Vietnam's parliament and government welcome US companies' advice on improving the legal framework and investment conditions in Vietnam, Chairman of the National Assembly Vuong Dinh Hue said on March 20.

Chairman of the National Assembly Vuong Dinh Hue meets with US companies on March 20. Photo: Vietnam News Agency

The top legislator also proposed that the USABC and its partners help Vietnam enhance national competitiveness and remove bottlenecks for better performance of American businesses.

"Vietnam wants US businesses to invest more in several priority sectors, such as green transition, clean energy, renewable energy, infrastructure, digital economy, high technology, and pharmaceuticals - electronics - semiconductors," Hue said.

The Vietnamese official also urged the American delegates to join Vietnam in research and development, innovation and science. He expected US investors to provide professional, financial and technical assistance to Vietnamese start-up projects, benefiting both sides.

According to Chairman Hue, USABC, with its broad contact network, will enhance the relations between the two parliaments, while their powers will help gain the US Government’s recognition of Vietnam’s market economy status.

"The Vietnamese National Assembly always wants Vietnam-US relations to grow strongly for the benefit of the two peoples and two business communities," Hue said, adding that Vietnam will do its best to create a favorable environment for US businesses and investors to continue and expand their operations in the country.

At the meeting with the Chairman of the Vietnamese Parliament, Ted Osius, President and CEO of the US-ASEAN Business Council (USABC), said that American businesses are committed to fulfilling the missions outlined in the two nations' Comprehensive Strategic Partnership Declaration.

US businesses are keenly interested in sectors of the economy that align with Vietnam's development priorities, he said.

He said the USABC has prepared a report for the US Department of Commerce that provides evidence of Vietnam's market economy. Vietnam should work to guide government agencies and enterprises to avoid double taxation in e-commerce and digital platforms.

Government agencies should issue a directive to help small and medium-sized enterprises with public-private partnership (PPP) projects, he added.

According to US Ambassador to Vietnam Marc Evans Knapper, American businesses see Vietnam as an important market and are strongly committed to realizing the potential between the two business communities.

He thanked the Vietnamese National Assembly and Chairman Hue for their support in advancing bilateral relations, especially after Vietnam and the US upgraded their relations to the comprehensive strategic level during President Joe Biden’s visit to Hanoi in early September 2023.

For his part, Vuong Dinh Hue, Chairman of the Vietnamese Parliament, appreciated that this was the first visit of the USABC to Vietnam since the two nations upgraded their bilateral relations. He stressed that the US has always been one of Vietnam's most important partners.

"Vietnam hopes to advance our relations with the US while respecting each other's independence, territorial sovereignty and political regime. Vietnam regards the US as a top priority partner and expects our bilateral relations to reach new heights," Hue said.