Prime Minister Pham Minh Chinh addresses the fifth Vietnam-US Business Summit. (Photo: VNA)
Jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the America Chamber of Commerce in Vietnam (AmCham) and the US Chamber of Commerce, the event drew the direct and online participation of Vietnamese and US officials and representatives of businesses and associations. US Special Presidential Envoy for Climate John Kerry also delivered a speech at the summit via videoconference.
Participants at the event discussed measures to promote bilateral economic ties, and sketched out new orientations for post-pandemic economic recovery.
US firms showed delight at Vietnam’s efforts to implement its commitments at COP26 with economic restructuring programs suitable to the global trend of green, circular and digital economic development, along with efforts to promote transformation to green and clean energy, expand infrastructure system and strengthen education-training. These are sectors in which US businesses are interested to invest in, they said.
Addressing the event, Prime Minister Pham Minh Chinh expressed delight at the desire of US businesses and officials to expand investment in Vietnam, which showed the US’s strong confidence in the country.
The PM said that Vietnam, after more than 35 years of implementing its “Doi Moi” (Renewal) cause, has gained great achievements of historical significance.
With the aim of becoming a developing country with a modern industry and upper middle income by 2030, and a developed nation with high income by 2045, Vietnam is conducting strategic breakthroughs in terms of institutions, infrastructure and human resources, and administrative reform, he said.
An overview of the summit. (Photo: VNA)
The Government leader highlighted the progress in the Vietnam-US relations in all fields after 26 years of normalizing their relationship, with economic-trade-investment cooperation being a key pillar.
Two-way trade saw a 248-fold rise to US$111 billion in 2021. The US is currently the largest export market of Vietnam, while Vietnam is the ninth largest trade partner of the US. Over many years, the US has been among the largest foreign investors in Vietnam with nearly 1,150 underway projects worth over US$10.3 billion.
PM Chinh said Vietnam has been greatly affected by the Covid-19 pandemic, especially in the third quarter of 2021, forcing the country to apply administrative measures to prevent its spread. However, as the vaccination rate becomes high, the country has switched its strategy to flexibly, safely adapting to and effectively controlling Covid-19.
So far, Vietnam has been ready to reopen its door thanks to scientific, practical foundations and international experience, he stressed, adding that the country is promptly implementing a socio-economic recovery and development program in parallel with Covid-19 prevention and control.
PM Chinh said that as one of the hardest hit countries by climate change, at COP26, Vietnam committed to achieving net-zero emissions by 2050 and a 30 percent cut in methane emissions by 2030. After the conference, Vietnam set up a national steering committee for implementing these commitments, he noted.
The PM asked for support from the US and international friends in this field, especially in completing institutions regarding climate change, as well as assistance in green financial resources, clean technology and green human resources as well as green governing technology.
Vietnam has focused on digital transformation, building a digital government and digital citizens, and developing a digital economy and digital society, which is an obvious development trend seen in all fields in Vietnam, he said.
PM Chinh called on businesses of both nations to strengthen their partnerships to promote the practical and effective relationship between the two countries.
“With the motto of harmonious interests and shared risks, sincere sentiments and trust, we already have a good foundation and strong ambition and determination, we will surely succeed,” he stressed.
Also on the occasion, PM Chinh hosted a reception for leaders of the USABC and representatives from US companies doing business in Vietnam and the region.
The PM said amid numerous difficulties and challenges in the world situation, the Vietnam-US relations have reaped good outcomes in various aspects thanks to the motto of respect for each other’s views and in the spirit of equality and mutual benefits.
He highlighted that during the Covid-19 outbreak, the US Government has given Vietnam support, especially vaccines, and US companies have also joined hands with Vietnam to overcome difficulties posed by the pandemic.
Chinh suggested that the two sides continue to hold meetings to share ideas on cooperation and business, towards elevating the Vietnam-US comprehensive partnership to a new high with greater effectiveness, thus bringing greater benefit to the people and businesses of both countries.
The US business delegates appreciated the results of Vietnam’s strategy on safely and flexibly adapting to and effectively controlling Covid-19 for socio-economic recovery and development.
They made recommendations on ways to remove a number of obstacles while noting their confidence in Vietnam’s business policy and environment. They pledged to continue expanding business and investment in Vietnam.
In response, PM Chinh promised that Vietnamese ministries and agencies will study and deal with the recommendations.
He urged US companies to support Vietnam in digital and energy transformation, climate change adaptation, enhancement of health care capacity and logistics development, with a focus on policy and institution building, resource mobilization, science-technology, and human resources.