Vietnam, US step up joint work in digital transformation, supply chains

Deputy Minister of Industry and Trade Do Thang Hai hosts a reception for a delegation from the US-ASEAN Business Council (Photo: VietnamPlus)

Hanoi (VNA) – Digital transformation, supply chains and logistics were major topics under discussion during a working session between Deputy Minister of Industry and Trade Do Thang Hai and a high-ranking delegation from the US-ASEAN Business Council (USABC) in Hanoi on March 21.

The delegation was led by former US Ambassador to Vietnam Ted Osius, who is USABC President and CEO, and former Ambassador Michael Michalak, Senior Vice President and Regional Managing Director of the USABC.

The event was part of the USABC's annual activities, aiming to work with Vietnamese Government agencies to understand and update policies related to the business environment and the Government's economic, trade, and industrial development priorities in 2023. It also looked to propose measures to leverage the strengths and resources of the US business community.

Hai affirmed that Vietnam always considers the US one of its top important partners. The Vietnamese and US ecomonies are complementary.  

Former Ambassador Ted Osius, USABC President and CEO, highly values the Vietnamese Government’s efforts to address the concerns of the US business community (Photo: VietnamPlus) 

Deputy Minister Hai expressed his delight at witnessing the substantial achievements in economic and trade cooperation between Vietnam and the US, contributing to deepening bilateral comprehensive cooperative partnership, thus benefiting their governments, people and business communities.

According to him, Vietnam follows the consistent policy of maintaining political, socio-economic stability. In the near future, Vietnam will continue implementing the Party and State’s guidelines for rapid and sustainable development based on sci-tech, innovation and digital transformation; as well as reforming to improve the quality of the market-oriented institution.

At the same time, Vietnam will work towards improving invetment and business environment, national competitiveness, building a self-reliant economy based on technological mastery, active global integration and market diversification.

Vietnam vows to proactively partner with the US to fully address the concerns of both countries, thus maintaining stable trade relations towards a balanced, sustainable, and mutually beneficial trade balance, he said.

Both sides had specific and practical exchanges on areas of mutual interest such as digital transformation, green transformation, energy transition, supply chains and logistics.

The US corporate representatives promised to continue investing in Vietnam and showed their willingness to support the country’s efforts in maintaining macroeconomic stability and developing sustainable supply chains. They also vowed to be a reliable partner in promoting common economic goals and priorities.

Deputy Minister of Industry and Trade Do Thang Hai stresses that the Vietnamese and US economies are complementary (Photo: VietnamPlus)

In May and June last year, the Vietnamese Government and National Assembly passed a strategy on science, technology and innovation development till 2030 and the Law on amendments and supplements to several articles of the Intellectual Property Law. These documents will open up increasingly favourable policy and legal corridors to promote the strong development of innovation ecosystem and intellectual property ownership in Vietnam, contributing to creating a healthy business environment and delivery of commitments in trade agreements and international conventions to which Vietnam is a member.

Two-way trade between Vietnam and the US has seen significant growth. Last year, it reached over 123 billion USD, an 11% increase over the same period in 2021.

In the first two months of this year, the figure neared 15 billion USD, including around 13.1 billion USD worth of Vietnam’s exports contributing significantly to the bilateral comprehensive partnership./.