Prime Minister Pham Minh Chinh meets with representatives of US businesses investing and operating in Vietnam. (Photo: Duong Giang/VNA)
On the morning of May 13th, Prime Minister Pham Minh Chinh met with representatives of the US business community investing and operating in Vietnam to listen to and resolve difficulties and propose solutions to promote Vietnam-US investment and business cooperation.
This was Prime Minister Pham Minh Chinh's second meeting with US businesses in just two months, demonstrating his respect for businesses and his willingness to engage in open and frank discussions, listening to constructive feedback from US partners to jointly resolve obstacles 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 from Vietnamese ministries, agencies, and localities; representatives from the US Embassy in Vietnam; the American Chamber of Commerce in Hanoi ; and representatives from 50 major US businesses investing and operating in Vietnam.
US businesses appreciate Vietnam's goodwill.
After 30 years of establishing diplomatic relations, 10 years of establishing a Comprehensive Partnership, and 2 years of upgrading the relationship to a Comprehensive Strategic Partnership, Vietnam-US relations have been developing positively in all areas. Economy, trade, and investment are important pillars driving the overall bilateral relationship.
Bilateral trade volume is projected to reach US$134.6 billion in 2024. By the end of 2024, US direct investment in Vietnam is estimated at US$11.94 billion across more than 1,400 projects. Most major US corporations have established a presence and are investing effectively in Vietnam, while many Vietnamese businesses have also invested in the US market. Vietnam has 252 investment projects in the US, totaling over US$1.36 billion, ranking 6th out of 83 overseas investment destinations. Vietnam is the 8th largest trading partner and the 4th largest export market for the US in the ASEAN region.
Prime Minister Pham Minh Chinh meets with representatives of US businesses investing and operating in Vietnam. (Photo: Duong Giang/VNA)
During the meeting, representatives from the U.S. Embassy in Vietnam, the American Chamber of Commerce in Hanoi, and major U.S. businesses such as Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, and GE Vernova highly appreciated the Vietnamese government's goodwill in regularly holding meetings, working together, listening to feedback, and resolving bottlenecks to promote trade and investment cooperation between Vietnam and the United States. As a result, economic, trade, and investment cooperation has become a cornerstone of bilateral relations; Vietnam has become one of the United States' major partners.
US businesses highly appreciate Vietnam's investment and business environment, especially in recent times when the government has continued to implement measures to further promote a more open environment, continuing to remove bottlenecks and obstacles in investment and business cooperation with the goal of abolishing at least 30% of unnecessary investment and business conditions; reducing the processing time of administrative procedures by at least 30%; reducing administrative procedure costs by at least 30%; and promptly resolving difficulties and obstacles, creating maximum convenience for businesses to operate and conduct production and business activities.
Recently, Vietnam has been very proactive in promoting balanced and sustainable investment and trade cooperation with the United States, including increasing imports of goods in which the US has a competitive advantage and Vietnam has a need; reducing import tariffs on goods from the US; and resolving obstacles for US projects in Vietnam…
The US representatives requested that Vietnam continue to improve the investment and business environment; address certain obstacles and create maximum convenience for businesses operating in production and trade, especially in resolving administrative procedures; non-tariff barriers; issues related to taxes, fees, and charges; ensure infrastructure conditions such as electricity infrastructure, information technology infrastructure, and logistics; strengthen management and supervision of businesses to ensure transparency and origin of goods; urge Vietnamese partners to promptly implement the Memorandums of Understanding (MOUs) signed by both sides; and resolve some issues in specific projects… US businesses shared the difficulties and committed to sustainable, long-term investment cooperation, accompanying Vietnam.
Prime Minister Pham Minh Chinh meets with representatives of US businesses investing and operating in Vietnam. (Photo: Duong Giang/VNA)
In exchange with leaders of ministries, sectors, and localities, and in directing the immediate and thorough handling of legitimate feedback, suggestions, and proposals from US businesses in the spirit of "clear person, clear task, clear time, clear results, clear responsibility, 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 United States.
The Prime Minister expressed his hope that the United States would share the burden with Vietnam – a country that has suffered immense losses, pain, and damage after a long period of war and embargo, 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, substantively, and effectively into the international community, relying fundamentally on internal resources as a long-term, decisive strategy, while external resources are important and serve as breakthroughs, the Prime Minister expressed his hope that businesses would voice their opinions to the US government to find the best possible solutions to promote fair and sustainable trade cooperation with Vietnam, in the spirit of mutual benefit, "harmonizing interests and sharing risks."
Vietnam hopes to avoid a trade war.
Concluding the meeting, Prime Minister Pham Minh Chinh affirmed that the Vietnamese Government is ready to engage in dialogue with partners and businesses, including those from the United States, in a frank and constructive spirit, bringing about results that benefit both sides.
Sharing about Vietnam's proactive and positive efforts in promoting fair and sustainable trade with the United States through concrete actions, the Prime Minister expressed his hope that the US would voice its concerns to the administration of President Donald Trump regarding Vietnam's efforts and goodwill so that both sides can soon reach an agreement on tariffs that is beneficial to both sides, for the benefit of the people and businesses of both countries, and serving the long-term interests of both nations and peoples.
The Prime Minister stated that the current global situation is volatile, requiring each country to adapt. Vietnam hopes that all countries will develop favorably, for the sake of stability, peace, cooperation, and development in the region and the world; especially hoping to avoid trade wars, particularly between major economies like the United States and China; that countries will cooperate based on international law, commitments, and the UN Charter, without negatively impacting other countries; and that the US-China trade negotiations will make progress with agreements beneficial to both sides and to countries around the world.
A representative from the U.S. Embassy in Vietnam speaks. (Photo: Duong Giang/VNA)
Sharing his views on the situation in Vietnam, Prime Minister Pham Minh Chinh expressed gratitude to the United States for supporting Vietnam as a "strong, independent, self-reliant, and prosperous" nation. He stated that Vietnam is committed to putting the past behind it, leveraging common ground, minimizing disagreements, and looking towards the future to promote the development of a substantive and effective Vietnam-US Comprehensive Strategic Partnership, reflecting a Vietnam that cherishes peace, always listens, treats each other equally, and respects one another.
The Prime Minister stated that, in the face of difficulties related to global trade tensions, Vietnam views this as an opportunity to restructure its economy and trade towards fairness and sustainability; and to 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 processing time for administrative procedures, and reduced administrative costs for citizens and businesses.
Vietnam is implementing a "strategic quartet" focusing on breakthroughs in science and technology development, innovation, and national digital transformation; international integration in the new context; lawmaking and enforcement; and private sector development. Vietnam is also developing a plan to establish an international financial center to better serve its citizens and businesses.
Alongside this, Vietnam is implementing three strategic breakthroughs, especially in transportation and energy infrastructure, with a transparent institutional framework, seamless infrastructure, and intelligent human resources; placing the people and businesses, including US businesses, at the center, as the subjects, resources, and driving force of development.
Prime Minister Pham Minh Chinh affirmed the viewpoint that, "The government plays a facilitating role; businesses are the center; institutions are the driving force; infrastructure is the foundation" in order to "listen and understand together; share the vision and actions together; work together, benefit together, win together, and develop together."
The Vietnamese government creates all favorable conditions and protects the legitimate rights and interests of businesses, including US businesses, to ensure effective and sustainable cooperation, investment, and business operations in Vietnam.
Noting that Vietnam has implemented and continues to reform its visa policy for foreign citizens entering Vietnam, including US citizens, the Prime Minister expressed his hope that the US Government would consider and adopt a more favorable visa policy for Vietnamese citizens.
(VNA/Vietnam+)
Source: https://www.vietnamplus.vn/thu-tuong-viet-nam-mong-muan-khong-xay-ra-chien-tranh-thuong-mai-post1038246.vnp
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