Technology and innovation cooperation: New pillars of Vietnam-US relations

In mid-September, at the Government Office , Prime Minister Pham Minh Chinh and US President Joe Biden attended the "Vietnam - US Summit on Investment and Innovation". The conference was attended by leaders of ministries, sectors and 14 typical enterprises of the United States and Vietnam. At the conference, representatives of enterprises from both sides had open, frank and substantive exchanges on investment cooperation opportunities; focusing on 4 main areas: Technology and innovation; Investment in production; Financial services and fintech; Trade and services. This is one of the areas of cooperation considered a new pillar for bilateral relations, after Vietnam and the United States upgraded their relationship to Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development.

Prime Minister Pham Minh Chinh and US President Joe Biden attend the "Vietnam - US Summit on Investment and Innovation". Photo: Internet.

Prime Minister Pham Minh Chinh and President Joe Biden both said that the presence at the conference of leaders of the world's leading enterprises in the fields of semiconductor industry, high technology and innovation is clear evidence, contributing to bringing the Vietnam - US Comprehensive Strategic Partnership into a new stage of development.

Prime Minister Pham Minh Chinh said that one of the focuses of President Joe Biden's visit to Vietnam is to promote Vietnam's economic development in the fields of technology and innovation. Therefore, the Prime Minister and US President Joe Biden agreed to make technology, innovation and investment truly become important new pillars of the Vietnam - US Comprehensive Strategic Partnership.

With the goal of becoming a developing country with modern industry and high average income by 2030 and a developed country with high income by 2045, Vietnam always identifies science, technology and innovation as one of the main driving forces for national development.

Currently, Vietnam is focusing on developing human resources, planning preferential policies for developing digital technology, renewable energy, semiconductor industry, building high-tech zones, Innovation Centers and Financial Centers, in order to participate more deeply in the global value chain, increase competition and attract international strategic investors, including the United States.

Prime Minister Pham Minh Chinh hopes that the US government and business community will increase political support, commit to capital, science and technology, and train high-quality human resources, and support Vietnam in transforming its growth model and restructuring its economy towards green, fast, sustainable, and inclusive development. According to the Prime Minister, the two sides will cooperate, share, learn, and help each other in the spirit of harmonious interests and shared risks: "In my opinion, resources start from thinking and vision, motivation comes from innovation, strength comes from people and businesses, the Vietnam-US comprehensive strategic partnership represents new thinking, new vision, new motivation, and creates new strength and new values. Together, we will cooperate, share, learn, and help each other in the spirit of harmonious interests and shared risks, your success is our success."

Agreeing with Prime Minister Pham Minh Chinh, US President Joe Biden assessed that the current time is an opportunity for the two countries to promote relations, not only in the fields of investment and innovation but in all fields, to bring about common prosperity. Believing that this is just the starting point and that the two countries and their businesses need to work together to consolidate and enhance cooperation to go further in the future, President Joe Biden pledged that the United States will cooperate and support Vietnam in chip technology, semiconductors, innovation, green transformation, human resource training, and deeper participation in regional and global value chains.

Overview of the Vietnam - US Summit on Investment and Innovation. Photo: Internet.

Assessing the possibility of realizing new cooperation opportunities between businesses of the two countries, Minister of Planning and Investment Nguyen Chi Dung said that Vietnam's orientation is to selectively attract investment towards developing digital economy, green economy, circular economy, and knowledge economy. Accordingly, Vietnam prioritizes projects such as high technology, electronics, semiconductors, innovation, renewable energy, new energy (hydrogen), financial centers, modern trade and services, infrastructure construction, research and development activities. Minister Nguyen Chi Dung commented that these are the strengths of many US businesses, so the two sides have a lot of room for cooperation.

Minister Nguyen Chi Dung proposed that US businesses continue to increase investment and expansion in Vietnam, supporting domestic businesses to participate deeply in the value chain. The Minister encouraged semiconductor corporations such as Intel, Amkor, Marvell, Global Foundries, and the US Semiconductor Association to develop chip and semiconductor ecosystems; jointly build training and research and development centers, and move towards designing chip and semiconductor products in Vietnam.

Economists say one of the most important features of the Vietnam-US economic relationship is the great complementarity of the two economies. Therefore, with the upgrading of bilateral relations, Vietnamese enterprises will have the opportunity to participate more deeply in the global value chain through cooperation with US enterprises or expanding operations in the US market./.

Thu Hang