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Prime Minister Pham Minh Chinh addresses the fifth Vietnam-US Business Summit

Jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the America Chamber of Commerce in Vietnam (AmCham) and the US Chamber of Commerce, the event drew the direct and online participation of Vietnamese and US officials and representatives of businesses and associations. US Special Presidential Envoy for Climate John Kerry also delivered a speech at the summit via videoconference.

Participants at the event discussed measures to promote bilateral economic ties, and sketched out new orientations for post-pandemic economic recovery.

US firms showed delight at Vietnam’s efforts to implement its commitments at COP26 with economic restructuring programmes suitable to the global trend of green, circular and digital economic development, along with efforts to promote transformation into green and clean energy, expand infrastructure system and strengthen education-training. These are sectors in which US businesses are interested to invest in, they said.

Addressing the event, Prime Minister Pham Minh Chinh expressed delight at the desire of US businesses and officials to expand investment in Vietnam, which showed the US’s strong confidence in the country.

The PM said that Vietnam, after more than 35 years of implementing its “Doi Moi” (Renewal) cause, has gained great achievements of historical significance.

With the aim of becoming a developing country with a modern industry and upper middle income by 2030, and a developed nation with high income by 2045, Vietnam is conducting strategic breakthroughs in terms of institutions, infrastructure and human resources, and administrative reform, he said.

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The Government leader highlighted the progress in the Vietnam-US relations in all fields after 26 years of normalising their relationship, with economic-trade-investment cooperation being a key pillar.

Two-way trade saw a 248-fold rise to 111 billion USD in 2021. The US is currently the largest export market of Vietnam, while Vietnam is the ninth largest trade partner of the US. Over many years, the US has been among the largest foreign investors in Vietnam with nearly 1,150 underway projects worth over 10.3 billion USD.

PM Chinh said Vietnam has been greatly affected by the COVID-19 pandemic, especially in the third quarter of 2021, forcing the country to apply administrative measures to prevent its spread. However, as the vaccination rate becomes high, the country has switched its strategy to flexibly, safely adapting to and effectively controlling COVID-19.

So far, Vietnam has been ready to reopen its door thanks to scientific, practical foundations and international experience, he stressed, adding that the country is promptly implementing a socio-economic recovery and development programme in parallel with COVID-19 prevention and control.

PM Chinh said that as one of the hardest hit countries by climate change, at COP26, Vietnam committed to achieving net-zero emissions by 2050 and a 30 percent cut in methane emissions by 2030. After the conference, Vietnam set up a national steering committee for implementing these commitments, he noted.

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The PM asked for support from the US and international friends in this field, especially in completing institutions regarding climate change, as well as assistance in green financial resources, clean technology and green human resources as well as green governing technology.

Vietnam has focused on digital transformation, building a digital government and digital citizens, and developing a digital economy and digital society, which is an obvious development trend seen in all fields in Vietnam, he said.

PM Chinh called on businesses of both nations to strengthen their partnerships to promote the practical and effective relationship between the two countries.

“With the motto of harmonious interests and shared risks, sincere sentiments and trust, we already have a good foundation and strong ambition and determination, we will surely succeed,” he stressed.