Deputy PM urges new measures to boost US – Viet Nam economic relations

Tuesday, Sep 11, 2018 08:16

The 2018 US – Viet Nam Business Summit themed: “Defining the Future of Bilateral Economic Relations” on Monday. — VNA/VNS Photo Hoang Hung

Deputy Prime Minister Trinh Dinh Dung has called on businesses to boost economic cooperation between the US and Viet Nam while promoting entrepreuneurship and business innovation.

Dung was speaking on Monday at the 2018 US – Viet Nam Business Summit themed: “Defining the Future of Bilateral Economic Relations” co-organised by the America Chamber of Commerce (AmCham) and the Viet Nam Chamber of Commerce and Industry (VCCI), which drew the participation of hundreds of businesses from the two economies.

Dung said that recent trade deals and negotiations were bringing not only new opportunities but also challenges, and urged both governments and businesses to seek new measures to boost bilateral economic, trade and investment relations.

Viet Nam regarded the US as a leading partner, and wished to continue to promote the comprehensive partnership with the US on the basis of respect for each other’s independence, sovereignty, territorial integrity and political institutions, Dung said.

He called on more US investments in key sectors such as clean energy, infrastructure, education, tourism, agriculture, technology, smart cities, finance and banking.

“We pledge to create favourable condition for investors, including those from the US, to do business successfully and sustainably in Viet Nam.”

With an abundant labour force and socio-political stability, together with accelerated reforms, Viet Nam was becoming an attractive destination for foreign investors, Dung said, pointed out that 128 countries and territories had so far poured investments into nearly 26,000 projects in Viet Nam worth around US$330 billion.

The two economies were increasingly supplementary, Dung said, adding that Viet Nam had opportunities to boost exports of fisheries, cashew, garment and footwear products to the US and import hi-tech products.

VCCI chairman Vu Tien Loc said that Viet Nam was in the process of stepping up institutional reforms and upgrading its economic structure, so cooperation with the US was of significant importance.

Stressing the roles of businesses, Loc urged firms from both sides to enhance cooperation in sectors including aviation, energy, healthcare, smart cities and a digital economy, all of which the US had strength in.

At the summit, Loc also said the VCCI and AmCham were working on a plan to develop digital connectivity between the two business communities to strengthen cooperation and promote efficiency.

On the sidelines of the summit, Dung received representatives of several US companies such as Amazon, Cisco, Citibank, Coca Cola, Google, Metlife, Pfizer and Agoda.

Michael Kelly, chairman of AmCham Ha Noi, said that many US companies wished to expand their business and invest long-term in Viet Nam.

US investors also urged greater efforts to enhance the business climate.

More than 20 years since the normalisation of relations, the US has become one of the biggest trade partners of Viet Nam with bilateral trade increasing from $7.8 billion in 2005 to $54 billion in 2017.

In the first half of this year, bilateral trade reached $27.4 billion.

As of June, the US had 877 existing projects in Viet Nam with total registered capital of $9.37 billion, ranking 10th among the 128 countries and territories with foreign direct investment in Viet Nam. — VNS

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