Prime Minister: Vietnam hopes there will be no trade war

Prime Minister Pham Minh Chinh met with representatives of US businesses investing and doing business in Vietnam. (Photo: Duong Giang/VNA)

On the morning of May 13, Prime Minister Pham Minh Chinh worked with representatives of the US business community investing and doing business in Vietnam to listen to, resolve difficulties, and propose solutions to promote investment and business cooperation between Vietnam and the US.

This is the second meeting of Prime Minister Pham Minh Chinh with US businesses in just 2 months; demonstrating his respect for businesses, his willingness to exchange openly and frankly, and listen to constructive opinions from US partners to jointly resolve difficulties and create the most favorable conditions for the US business community to continue investing, expanding and achieving success in Vietnam.

Attending the meeting were Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; representatives of Vietnamese ministries, branches and localities; representatives of the US Embassy in Vietnam; the US Chamber of Commerce in Hanoi and representatives of 50 large US enterprises investing and doing business in Vietnam.

US businesses appreciate Vietnam's goodwill

After 30 years of establishing diplomatic relations, 10 years of establishing Comprehensive Partnership and 2 years of upgrading relations to Comprehensive Strategic Partnership, Vietnam-US relations have been developing positively in all fields. Economy-trade-investment are important pillars promoting the overall bilateral relationship.

Bilateral trade turnover in 2024 will reach 134.6 billion USD. By the end of 2024, US direct investment in Vietnam is estimated to reach 11.94 billion USD with over 1,400 projects. Most major US corporations are present and have effectively invested in Vietnam, while many Vietnamese enterprises have also invested in the US market. Vietnam has 252 investment projects in the US, with a total investment capital of more than 1.36 billion USD, ranking 6th out of 83 overseas investment locations. Vietnam is the 8th largest trading partner and the 4th largest export market of the United States in the ASEAN region.

Prime Minister Pham Minh Chinh met with representatives of US businesses investing and doing business in Vietnam. (Photo: Duong Giang/VNA)

At the meeting, representatives of the US Embassy in Vietnam, the US Chamber of Commerce in Hanoi, and representatives of major US businesses such as Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, GE Vernova, etc. highly appreciated the goodwill of the Vietnamese Government in regularly holding meetings, working, listening, and removing bottlenecks to promote trade and investment cooperation between Vietnam and the US. Thanks to that, economic-trade-investment cooperation has become a "cornerstone" in the relationship between the two countries; Vietnam has become one of the major partners of the US.

US businesses highly appreciate Vietnam's investment and business environment, especially in recent times when the government has continued to take measures to promote a more open environment, continue to remove bottlenecks and obstacles in investment and business cooperation with the goal of eliminating at least 30% of unnecessary investment and business conditions; reducing at least 30% of the processing time of administrative procedures; reducing at least 30% of administrative procedure costs; promptly resolving difficulties and obstacles, creating maximum convenience for enterprises in production and business activities.

Recently, Vietnam has been very proactive and active in promoting balanced and sustainable investment and trade cooperation with the United States, including increasing the import of goods that the United States has strengths in and Vietnam has demand for; reducing import tariffs on goods from the United States; resolving difficulties for US projects in Vietnam...

The US representative suggested that Vietnam continue to improve the investment and business environment; resolve some difficulties, create maximum convenience for enterprises in production and business activities, especially in handling administrative procedures; non-tariff barriers; issues related to taxes, fees, and charges; ensure infrastructure conditions such as electricity infrastructure, information technology infrastructure, logistics; strengthen management and supervision of enterprises to ensure transparency and origin of goods; Vietnamese partners urgently implement the agreement (MOU) signed by the two sides; resolve some issues in specific projects... US enterprises share the difficulties and commit to sustainable and long-term investment cooperation, accompanying Vietnam.

Prime Minister Pham Minh Chinh met with representatives of US businesses investing and doing business in Vietnam. (Photo: Duong Giang/VNA)

Together with leaders of ministries, branches and localities, discussing, answering and directing the reception and immediate and thorough resolution of legitimate feedback, recommendations and proposals from US businesses in the spirit of "clear people, clear work, clear time, clear results, clear responsibilities and clear authority," Prime Minister Pham Minh Chinh affirmed that Vietnam has been very proactive and positive in promoting balanced and sustainable economic and trade cooperation with the US.

The Prime Minister hopes that the United States will share with Vietnam - a country that has suffered many losses, pains, and heavy damages after a long period of war and embargo, is a developing country with a transitional economy, a modest economic scale, and limited resilience to external shocks.

Stating that Vietnam is building an independent, self-reliant economy, actively integrating deeply, substantially and effectively into the international community, relying on internal resources as a fundamental, long-term, decisive strategy, and external resources as important and breakthrough, the Prime Minister hopes that businesses will have a voice with the US Government to have the best possible solutions to promote fair and sustainable trade cooperation with Vietnam, in the spirit of mutual benefit, "harmonious benefits, shared risks."

Vietnam hopes there will be no trade war.

Concluding the meeting, Prime Minister Pham Minh Chinh affirmed that the Vietnamese Government is ready to dialogue with partners and businesses, including US partners and businesses, in a frank and constructive spirit, bringing results that are beneficial to both sides.

Sharing about Vietnam's proactive and positive efforts in promoting fair and sustainable trade development with the United States through specific actions, the Prime Minister hoped that the US would speak up to the Trump administration about Vietnam's efforts and goodwill so that the two sides can soon reach a tariff agreement that is beneficial to both sides, for the benefit of the people and businesses of the two countries, serving the long-term interests of the two countries and two peoples.

The Prime Minister said that the current world situation has many fluctuations, requiring each country to have adaptive solutions. Vietnam wants all countries to develop smoothly, for stability, peace, cooperation, and development in the region and the world; especially hopes that there will be no trade war, especially between major economies such as the United States and China; countries will cooperate based on international laws, commitments, and the United Nations Charter, without affecting other countries; and hopes that the US-China trade negotiations will make progress with agreements that are beneficial to both sides and to countries around the world.

Representative of the US Embassy in Vietnam speaking. (Photo: Duong Giang/VNA)

Sharing about the situation in Vietnam, Prime Minister Pham Minh Chinh expressed his gratitude to the United States for supporting Vietnam to be “strong, independent, self-reliant and prosperous” and said that Vietnam is committed to putting the past behind, taking advantage of common points, limiting differences, looking towards the future, promoting the development of the Vietnam-US Comprehensive Strategic Partnership in a practical and effective manner, demonstrating a peace-loving Vietnam that always listens, behaves equally and respects each other.

The Prime Minister said that in the face of difficulties related to global trade tensions, Vietnam considers this an opportunity to restructure the economy and trade in a fair and sustainable direction; promote market diversification, product diversification, and supply chain diversification.

Vietnam has proactively addressed the concerns of the US and US businesses; resolutely fought against trade fraud; actively reformed administrative procedures, abolished unnecessary investment and business conditions, reduced the time to handle administrative procedures, and reduced administrative procedure costs for people and businesses.

Vietnam is implementing the “strategic quartet” on breakthroughs in science and technology development, innovation, national digital transformation; international integration in the new situation; building and enforcing laws; developing the private economy. Vietnam is developing a project to build an international financial center to better serve people and businesses.

Along with that, Vietnam has implemented three strategic breakthroughs, especially in transport infrastructure and energy infrastructure, with open institutions, smooth infrastructure, and smart human resources; taking people and businesses, including US businesses, as the center, subject, resource, and driving force of development.

Prime Minister Pham Minh Chinh affirmed the view that "The Government plays a creative role; enterprises are the center; institutions are the driving force; infrastructure is the foundation" to "listen and understand together; share vision and action together, work together, enjoy together, win together and develop together."

The Vietnamese Government creates all favorable conditions and protects the legal and legitimate rights and interests of businesses, including US businesses, so that businesses can cooperate, invest, and do business effectively and sustainably in Vietnam.

Informing that Vietnam has implemented and continued to reform visa policies for foreign citizens entering Vietnam, including US citizens, the Prime Minister hopes that the US Government will consider and have a favorable visa policy for Vietnamese citizens./.

(Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/thu-tuong-viet-nam-mong-muon-khong-xay-ra-chien-tranh-thuong-mai-post1038246.vnp