Also attending were: Minister of Planning and Investment Nguyen Chi Dung; Minister of Foreign Affairs Bui Thanh Son; Minister, Head of the Government Office Tran Van Son; Minister of Information and Communications Nguyen Manh Hung; Minister of Industry and Trade Nguyen Hong Dien; Minister of Science and Technology Huynh Thanh Dat; Minister of Education and Training Nguyen Kim Son; Minister of Health Dao Hong Lan; Minister of Transport Nguyen Van Thang; leaders of a number of relevant ministries and branches. On the US and USABC side, there were US Ambassador to Vietnam Marc Evans Knapper; representatives of more than 60 leading US investment funds and businesses.
At the meeting, Prime Minister Pham Minh Chinh said that right after Vietnam and the United States upgraded their relationship to a Comprehensive Strategic Partnership, he paid a working visit to the United States to concretize this cooperation framework. Cooperation and business activities between the two sides were promoted, including the role and contribution of USABC.
On this occasion, the Prime Minister thanked the United States, including US businesses, for accompanying and supporting Vietnam in the fight against the COVID-19 pandemic, and in socio-economic recovery and development; saying that Vietnam and the United States are models of healing and overcoming post-war consequences, for the benefit of the two countries and for peace, cooperation and development in the region and the world.
"US businesses have contributed to the process of healing post-war wounds and promoting economic, trade and investment cooperation in particular and relations between the two countries in general; thereby, also helping Vietnam develop a socialist-oriented market economy," the Prime Minister said.
According to the Prime Minister, economic, trade, investment, science and technology, innovation cooperation, etc. are important pillars to promote bilateral relations within a new framework of more comprehensive, inclusive and effective development as desired by General Secretary Nguyen Phu Trong and US President Joe Biden.
To support and accompany US enterprises to invest, produce and do business in Vietnam, contributing to concretizing the Comprehensive Strategic Partnership between the two countries, the Vietnamese Government commits to "3 guarantees" and "3 together".
The three "guarantees" include:
(i) Ensure that the foreign-invested economic sector is always an important component of the Vietnamese economy, respect, encourage, and be ready to create favorable conditions for this sector to develop long-term, cooperate, and compete healthily and equally with other economic sectors.
(ii) Ensure the legitimate and legal rights and interests of investors in the spirit of "harmonized interests and shared risks".
(iii) Ensure the maintenance of independence, sovereignty, territorial integrity; political stability, social order and security, and policy stability so that investors can feel secure in doing business and operating long-term in Vietnam.
The three "together" include:
(i) Listen and understand with businesses and people.
(ii) Sharing vision and actions for economic development, contributing to developing bilateral relations to new heights.
(iii) Work together, enjoy together, win together and develop together.
Stating Vietnam's goal by 2030, to be a developing country with modern industry and high average income, and by 2045 to become a developed country with high income, the Prime Minister hopes that the United States in general and US businesses in particular will work with Vietnam to achieve the above goal; at the same time, respond to global and national challenges such as: Climate change, population aging, epidemics, resource depletion, etc. in the context of Vietnam still facing difficulties due to a long period of war, being a developing country, an economy in transition, the scale of the economy is still modest, and the ability to withstand external shocks is limited.
President and CEO, US-ASEAN Business Council Ted Osius and representatives of US businesses congratulated Vietnam's socio-economic development achievements, especially in recent years; highly appreciated the increasingly improved investment environment and expressed gratitude for the Government's support and companionship for businesses, including foreign direct investment enterprises and US businesses in particular; strongly committed to continue investing in Vietnam in the fields of science and technology, electronics, aviation, electric cars, logistics, energy, healthcare, finance, e-commerce, food, tourism, etc.
"The US business community is impressed by Fitch Ratings' upgrade of Vietnam's credit rating in late 2023; is pleased with the upgrading of relations between the two countries; assesses that Vietnam is increasingly affirming its role as an important manufacturing center, a very important element in the global supply chain, and is excited to explore new cooperation opportunities," said Mr. Ted Osius.
Businesses also announced new investment projects, such as Pepsi will invest in two new modern factories using renewable energy, including a food factory in Ha Nam (worth 90 million USD) and a beverage factory in Long An (over 300 million USD).
US businesses proposed that Vietnam continue to improve the legal framework; reform administrative procedures, especially in matters related to investment licensing, work permits and visas; have incentive mechanisms, especially tax incentives in a number of priority areas; promote the development of circular economy, green economy, green transport development, carbon emission reduction, energy conversion; develop infrastructure, logistics... so that US businesses can invest, produce and do business more effectively in Vietnam.
After the ministers, leaders of ministries and agencies exchanged and responded to the opinions of USABC member enterprises, concluding the meeting, Prime Minister Pham Minh Chinh appreciated the opinions of USABC enterprise leaders; requested ministries and branches to continue to study, absorb and respond, creating favorable conditions for enterprises; said that there were 3 things that were better through the meeting: "sharing, sympathizing, trusting each other more", "committing to cooperate more closely and effectively" and "being more responsible to each other".
According to Prime Minister Pham Minh Chinh, Vietnam is implementing three strategic breakthroughs, including: Breakthroughs in building and perfecting institutions towards decentralization, decentralization, reducing intermediaries, reducing compliance costs for people and businesses; breakthroughs in infrastructure, including green development infrastructure, digital development, circular economy development, transportation, logistics, etc., reducing transportation costs, input costs, increasing competitiveness, serving businesses to develop emerging industries, contributing to the global value chain and production chain, overcoming the current disruptions; breakthroughs in administrative procedure reform, training high-quality human resources, serving the development process.
To coordinate the implementation of the Action Plan to realize the Vietnam-US Comprehensive Strategic Partnership in a substantive, effective, equal and mutually beneficial manner, the Prime Minister requested that USABC enterprises have a strong voice with the US Government to prioritize the early recognition of Vietnam's market economy status; and early removal of Vietnam from the US list of countries with restricted high-tech exports.
In the spirit of "harmonized benefits and shared risks", the Prime Minister suggested that US businesses continue to expand the scale, scope and investment subjects in Vietnam; transfer technology to Vietnam, especially high technology to serve emerging industries, such as digital economy, circular economy, climate change response, green transformation, sharing economy, knowledge economy and renew traditional driving forces such as consumption, export, investment; contribute ideas and support Vietnam in perfecting institutions and enhancing smart, modern and advanced governance capacity; support Vietnam in training high-quality human resources to serve development in the new period.
Prime Minister Pham Minh Chinh believes that in the coming time, the framework of the Vietnam-US Comprehensive Strategic Partnership will continue to be materialized through specific cooperation programs, plans and projects, with specific products and specific results that benefit both sides, contributing to promoting and nurturing the good Vietnam-US relationship that is on the rise.
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