Vietnam – United States: Creating a breakthrough in investment cooperation - Vietnam.vn (2024)

The conference was organized by the Vietnam Federation of Commerce and Industry (VCCI), the American Chamber of Commerce in Ha Noi (AmCham) and the American Chamber of Commerce in Washington, with the participation of leaders of ministries, sectors and businesses of the two countries.

As of October 2024, the United States has 1.400 valid FDI projects in Vietnam with a total registered capital of nearly 12 billion USD, ranking 11th out of 148 countries and territories investing in Vietnam. This is evidence of the attractiveness of the Vietnamese market as well as the confidence of US enterprises in Vietnam's business prospects and stability. On the contrary, many Vietnamese enterprises such as ftp extension, Vinfast… are also expanding into the United States, bringing mutual benefits. The United States is currently the second largest trading partner, the largest export market and one of the leading investors in Vietnam. Vietnam is also an important link in the US global supply chain, while US businesses and investors have made great contributions to the development and transformation of the Vietnamese economy.

Speaking at the Conference, Prime minister Pham Minh Chinh shared about the history of Vietnam-US relations. The Prime Minister said he was very happy that the Vietnam-US relationship is developing well, including the contribution of US businesses. The Prime Minister shared about the context of the situation world Currently, according to the Prime Minister, in this context, it is necessary to have a global, all-people, comprehensive approach, promoting multilateralism and international solidarity to jointly respond to challenges and develop together.

According to the Prime Minister, the two countries and businesses of the two countries need to have this approach. As for businesses, the Prime Minister pointed out three necessary factors: time, intelligence, and timely decision-making.

Talking about Vietnam's policies, the Prime Minister said that Vietnam is perfecting and moving towards socialism, building a socialist rule-of-law state of the people, by the people, for the people; all policies are aimed at the people.

Talking about Vietnam's development path, the Prime Minister stated that Vietnam is determined to move towards socialism based on three main pillars, and is implementing six key tasks and three strategic breakthroughs for Vietnam to rise up in the new era, become rich and prosperous, in which priority is given to developing the digital economy, green economy, circular economy, innovation, startups, and taking advantage of the achievements of the fourth industrial revolution.

The Prime Minister affirmed that Vietnam will continue to improve its business environment towards stable policies, increasingly open, transparent, and in line with international practices, and strive to prepare conditions and create favorable conditions for international investors, including US enterprises. He proposed that the US remove some barriers and embargoes against Vietnam, promptly recognize Vietnam's market economy status, and create conditions for the two countries and their enterprises to cooperate and develop, for the common interests of the two countries and their peoples.

With the viewpoint of “harmonizing benefits, sharing risks”, “listening and understanding together, sharing vision and action together, doing together, winning together, enjoying together, developing together, sharing joy, happiness and pride”, the Prime Minister suggested that businesses of the two countries support each other to participate more deeply in new supply chains, contributing to expanding the global supply chain in Vietnam; US businesses should pay attention to developing larger-scale investment projects with stronger influence to create breakthroughs in investment cooperation between the two countries; financial investment, science and technology transfer, human resource training, and sharing management experience with Vietnam.

In the spirit of “what is said must be done, what is committed must be done, what is done must have measurable results”, the Prime Minister hopes that US enterprises will have specific programs and projects, bringing benefits to the people, enterprises and relations between the two countries; believing that enterprises of the two countries will be the source of strength to exploit that unlimited potential, so that the Vietnam - US Comprehensive Strategic Partnership will have new thinking, new vision, new momentum; create new values, bring more practical common benefits to enterprises and people of the two countries.

At the conference, business delegates from both countries discussed policies and directions that both the government and the private sector need to implement to ensure mutually beneficial trade and investment relations between Vietnam and the United States.