Proposal for U.S. Companies to Invest in Viet nam.
Prime Minister Pham Minh Chinh has suggested that U.S. companies continue to expand the scale, scope, and targets of their investments in Vietnam; transfer technology to Vietnam, particularly high-tech for emerging industries.
On March 21, during a meeting at the Government Headquarters, Prime Minister Pham Minh Chinh welcomed a delegation from the U.S.-ASEAN Business Council (USABC), led by its President and CEO, Ted Osius, former U.S. Ambassador to Vietnam.
Attending the meeting 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; and leaders from other relevant ministries and sectors.
From the U.S. and USABC, Ambassador Marc Evans Knapper and representatives from over 60 top U.S. investment funds and companies were present.
During the meeting, Prime Minister Pham Minh Chinh noted that following the elevation of Vietnam-U.S. relations to a Comprehensive Strategic Partnership, he visited the U.S. to concretize the cooperation framework. Economic and business cooperation between the two countries has been promoted, with USABC playing a key role in this regard.
On this occasion, Prime Minister Chinh expressed gratitude to the U.S. and its companies for their support to Vietnam during the COVID-19 pandemic, as well as their contributions to the recovery and socio-economic development.
He emphasized that Vietnam and the U.S. are models of reconciliation and overcoming war consequences for the benefit of both nations and for peace, cooperation, and development globally.
"U.S. companies have contributed to healing the wounds of war and fostering economic, trade, and investment cooperation, and in doing so, they have also helped Vietnam develop a socialist-oriented market economy," the Prime Minister said.
According to the Prime Minister, economic, trade, investment, science and technology, and innovation cooperation are key pillars for enhancing bilateral relations in a new framework, aiming for comprehensive, inclusive, and more effective development, as envisioned by General Secretary Nguyen Phu Trong and U.S. President Joe Biden.
To support U.S. businesses investing, producing, and doing business in Vietnam, contributing to the realization of the Comprehensive Strategic Partnership between the two countries, the Vietnamese Government is committed to the "3 guarantees" and "3 togethers."
The "3 guarantees" include: ensuring that the foreign-invested sector remains a vital component of Vietnam's economy, respecting, encouraging, and facilitating its long-term development, and fostering healthy and equal competition with other economic sectors; ensuring the legitimate rights and interests of investors on the principle of "harmonized benefits, shared risks"; and ensuring political stability, sovereignty, territorial integrity, social order, and policy consistency so that investors feel secure to do business in Vietnam long-term.
The "3 togethers" are: listening to and understanding businesses and citizens; sharing visions and actions to develop the economy and elevate bilateral relations to new heights; and working together to share benefits, win, and develop.
Stating that Vietnam's goal by 2030 is to become a developing country with a modern industry and high-middle-income status, and by 2045 to become a developed country with high income, the Prime Minister expressed hope that the U.S. in general, and U.S. companies specifically, will join Vietnam in achieving this goal.
He also emphasized the need to jointly address global challenges such as climate change, aging population, epidemics, and resource depletion, given Vietnam’s difficulties due to the long period of war devastation, its status as a developing country, and its transitioning economy with a modest economic scale and limited resilience to external shocks.
Ted Osius, President and CEO of the U.S.-ASEAN Business Council, along with representatives of U.S. businesses, congratulated Vietnam on its socio-economic development achievements, particularly in recent years.
They praised the improving investment environment and expressed appreciation for the government's support for businesses, including foreign direct investment (FDI) firms and U.S. companies. They strongly committed to continuing investment in Vietnam in sectors such as science and technology, electronics, aerospace, electric vehicles, logistics, energy, healthcare, finance, e-commerce, food, and tourism.
"The U.S. business community is impressed by Fitch Ratings’ upgrade of Vietnam's credit rating at the end of 2023; we are excited about the upgraded relations between the two countries; and we believe that Vietnam is increasingly asserting its role as an important production hub, a critical component in the global supply chain, and we are eager to explore new opportunities for cooperation," Ted Osius shared.
U.S. companies also announced new investment projects, such as Pepsi's investment in two new modern plants using renewable energy—one for food production in Ha Nam (worth USD 90 million) and one for beverage production in Long An (over USD 300 million).
U.S. businesses suggested that Vietnam continue to refine its legal framework; streamline administrative procedures, especially in investment licensing, work permits, and visas; offer incentives, particularly tax benefits in priority sectors; promote the development of circular economy, green economy, green transportation, carbon emission reduction, energy transition, and infrastructure and logistics development, so that U.S. companies can invest, produce, and do business more effectively in Vietnam.
After the ministers and leaders from various ministries and agencies exchanged and responded to the concerns of USABC member companies, Prime Minister Pham Minh Chinh concluded the meeting by appreciating the input from USABC business leaders. He urged ministries and agencies to continue researching, responding, and creating favorable conditions for businesses, noting that three key outcomes from the meeting were: "more sharing, understanding, and trust," "a stronger commitment to closer, more effective cooperation," and "a greater sense of responsibility towards each other."
According to Prime Minister Pham Minh Chinh, Vietnam is pursuing three strategic breakthroughs: reforming and improving institutions towards decentralization, reducing intermediaries, and cutting compliance costs for citizens and businesses; developing infrastructure, including green infrastructure, digital development, circular economy, transportation, and logistics, to reduce transportation and input costs, increase competitiveness, support businesses in emerging industries, and strengthen global production value chains; and reforming administrative procedures, training high-quality human resources to serve development.
To implement the Action Plan for the Vietnam-U.S. Comprehensive Strategic Partnership in a substantial, effective, equitable, and mutually beneficial manner, the Prime Minister suggested that U.S. companies of USABC advocate for the U.S. Government to prioritize the early recognition of Vietnam’s market economy status and to remove Vietnam from the list of countries restricted from exporting high-tech to the U.S.
On the principle of "harmonized benefits, shared risks," the Prime Minister invited U.S. companies to continue expanding their investments in Vietnam, particularly in high-tech sectors serving emerging industries such as digital economy, circular economy, climate change response, green transition, sharing economy, knowledge economy, and rejuvenating traditional drivers like consumption, exports, and investment.
He also encouraged U.S. companies to help Vietnam improve its institutional framework, enhance governance capacity, and support high-quality human resource development to serve the new development era.
Prime Minister Pham Minh Chinh expressed confidence that, in the coming years, the Comprehensive Strategic Partnership between Vietnam and the U.S. would continue to be concretized through specific programs, plans, and cooperation projects that bring tangible, effective results beneficial for both sides, further enhancing the Vietnam-U.S. relationship.
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