Vietnamese Government commits to giving US companies favorable conditions and accompanying their journeys in Vietnam, said Prime Minister Pham Minh Chinh on March 21.

Prime Minister Pham Minh Chinh chairs the meeting between the Vietnamese Government and the US-ASEAN Business Council on March 21. Photo: VGP

At the conference with the US-ASEAN Business Council (USABC), Prime Minister Chinh said that Vietnam is willing to cooperate with the council to bring the Vietnam-US Comprehensive Strategic Partnership into the best practice.

To facilitate better conditions for foreign companies, the Vietnamese government leader said that Vietnam adopts the model of “three guarantees” and “three togetherness” by seeing foreign investors as an essential part of the Vietnamese economy.

“Vietnam always cherishes foreign companies' contributions to the country’s economic growth and encourages them to grow stronger. We promise to create favorable conditions for these companies to achieve long-term operations and become fairly competitive to others,” Chinh said.

In addition, the Government ensures fair treatment, benefits, and rights for international companies on the principle of “balanced interests, shared risks".

Furthermore, the Vietnamese government leader also guaranteed foreign investors stable political and social security so that their operations would be unharmed, he said.

Regarding the “three togetherness” principle, Prime Minister Chinh promised that the Government would listen to the opinions and concerns raised by the business community and people.

“The Government and the business community share similar visions and actions to develop the economy and enhance the bilateral relations between the two countries,” he said.

We want to do things together, enjoy the outcomes together, win together, and develop together,” he told the conference.

Prime Minister Pham Minh Chinh (right) greets Ted Osius, President and CEO of the US-ASEAN Business Council, at the event. Photo:  VGP

In his part, USABC President and CEO Ted Osius and American business executives appreciated that the Vietnamese Government has taken serious measures to improve the business environment. They also thanked the government for supporting the business community, including US investors.

The council pledged to make stronger investments in Vietnam to help foster the fields of science and technology, electronics and semiconductors, aviation, e-vehicle, logistics, energy, health, finance and banking, e-commerce, food and beverage, and tourism.

US businesses are impressed by Fitch Ratings’ decision to lift Vietnam’s long-term national credit in late 2023 and see Vietnam as an essential manufacturing hub in the global supply chains, Ted said, adding that American investors are eager to explore new opportunities in the country.

For instance, beverage firm Pepsi will build two new clean-energy-based plants in Ha Nam and Long An provinces with a total investment capital of US$390 million.

Ted said that US companies want the Vietnamese Government to continue reforming the legal framework, ease administrative rules, give more tax incentives, promote the growth of the digital economy, green economy, green transport, less carbon emissions, and energy transition for higher operating efficiency.

On the occasion, PM Chinh sent his sincere thanks to the US Government and US companies for having sided with Vietnam to fight the Covid-19 pandemic and recover in the post-pandemic stage.

According to the Prime Minister, the Vietnam-US relationship is a role model partnership, which has helped the two nations overcome past differences for mutual benefits, peace, and socio-economic development.

“We appreciate that American companies have helped the two nations seal the wounds, enhanced our comprehensive bilateral relations, and given Vietnam a hand to develop our market-oriented economy,” he said.

Prime Minister Pham Minh Chinh meets US business executives at the meeting. Photo:  VGP

Economic cooperation, trade and investment, science and technology, and innovation and creativity are among the key fields that will improve the relations between Vietnam and the US, as expected by General Secretary of the Vietnamese Communist Party Nguyen Phu Trong and President Joe Biden, the Government top official said.

Chinh highlighted the milestone of September 2023 when Vietnam and the US upgraded their relations to the comprehensive strategic partnership level, saying the two governments have met and had solutions to put the deal into effect.

The Prime Minister said that the USABC and member companies have made handy efforts to promote cooperation between the two economies. He expected American businesses to extend their support for Vietnam to become a modern, middle-income economy in 2030 and a modern, high-income economy in 2045.

PM Chinh also urged US companies to assist the Vietnamese Government and people in dealing with other issues, such as climate change, depletion of natural resources, and infectious diseases, as Vietnam is still vulnerable to external factors.

To execute the action plan of the Vietnam-US Comprehensive Strategic Partnership, Prime Minister Chinh called on American companies to counsel the US Government to recognize Vietnam’s market economy status soon and remove Vietnam from the list of nations that are banned from hi-tech exports.

In addition, the Vietnamese Government leader expected US investors to expand their operations in Vietnam, transfer technologies to local partners, assist Vietnam in reforming its legal framework and improve the governance and administration systems, and work with local schools to develop a highly skilled workforce.

He believed the Comprehensive Strategic Partnership between Vietnam and the US would progress with new activities and positive outcomes, thus driving the bilateral relations forward.