VINACHEM

At the Vietnam-U.S. Business Summit, Prime Minister Pham Minh Chinh urged the U.S. to recognize Vietnam as a market economy and deepen trade and investment ties.

During the Vietnam-U.S. Business Summit on November 27, Prime Minister Pham Minh Chinh called on the U.S. to expedite the recognition of Vietnam as a market economy and to lift restrictions on high-tech exports to the country.

The summit, themed "Policies and Approaches to Ensure Mutually Beneficial Trade Relations," was attended by U.S. Secretary of State Antony Blinken, officials from both governments, and representatives from the business communities of the two nations.

The U.S. is Vietnam’s second-largest trading partner, its largest export market, and a top investor. Vietnam, in turn, has become one of the U.S.’s top 10 trading partners. Bilateral trade reached a record $110.8 billion in 2023 and continues to grow, with trade volume in the first 10 months of 2024 already surpassing the previous year’s total.

Vietnam plays a critical role in the U.S. supply chain, while American businesses and investors have significantly contributed to Vietnam’s economic transformation. Secretary Blinken highlighted the vibrancy of bilateral cooperation, noting Vietnam’s growing importance on the global stage.

Deputy Foreign Minister Do Hung Viet reflected on the historic trade agreement between the two countries, approved by Vietnam’s National Assembly 23 years ago, and noted how economic ties have flourished since.

Prime Minister Chinh emphasized that trade is the most successful aspect of the Vietnam-U.S. relationship. Despite notable progress, he observed that American investment in Vietnam remains modest compared to its potential.

He urged U.S. businesses to seize opportunities in Vietnam’s key development projects, including: High-speed North-South railways
Large-scale airports and seaports; A comprehensive highway network; National data centers; New development spaces such as aerospace, underground infrastructure, and marine economy.

He also called for the U.S. to recognize Vietnam as a market economy - a longstanding issue - and to remove restrictions on high-tech exports.

Prime Minister Chinh reiterated Vietnam’s commitment to fostering innovation and cooperation based on the principles of shared benefits and risk mitigation.

"Harmony of interests and shared risks between the State, businesses, and the people will lead to mutual success and happiness," he stated.

Reflecting on President Ho Chi Minh's historic letter to President Harry Truman in 1946, which expressed a desire for comprehensive cooperation with the U.S., the Prime Minister emphasized the extraordinary progress achieved in bilateral relations and urged both nations to continue working together toward shared prosperity.  – Source: VNN –