Businesses a motive to develop Vietnam – US ties: Deputy PM

At the US – Vietnam Business Summit 2023 (Photo: VNA)

The ties binding Vietnam and the US will be further strengthened as both sides hold huge potential for economic, trade and investment collaboration following the upgrade of the bilateral relations to a Comprehensive Strategic Partnership in September, Deputy Prime Minister Tran Luu Quang said on October 31.

Attending the US – Vietnam Business Summit 2023 in Hanoi, Quang laid a stress on the quantum leap in the bilateral ties with 10 cooperation pillars, and expressed his wish that businesses from both sides will boost economic-trade cooperation, enhance the trade of products of each other strengths, support each other to engage in the new value chain, and strive to raise the two-way trade revenue to 200 billion USD in the coming time.

With the hope that the US will enter the list of the top 10 largest investors in Vietnam, Quang recommended US businesses branch out larger-scale projects, helping Vietnam get access to investment sources as well as green and sustainable financial funds.

He also asked firms of both sides to contribute their voice in the call for the recognition of Vietnam’s market economy status, which he called as important to bolstering the economic-trade-investment relations between the two nations into an effective, equal, healthy and sustainable fashion.

Deputy Prime Minister Tran Luu Quang speaks at the US – Vietnam Business Summit 2023 in Hanoi. (Photo: VNA)

The official stressed that they create a source of strength to further develop the bilateral Comprehensive Strategic Partnership.

He also spoke highly of the initiatives to facilitate the operation of foreign businesses in Vietnam, including those from the US, and affirmed that the Vietnamese Government will continue dialogues with the enterprises so as to promote the sound relations between the two nations.

Meanwhile, Chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam) John Rockhold stressed the recent upgrade of the bilateral ties provided a wonderful opportunity for the bilateral cooperation to complete policies and business environment to attract new investors for development.

Cooperation progress in key areas mentioned at the summit will help fine-tune business environment and enhance the role of the private sector, helping ensure socio-economic development and foster prosperity in Vietnam, he added.

Senior Director of AmCham’s Southeast Asia John Goyer underscored that the business associations of both sides are responsible for elevating the robust economic ties into a new height and joining hands with the two Governments to overcome existing challenges.

The US – Vietnam Business Summit 2023 sharpened focus on Vietnam’s development priorities, including removing barriers to mobilising resources for business and production, promoting transition to clean and renewable energy, and enhancing sustainable investment .

In the morning the same day, Quang hosted a reception for representatives from several US firms, including AES, Apple, Intel, Mastercard, KKR, J.P Morgan, and Asia Group advisor, during which he hailed the US business association’s contributions to Vietnam’s development, and affirmed that Vietnam always rolls out a red carpet for US firms.

US is currently the second largest trade partner of Vietnam, while Vietnam has become one of the 10 biggest trade partners of the US and an important link in the US’s global supply chain.

Nearly 30 years after the establishment of diplomatic relations, bilateral trade increased 300 folds to 124 billion USD, making the US the biggest importer of Vietnam.

The US is injecting 11.8 billion USD in 1,306 valid projects in Vietnam, ranking 11th among the foreign investors in the Southeast Asian country./.