Minister Nguyen Chi Dung works with the US Business Council Business Delegation

(MPI) - On the afternoon of March 19, 2024, Minister of Planning and Investment Nguyen Chi Dung had a working session with the US-ASEAN Business Council (USABC) Business Delegation led by Mr. Ted Osius, President and CEO of USABC, former US Ambassador to Vietnam.

Minister Nguyen Chi Dung speaks at the meeting. Photo: MPI

Speaking at the meeting, the Minister highly appreciated the investment, production and business activities of the US business community, including members of USABC in Vietnam. The meeting is an important annual dialogue activity, in the special context when the two countries have just upgraded their bilateral relations; wishing to listen to the sharing of US businesses on new investment plans, investment expansion, difficulties, obstacles and policy recommendations in the coming time.

At the meeting, representatives of several US companies and corporations operating in many fields such as aviation and defense, technology, energy, manufacturing, agriculture and food, financial services, healthcare, investment funds (such as AES Vietnam, Meta, Ge Vernova, Boing, SAP Asia Pte Ltd, KKR, Atmo, FedEx Express. Ford Vietnam, GE Vietnam...) shared information about the investment and business situation; future investment and business plans and expressed interest in the Vietnamese market.

AES Vietnam representative said that the company sees many opportunities for investment and business in Vietnam, especially in the energy sector; highly appreciates Vietnam's potential in the field of electricity investment and believes that Vietnam will attract more investors in this field, thereby promoting socio -economic development.

Meta Asia-Pacific Regional Director Rafael Frankel speaks at the meeting. Photo: MPI

Mr. Rafael Frankel, Director of Meta Asia-Pacific region, highly appreciated the potential and opportunities of Vietnam, including digital transformation and innovation. At the same time, he said that Meta has also cooperated with the Ministry of Planning and Investment to organize innovation competitions, create AI products, new products, create tools for small and medium enterprises, and promote digital transformation in Vietnam. Following the success of 2023, on March 18, 2024, the "Vietnam Innovation Challenge" in 2024 with the theme "Innovation with businesses to promote the semiconductor industry and artificial intelligence to conquer the global market" was officially announced to seek innovative solutions from organizations/individuals around the world to solve important national challenges, towards a prosperous and sustainable Vietnam; promote growth, and enhance competitiveness.

Overview of the working session. Photo: MPI

Minister Nguyen Chi Dung highly appreciated and thanked the frank sharing about the business situation and investment commitments in Vietnam in new fields as well as the policy proposals and recommendations; emphasizing the current context of the world situation affecting the Vietnamese economy such as natural disasters, epidemics, climate change, trade competition, rising inflation, etc. Meanwhile, Vietnam has identified specific goals, by 2030, to be a developing country with modern industry and high average income; by 2045 to become a developed country with high income; to fulfill the commitment to achieve net emissions of "0" by 2050;... to achieve the set goals, Vietnam needs the participation and support of the business community, including US businesses.

Accordingly, the Minister informed about Vietnam's priority areas such as green growth, ESG standards application; innovation, renewable energy, high technology, semiconductor chips, international financial center; requested US businesses to pay attention and expand investment in Vietnam, contributing to realizing goals, bringing mutual benefits, bringing investment cooperation relations commensurate with the Vietnam - US strategic cooperation relationship; affirmed that, as the focal agency for handling difficulties, problems and arising issues of enterprises, the Ministry of Planning and Investment always cares about, supports enterprises, and creates a favorable investment and business environment.

USABC President and CEO, former US Ambassador to Vietnam Ted Osius spoke at the meeting. Photo: MPI

Thanking Minister Nguyen Chi Dung for his welcome and the information he shared, Mr. Ted Osius said that the number of US businesses participating in the delegation to Vietnam since the two countries upgraded their relationship to Comprehensive Strategic Partnership shows the interest of businesses in Vietnam's investment and business environment. At the same time, he said that USABC is interested and wishes to invest and do business in Vietnam, especially the upgrading of the Vietnam - US relationship is a good premise for businesses to invest and develop.

Mr. Ted Osius also appreciated Vietnam's policies to welcome foreign investors as well as priority areas such as the operational goals of the National Innovation Center, the development of the Project on Human Resources Development for the Semiconductor Industry to 2030, with a vision to 2045" with the goal of training 50,000 engineers by 2030./.

Tung Linh

Ministry of Planning and Investment

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