WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Vietnam calls for more US investment in innovation, hi-tech
Ngoc Mai 15:24, 2024/09/24
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.

General Secretary and State President To Lam hopes US investors will expand investments in areas like science and technology, innovation, green and digital economies, chip manufacturing, AI, IoT, renewable energy, finance, biotechnology, and healthcare.

 The party chief and senior government officials at the event. Source: VNA

The Party Chief shared the view during a roundtable discussion with major US businesses in New York on September 23.

At the forum, US businesses expressed their appreciation for the Vietnamese leadership’s focus on economic development, particularly the commitment to resolving institutional challenges to help businesses overcome difficulties and boost production and trade activities.

They also discussed opportunities for cooperation across sectors where Vietnam has significant potential, expressing a desire to invest in Vietnam soon.

The US business representatives voiced confidence in achieving positive economic outcomes and emphasized their priority to support Vietnam’s sustainable development efforts. They also hoped that the Vietnamese government would create favorable mechanisms and policies to facilitate smooth and long-term investment cooperation.

General Secretary and President To Lam acknowledged the complex and unpredictable global economic landscape. 

The Asia-Pacific region remains a global growth driver, and the fourth industrial revolution is reshaping economies, with the US continuing to lead in finance, science, technology, and innovation. Within this context, the Vietnam-US relationship has grown stronger, deeper, and more comprehensive, built on trust and mutual benefits, contributing to regional and global peace, stability, and sustainable development, he said.

 Overview of the event. 

On investment, the US remains one of Vietnam's top partners, with most major US corporations having established a presence and achieved success in Vietnam. Meanwhile, more Vietnamese businesses are also investing in the US. Bilateral trade reached over $110 billion in 2023, marking the third consecutive year surpassing $100 billion, reaffirming the US as Vietnam's largest export market.

However, the General Secretary and President noted that there remains vast potential for cooperation between the two countries. This potential is driven by internal strengths and the momentum from their Comprehensive Strategic Partnership. He stressed that this partnership would enhance mutual consensus and facilitate the mobilization of resources for key cooperative initiatives that benefit both sides.

After listening to insights and meeting with leading corporations, To Lam expected US companies to become Vietnam’s largest investors, leveraging opportunities and operating based on mutual respect and benefit, in line with the Comprehensive Strategic Partnership. He urged relevant agencies to address any difficulties faced by investors and improve the investment environment to facilitate increased US investment in Vietnam, particularly in science, technology, and innovation.

 The Party Chief witnesses the signing of cooperation agreement between businesses of the two countries. 

The General Secretary and President also expressed hope that US investors would support the US government in recognizing Vietnam as a market economy, paving the way for smoother business cooperation.

He affirmed that Vietnam’s foreign investment sector is an integral part of its socialist-oriented market economy, playing a crucial role in driving economic transformation, institutional reform, and improving Vietnam’s international standing. Vietnam is committed to creating favorable conditions for both domestic and foreign enterprises to thrive.

Reflecting on the positive outcomes of Vietnam-US economic cooperation, To Lam expressed optimism about entering a new era in bilateral relations. He envisioned both nations working together to overcome challenges, seize opportunities, and build a prosperous and peaceful world.

On this occasion, To Lam witnessed the signing of several agreements between Vietnamese and US businesses, including:

  • - A cooperation agreement on energy transition and technology transfer between the Vietnam National Oil and Gas Group (PVN) and Kellogg Brown & Root,
  • - A memorandum of understanding (MoU) on software solutions for the electricity and oil and gas sectors between PVN and GE,
  • - A cooperation agreement on liquefied natural gas (LNG) between PTSC and Excelerate Energy,
  • - An MoU on AI, semiconductors, and data center development between Sovico and SuperMicro,
  • - An aviation cooperation agreement between Vietjet Air and Honeywell,
  • - A cooperation agreement on natural gas production between Wealth Power Group Vietnam and Eternal Natural Resources.

RELATED NEWS
TAG: vietnam us vietnam to lam vietnam investment
Other news
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.