Brian Jeffrey
At the Vietnam-U.S. Business Summit on November 27, Prime Minister Pham Minh Chinh urged the U.S. to advance Vietnam’s status as a market economy and to lift restrictions on high-tech exports.
The summit, named “Policies and Approaches to Ensure Mutually Beneficial Trade Relations,” saw participation from U.S. Secretary of State Antony Blinken and officials from both nations, alongside representatives from their respective business sectors.
As Vietnam’s second-largest trading partner and its top export market, the U.S. plays a significant role, with bilateral trade reaching a record $110.8 billion in 2023. The growth trend is impressive, with figures for the first ten months of 2024 already surpassing last year’s total.
Vietnam’s contribution to the U.S. supply chain is evident, and American investments have greatly aided Vietnam’s economic development. Secretary Blinken noted the robust nature of their bilateral cooperation and Vietnam’s rising significance internationally.
Deputy Foreign Minister Do Hung Viet reflected on a historic trade agreement between the nations, which was ratified by Vietnam’s National Assembly 23 years ago, highlighting the substantial growth in economic connections since then.
Prime Minister Chinh pointed out that trade is a standout aspect of Vietnam-U.S. relations, though he noted that American investment in Vietnam is still below its true potential.
He urged U.S. enterprises to explore opportunities in Vietnam’s major development projects, which include: High-speed North-South railways
Large airports and seaports; An expansive highway network; National data centers; New development areas such as aerospace, underground infrastructure, and the marine economy.
Additionally, he requested the U.S. to formally acknowledge Vietnam as a market economy, addressing a long-standing concern, and to ease high-tech export restrictions.
Prime Minister Chinh reaffirmed Vietnam’s dedication to nurturing innovation and collaboration founded on shared benefits and risk sharing.
“Aligning the interests and shared risks of the State, businesses, and citizens will foster mutual success and happiness,” he remarked.
Looking back at President Ho Chi Minh’s 1946 letter to President Harry Truman expressing a desire for strong cooperation with the U.S., the Prime Minister highlighted the significant strides made in their relationship and called for continued efforts towards collective prosperity.
Tran Thuong
