Prime Minister receives US-ASEAN Business Council delegation

At the reception (Photo: VNA)

Hanoi (VNA) – Prime Minister Pham Minh Chinh hosted in Hanoi on December 5 a reception for Senior Vice President and Regional Managing Director of the US-ASEAN Business Council (USABC) Michael Michalak and a delegation of the council's businesses.

PM Chinh told his guests that Vietnam is developing on three pillars, including building a law-governed socialist State, building socialist democracy and developing a socialist-oriented market economy, focusing on three strategic breakthroughs related to institutions, infrastructure and human resource; building a fair, transparent an stable business environment; and reducing input costs for businesses and investors in the spirit of harmonising interests and sharing risks for mutual benefits.

In 11 months of this year, Vietnam’s exports-imports surpassed 673 billion USD, up 11.8% annually, with a surplus of 10.6 billion USD. Foreign direct investment in the country was estimated at 19.68 billion USD, up 15.1% year-on-year. Two-way trade between the two countries topped 105 billion USD, up 18% on an yearly basis.

Affirming that Vietnam always treasures comprehensive partnership with the US, the host suggested the USABC and the council's groups firms support Vietnam in three strategic breakthroughs, education-training, governance experience, and invest more in hi-tech, digital and green transformation, climate change response, aviation industry and cyber security, thus making substantive, healthy and effective contributions to bilateral ties.

Michalak, who is also former US Ambassador to Vietnam, and executives of the council's groups, said Vietnam could be proud of its high vaccination coverage and rapid economic re-opening and recovery, especially the top third-quarter GDP growth in ASEAN.

Vietnam is effectively drawing new capital inflows and potentially benefits from the shifting of global supply chains, they said.

The guests spoke highly of Vietnam’s business environment and potential as well as its initiative to hold 2022 International Defence Expo in Hanoi this month.

They expressed their wish to enhance cooperation with Vietnam in trade, defence industry, security, aviation, education-training and human resource development, contributing to bilateral ties./.