US Businesses Pledge Further Investment in Vietnam During Meeting with Prime Minister

Prime Minister Pham Minh Chinh on March 21 met with a delegation of 60 leading US enterprises, led by Ted Osius, President and CEO of the US-ASEAN Business Council (USABC) and former US Ambassador to Vietnam.

Prime Minister Pham Minh Chinh emphasized the positive momentum in bilateral relations since Vietnam and the US elevated their relationship to a Comprehensive Strategic Partnership. He highlighted the role of US businesses in this process, stating: "US enterprises have contributed to the healing process after the war and promoted economic, commercial, and investment cooperation, specifically between the two countries and in general; thereby also helping Vietnam develop its socialist-oriented market economy."

The Prime Minister expressed gratitude for the support of US enterprises in Vietnam's pandemic response and socioeconomic recovery. He identified economic, trade, investment, science, technology, innovation, and creativity as key pillars for strengthening the Comprehensive Strategic Partnership, in line with the vision of both countries' leaders.

Prime Minister Pham Minh Chinh underscored Vietnam's goals of becoming a developing country with modern industry and high average income by 2030 and a developed country with high income by 2045. He expressed a desire for the support of US businesses, particularly in achieving these goals.

Strong Commitment and New Investments

Ted Osius conveyed the US business community's positive outlook on Vietnam's economic prospects and its growing role as a vital production hub in the global supply chain. He emphasized their strong commitment to continued investment in Vietnam, particularly in science and technology, electronics, aviation, electric cars, logistics, energy, healthcare, finance, e-commerce, food, and tourism.

Several companies in the delegation announced new investment projects in Vietnam. Notably, Pepsi plans to invest $90 million in two new modern factories utilizing renewable energy: a food production factory in Ha Nam province and a $300 million beverage production plant in Long An province.

US businesses also raised requests for further improvements in Vietnam's legal framework, administrative procedures (particularly related to investment licensing and visas), and tax incentives in priority areas. They urged Vietnam to promote the development of a circular economy, green economy, green transportation, carbon emission reduction, and energy transition, alongside infrastructure and logistics development to facilitate further US investment.

Continued Cooperation and Priorities

Prime Minister Pham Minh Chinh expressed appreciation for the insights shared by the USABC delegation and instructed relevant ministries to address their concerns. He emphasized the meeting's outcomes of increased mutual understanding, trust, commitment to closer cooperation, and shared responsibility.

The Prime Minister urged US businesses to advocate for the early recognition of Vietnam's market economy status by the US government and the removal of Vietnam from the US list of countries with restrictions on high-tech exports.

In the spirit of "harmonious benefits, shared risks," he encouraged US businesses to expand investment in Vietnam, transfer high technology, and support Vietnam in developing institutions for smart governance and high-quality human resources.

Prime Minister Pham Minh Chinh expressed his confidence that the Comprehensive Strategic Partnership between Vietnam and the US will lead to concrete cooperation initiatives, benefitting both nations and strengthening their relationship.