Vietnam, US beef up trade and investment cooperation

Minister of Public Security Gen. To Lam held an online meeting with a high-ranking delegation of the US-ASEAN Business Council (USABC). Lam said amid the Covid -19 pandemic, the online meeting showed the US private economic sector’s good will and commitment to maintain and further promote Vietnam - US bilateral ties in the mutually-beneficial spirit and realising Vietnam’s priority goals, including digital transformation and sustainable development. He hailed the US as one of the leading trade partners and importers of Vietnam thanks to the two governments’ strategic visions as well as active and effective participation of their private enterprises and organisations, including the USABC.

The Vietnamese minister added that difficulties faced by US businesses and foreign production partners in Vietnam due to the pandemic are only short-term and temporary. He hoped that the US business community would accompany Vietnam in the spirit of “harmony of interests”, promptly seize opportunities and seek proper ways to maintain and develop business and production in the new situation.

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Ambassador Michael Michalak, Senior Vice President and Regional Managing Director of the USABC, spoke highly of development strides in the US - Vietnam cooperative relations in the recent past. He expressed his wish that the Vietnamese Government and the Ministry of Public Security in particular would continue offering favourable conditions for US enterprises to do stable, long-term business in the country.At the event, both sides discussed issues of shared concern such as the Law on Cyber Security, the decree on personal data protection and intellectual property in a constructive and open manner.

Vietnam welcomes US investments in high potential fields 

Close cooperation between Vietnam and US businesses would contribute to speedy economic recovery in each country and keeping the global supply chains intact. Vietnam welcomes further US investments in the fields of high potential, including healthcare, energy, agriculture, finance, digital economy, science- technology. Head of the Party Central Committee’s Economic Commission Tran Tuan Anh gave the remarks in an online meeting with representatives of the US-ASEAN Business Council (USAB) and 40 major US corporations [October 14].

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He said stronger cooperation between the two business communities would contribute to speedy economic recovery in each country and the global supply chains. “Vietnam is committed to creating favorable conditions for US businesses to recover from the Covid-19 pandemic and be successful in the country,” Anh said.

The Head of the Economic Commission expressed his delight at the strong progress of the US-Vietnam comprehensive partnership. Anh said the Vietnamese Government welcomes the US’s stance of supporting an independent, strong and prosperous Vietnam, as well as its support in supplying vaccine and Covid-19 response. “Vietnam gives high priority to its relations with the US, especially in economic, trade and investment cooperation,” he continued, saying the USABC has played an active role in promoting US trade-investment relations with ASEAN countries, including Vietnam, during the pandemic.

At the meeting, representatives of the USABC expressed their impression of Vietnam’s efforts in the Covid-19 fight, as well as the high determination in economic recovery during the new normalcy. They said the USABC is committed to cooperating with the authorities to bolster US-Vietnam relations in trade, economy, and investment for mutual benefits. The US remained the 8th largest investor in Vietnam in the first nine months of 2021 with total registered capital of US$425 million, including 53 fresh projects worth $365 million.

Minh Diem