HÀ NỘI — In a strong demonstration of the country's commitment to deepening economic ties with the United States, Prime Minister Phạm Minh Chính on Tuesday morning met with representatives of the American business community operating in Việt Nam. 

The high-level dialogue marked his second meeting with US enterprises in just two months, underscoring the Vietnamese Government’s openness to candid engagement and its resolve to create a more favourable business environment.

The working session, attended by Deputy Prime Ministers Hồ Đức Phớc and Nguyễn Chí Dũng, leaders of Vietnamese ministries and localities, US Embassy officials, representatives of the American Chamber of Commerce in Hà Nội and executives from 50 major US corporations, aimed to address existing bottlenecks and chart a clearer path for future cooperation.

American companies, including Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola and GE Vernova, expressed strong appreciation for the Vietnamese Government’s proactive efforts to enhance the investment and trade environment. 

They commended Việt Nam for engaging in regular dialogues, listening to concerns and implementing targeted reforms that have positioned economic cooperation as a cornerstone of the Việt Nam - US comprehensive strategic partnership.

Over the past three decades, Việt Nam - US ties have evolved significantly, from the normalisation of diplomatic relations in 1995 to the establishment of a comprehensive partnership in 2013, and the elevation to a comprehensive strategic partnership in 2023. 

And economic engagement has remained central to this relationship. 

In 2024, bilateral trade reached US$134.6 billion. US foreign direct investment (FDI) in Việt Nam stood at $11.94 billion, across more than 1,400 projects, by the end of the year. Conversely, Việt Nam has invested in 252 projects in the US, totalling $1.36 billion, ranking sixth out of 83 outbound destinations.

Removing barriers, accelerating reform

US businesses praised Việt Nam’s recent administrative reforms aimed at eliminating at least 30 per cent of unnecessary investment conditions, cutting down the time and cost of procedures by a similar margin and quickly resolving obstacles for enterprises. They also acknowledged Việt Nam’s efforts to increase imports of US goods, lower tariffs and remove non-tariff barriers.

However, American representatives urged continued improvements, particularly in simplifying administrative processes, addressing tax and fee concerns, enhancing infrastructure (specifically electricity, IT and logistics) and ensuring transparent enforcement of regulations, especially those related to origin of goods. 

They also called on Việt Nam to accelerate the implementation of signed Memoranda of Understanding and resolve project-specific issues.

In response, Vietnamese officials, led by the PM, pledged to review and act on all legitimate recommendations with clear responsibility, timelines and measurable outcomes.

PM Chính emphasised Việt Nam’s determination to build an independent, resilient and deeply integrated economy by leveraging both domestic resources as a long-term strategy and foreign capital as a vital accelerator.

He called on US businesses to amplify Việt Nam’s voice in Washington, particularly in advocating for a fair and sustainable trade agreement that benefits both sides.

Việt Nam hoped the US would share in the challenges it faces as a developing country still recovering from decades of war and embargoes, the PM said. "Our economy is in transition and remains vulnerable to global shocks," he added, reiterating that "Việt Nam seeks a balanced partnership built on mutual benefit, where interests are harmonised and risks shared".

The PM also expressed the country's desire to avoid trade conflicts, especially between major economies like the US and China, and emphasised the importance of resolving disputes through rule-based negotiations and international commitments. 

He urged progress in US - China trade talks, noting the potential global benefits of such resolutions.

Against the backdrop of global uncertainty, Việt Nam is seizing the opportunity to restructure its economy and trade practices toward fairness and sustainability, according to the PM. This includes diversifying markets, products and supply chains.

The country is actively reforming its regulatory environment, cracking down on trade fraud and cutting red tape to make business easier. 

The Government is also advancing four key strategic pillars: science and technology innovation, digital transformation, international integration and legal development. Simultaneously, it is building a roadmap to establish an international financial centre to better serve domestic and foreign businesses.

Three strategic breakthroughs, particularly in transport infrastructure, energy and institutional reforms, are being prioritised, with an emphasis on transparent governance and a skilled workforce. The private sector, including foreign investors, is recognised as both the driver and beneficiary of this development model.

"The Government plays a facilitating role, while enterprises are at the centre, institutions are the driving force and infrastructure is the foundation," the PM affirmed. 

PM Chính said that Việt Nam would continue to liberalise visa policies for foreign nationals, including Americans, and expressed hope that the US government would reciprocate with more favourable visa policies for Vietnamese citizens. — BIZHUB/VNS