On November 27, 2023, Prime Minister Pham Minh Chinh attended the 2024 US-Vietnam Business Summit, a significant event co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and the American Chamber of Commerce (AmCham) in Hanoi. This summit, themed “Policies and Approaches to Ensure Mutual Beneficial Commercial Relations,” gathered a diverse group of attendees, including US Ambassador to Vietnam Marc Knapper, ambassadors from various countries, and leaders from both Vietnamese and American businesses. Notably, US Secretary of State Antony Blinken and former US Trade Representative Michael Froman participated via videoconference, underscoring the importance of this bilateral dialogue.
In his address, Prime Minister Chinh reflected on the historical context of Vietnam’s foreign policy towards the United States, tracing its roots back to 1946 when President Ho Chi Minh expressed Vietnam’s desire for diplomatic relations with the US. This historical perspective set the tone for the summit, highlighting the evolution of the Vietnam-US relationship over nearly three decades. Chinh emphasized that the relationship has transformed into a Comprehensive Strategic Partnership, a testament to the efforts of leaders and citizens from both nations, as well as the vital contributions of their businesses.
Chinh articulated his belief that success in investment and business hinges on three key elements: time, intellect, and decisiveness. He called upon enterprises to collaborate in investment and business activities, urging them to engage in addressing global challenges while fostering the bilateral relationship. This call to action reflects a broader vision for economic cooperation that transcends mere transactional relationships, aiming for a deeper, more integrated partnership.
The Prime Minister outlined six key tasks and three strategic breakthroughs that Vietnam is focusing on to thrive in this new era of prosperity. Major infrastructure projects, such as the high-speed expressway system and the North-South high-speed railway, were highlighted as transformative initiatives that could significantly alter the economic landscape. Additionally, Chinh mentioned the importance of developing the digital economy, green economy, and circular economy, emphasizing innovation and the potential of the fourth Industrial Revolution to drive Vietnam’s growth.
In his remarks, Chinh also addressed the need for a conducive business environment, stressing the importance of stable, transparent policies that align with international standards. He urged the US to remove existing barriers and sanctions against Vietnam, advocating for the recognition of Vietnam’s market economy status. This appeal reflects Vietnam’s commitment to creating a favorable climate for foreign investors, particularly from the US, to enhance cooperation and mutual benefits.
The Prime Minister’s vision for “harmonised interests and shared risks” resonated throughout the summit, encouraging enterprises to support one another in integrating into new supply chains. He called on US businesses to undertake larger-scale investment projects that could yield significant impacts, thereby fostering breakthroughs in investment cooperation between the two nations. This collaborative approach aims to strengthen the economic ties that bind the two countries.
Chinh further invited US businesses to expand their financial investments in Vietnam, emphasizing the importance of technology transfer, human resource training, and sharing management expertise. He identified key sectors ripe for collaboration, including high technology, renewable energy, infrastructure development, and logistics. This focus on specific industries highlights Vietnam’s strategic priorities and its readiness to engage with US investors in meaningful ways.
US Secretary of State Antony Blinken, speaking at the summit, echoed the sentiments of cooperation and partnership. He noted that the relationship between the two countries and their businesses is flourishing, yielding tangible benefits for both peoples. The statistics speak volumes: the US is Vietnam’s second-largest trading partner and largest export market, with bilateral trade reaching a record high of $110.8 billion in 2023. This robust trade relationship positions Vietnam as a crucial link in the US’s global supply chain.
The summit served as a platform for timely discussions on the policies and directions necessary for fostering a mutually beneficial trade and investment relationship. Participants focused on the need for reasonable regulations, the full harnessing of the digital economy’s potential, and addressing energy security and development needs through practical actions. The emphasis on maintaining competitiveness through increased productivity and risk reduction reflects a shared commitment to sustainable economic growth.
Overall, the 2024 US-Vietnam Business Summit highlighted the deepening ties between the two nations, showcasing a shared vision for a prosperous future built on collaboration, innovation, and mutual respect. As both countries navigate the complexities of the global economy, their partnership stands as a beacon of opportunity, promising to yield benefits for their peoples and economies alike.
