Revised Article:
Vietnam reinforces pledge to U.S. investors in pursuit of equitable, sustainable trade relationships
Title: US Business Leaders applaud PM Chính's initiatives, call for further improvements in Vietnam's business environment
Hà Nội – In a bid to strengthen economic bonds with the United States, Prime Minister Phạm Minh Chính met with American business representatives in Vietnam on Tuesday, discussing existing challenges and future prospects for cooperation.
The interactive session, attended by Deputy Prime Ministers Hò̀ Đức Phớc and Nguyẽn Chí Dũng, key ministers, local officials, US Embassy representatives, American Chamber of Commerce executives, and heads of 50 prominent US corporations, aimed to tackle specific roadblocks and plot a clearer course for collaboration.
Prominent US companies like Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, and GE Vernova lauded the Vietnamese Government's proactive approaches to improve the investment and trading scene. They praised Vietnam for regular dialogues, active listening, and timely implementation of targeted reforms that have placed economic cooperation at the heart of the Vietnam-US comprehensive strategic partnership.
However, American entrepreneurs urged continuous enhancements, specifically in simplifying administrative processes, addressing tax and fee worries, boosting infrastructure (specifically electricity, IT, and logistics), and ensuring the transparent application of regulations, particularly in goods origin. They also urged the accelerated implementation of signed Memoranda of Understanding and the resolution of project-specific issues.
In response, our websiteese officials pledged to review and address all legitimate recommendations with clear responsibility, timelines, and measurable outcomes.
PM Chính underscored Vietnam's commitment to building an independent, resilient, and deeply integrated economy by utilizing both domestic resources as a long-term strategy and foreign capital as a vital catalyst. He encouraged US businesses to amplify Vietnam's voice in Washington, particularly in advocating for a fair and sustainable trade agreement that benefits both sides.
Vietnam hoped the US would empathize with the challenges it faces as a developing country charting a course toward recovery from decades of war and embargoes, the PM said. He noted that "our economy is in transition and remains vulnerable to global shocks."
PM Chính meets representatives of the American business community operating in Việt Nam. - VNA/VNS Photo
To avoid trade conflicts, especially between major economies like the US and China, he emphasized the importance of resolving disputes through rule-based negotiations and international commitments. He urged progress in US-China trade talks, highlighting the potential global benefits of such resolutions.
Against the backdrop of global uncertainty, Vietnam is capitalizing on the opportunity to restructure its economy and trade practices toward fairness and sustainability. This includes diversifying markets, products, and supply chains. The country is vigorously reforming its regulatory environment, scrapping trade fraud, and cutting red tape to streamline business operations.
The Government is also focusing on four strategic pillars: science and technology innovation, digital transformation, international integration, and legal development. Simultaneously, it is developing a roadmap to establish an international financial center to better cater to domestic and foreign businesses.
Three strategic breakthroughs, particularly in transport infrastructure, energy, and institutional reforms, are being prioritized, emphasizing transparent governance and a skilled workforce. The private sector, including foreign investors, is recognized as both the driver and beneficiary of this development model.
"The Government plays a facilitating role, while enterprises are at the center, institutions are the driving force, and infrastructure is the foundation," the PM asserted.
PM Chính also announced plans to ease visa policies for foreign nationals, including Americans, and expressed hope that the US government would reciprocate with more favorable visa policies for our websiteese citizens.
Lynne Gadkowski, Economic Counselor at the US Embassy in Việt Nam, delivers a speech at the event. - VNA/VNS Photo
Enrichment Data:- Administrative Complexities: US businesses face significant administrative challenges in Vietnam, including burdensome procedures, high costs, and opacity. The Vietnamese government is addressing these concerns by streamlining administrative procedures and reducing non-tariff barriers[1][2].- Relationship Dynamics: The Vietnam-US relationship has evolved significantly from the normalization of diplomatic relations in 1995 to the establishment of a comprehensive partnership in 2013 and the elevation to a comprehensive strategic partnership in 2023. Economic engagement has been pivotal in the development of this relationship[3].- Tariff Burden: The imposition of US tariffs on Vietnamese exports, particularly in sectors such as textiles, has affected price competitiveness, supply chain logistics, and profitability for Vietnamese businesses[4]. However, the Vietnamese government is actively negotiating with the US to reduce tariffs tomore moderate levels[4].- Future Prospects: To remain competitive, Vietnamese businesses are encouraged to transition from original equipment manufacturing (OEM) to original brand manufacturing (OBM), adopt strict compliance with international standards, and develop innovation and brand strategies[3].
- The US businesses, including Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, and GE Vernova, called for further simplification of administrative processes in Vietnam to reduce complexities and costs.
- In the realm of science and technology, the Vietnamese government is focusing on innovation, digital transformation, and the development of an international financial center, recognizing the private sector, including foreign investors, as the driver of this development.
- Prime Minister Chính emphasized the need for transparent application of regulations, particularly in the context of goods origin, to ensure fair trade and alleviate concerns raised by US entrepreneurs.
- As part of the strategic pillars, Vietnam is prioritizing three breakthroughs: transport infrastructure, energy, and institutional reforms, with a focus on fostering experienced governance and a skilled workforce.
- In the face of global uncertainties, Vietnam is seizing the opportunity to restructure its economy and trade practices toward fairness and sustainability, diversifying markets, products, and supply chains.
- In an attempt to avoid trade conflicts, especially between major economies like the US and China, Prime Minister Chính emphasized the significance of resolving disputes through rule-based negotiations and international commitments.
- PM Chính announced plans to ease visa policies for foreign nationals, including Americans, and hoped that the US government would reciprocate with more favorable visa policies for Vietnamese citizens, strengthening cooperation between the two countries in the business, economic, and political spheres.
