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

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

Hanoi (VNA) – The ties binding Vietnam and the US will be furtherstrengthened as both sides hold huge potential for economic, trade andinvestment collaboration following the upgrade of the bilateral relations to aComprehensive Strategic Partnership in September, Deputy Prime Minister TranLuu 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-tradecooperation, enhance the trade of products of each other strengths, support eachother to engage in the new value chain, and strive to raise the two-way traderevenue 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, Quangrecommended US businesses branch out larger-scale projects, helping Vietnamget access to investment sources as well as green and sustainablefinancial 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 twonations 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 developthe bilateral Comprehensive Strategic Partnership.

He also spoke highly of the initiatives to facilitate the operation of foreignbusinesses in Vietnam, including those from the US, and affirmed that theVietnamese Government will continue dialogues with the enterprises so asto 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 awonderful opportunity for the bilateral cooperation to complete policiesand business environment to attract new investors for development.

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

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

The US – Vietnam BusinessSummit 2023 sharpened focus on Vietnam’s development priorities, includingremoving barriers to mobilising resources for business and production,promoting transition to clean and renewable energy, and enhancing sustainableinvestment .

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

USis currently the second largest trade partner of Vietnam, while Vietnam hasbecome one of the 10 biggest trade partners of the US and an important link inthe US’s global supply chain.

Nearly 30 years after the establishmentof diplomatic relations, bilateral trade increased 300 folds to 124 billionUSD, 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 SoutheastAsian country./.

VNA