viet Nam 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. Viet Nam 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.

Viet Nam was named among the world’s top 20 host economies for foreign direct investment, according to UN Conference on Trade and Development (UNCTAD), the Prime Minister 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, Viet Nam 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.

Prime Minister Pham Minh Chinh meets US business community
Prime Minister Pham Minh Chinh meets US business people and investors. (Photo: VNA)

He reiterated Viet Nam’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 Prime Minister said he is willing to hold dialogue with anyone in the world about the economy of Vietnam and democracy and human rights in Viet Nam.

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

US businesses consider Viet Nam 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 the largest trading partners of the US in ASEAN.

The USTR is paying attention to creating a sustainable agricultural system based on science and effective management, digital economic development, and supporting small- and medium-sized businesses. Therefore, the USTR wants to cooperate with Viet Nam in this field to help promote the relationship between the two countries.

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

Regarding the Indo-Pacific economic framework, he affirmed Viet Nam 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 US business community affirmed that Viet Nam is an important partner in ASEAN and they will closely coordinate with Vietnamese businesses and authorities to boost investment efficiency. They also committed to long-term investment in Viet Nam.

Prime Minister Chinh receives World Bank Director General, US business leaders
Prime Minister’s trip carries message of trustworthy Viet Nam for peace, stability & prosperity
Prime Minister Pham Minh Chinh arrives in US
Prime Minister Pham Minh Chinh to attend special summit marking 45 years of ASEAN-US ties
PM Pham Minh Chinh to visit US, attend ASEAN-US Special Summit
(Source: VNA)