Strengthening Vietnam-US Commercial Ties

The event themed “Policies and Approaches for Beneficial Commercial Relations” was attended by notable figures, including US Ambassador to Vietnam Marc Knapper and various country ambassadors, as well as business leaders from both nations. Notably, US Secretary of State Antony Blinken and former US Trade Representative Michael Froman participated via videoconference.

During his third consecutive summit, Vietnamese Prime Minister Chinh highlighted the historical roots of Vietnam’s foreign policy with the US, which began in 1946 when President Ho Chi Minh expressed a desire to forge diplomatic relations with the US.

PM Chinh emphasized that despite past challenges, the Vietnam-US relationship has advanced significantly over nearly three decades, culminating in a Comprehensive Strategic Partnership. This progress has been driven by the leaders and citizens of both nations, as well as collaborative efforts by their businesses.

He underscored the importance of time, intelligence, and decisive action in business success, urging enterprises to work together on investment opportunities and address global challenges to enhance bilateral relations.

Outlining six key tasks and three strategic breakthroughs for national growth, Chinh mentioned ambitious infrastructure projects like a high-speed expressway network and rail systems, along with reviving nuclear energy initiatives. Vietnam is also focused on advancing digital, green, and circular economies, innovation, and leveraging the fourth Industrial Revolution’s benefits.

The country aims to create a more attractive business environment with stable and transparent policies aligned with international standards, facilitating conditions for foreign investors, particularly from the US.

Chinh called on the US to lift sanctions, recognize Vietnam’s market economy status, and facilitate cooperation between businesses to mutual advantage. He advocated for a cooperative framework based on shared interests and risk-sharing, encouraging deeper engagement in new supply chains.

He urged US companies to pursue substantial investment projects that provide significant economic benefits, and to expand their financial contributions, transfer technology, and offer resource training in areas such as high technology, renewable energy, and infrastructure.

Vietnam remains open and committed to fostering a favorable environment for foreign investment, prioritizing dialogue with foreign businesses to enhance effective collaboration.

Secretary of State Antony Blinken noted that the growing cooperation between the US and Vietnam, especially among their businesses, yields fruitful benefits for both peoples.

As Vietnam emerges as the US’s second-largest trading partner and a pivotal link in its global supply chain, bilateral trade saw a record of 110.8 billion USD in 2023. The summit facilitated discussions crucial for ensuring a mutually beneficial trade and investment relationship, focusing on enacting practical regulations and tapping into the digital economy while addressing energy security and enhancing competitiveness through productivity. /.VNA