Business community plays important role in Vietnam-US ties: Deputy PM

Deputy Prime Minister Pham Binh Minh (Photo: VNA)

The US business community plays an important role in promoting economic partnership between Vietnam and the US, stated Deputy Prime Minister Pham Binh Minh at an online talks with US firms on June 30 to exchange visions, initiatives and solutions in promoting bilateral ties and supporting Vietnam in post-pandemic recovery and development.

At the event, which gathered representatives of nearly 500 US firms, Minh affirmed that the Vietnamese Government is working hard in implementing the dual targets of controlling COVID-19 and boosting economic growth.

He noted that Vietnam has maintained positive growth, with expansion of 2.91 percent in 2020 and 5.64 percent in the first half of 2021. Meanwhile, the International Monetary Fund forecast that the Vietnamese economy will expand 6.5 percent this year.

The Deputy PM affirmed that economic cooperation plays a key role in the Vietnam-US relations. Two-way trade has grown strongly to 90 billion USD in 2020 from 450 million USD in 1994.

Over the years, the US has been the largest export market of Vietnam, while the country is on the 11th position out of 40 countries and territories investing in Vietnam, with total capital of nearly 10 billion USD. Combining with investment through a third country, US investors have poured over 14 billion USD in Vietnam, noted Minh, adding that many leading American firms are operating profitably in Vietnam in many areas.

Deputy PM Minh recognised and highly valued contributions by the US businesses, including the US Chamber of Commerce, US-ASEAN Business Council, and Business Council for International Understanding, in deepening the economic ties between the two countries.

The Vietnamese Government is always willing to listen to straightforward and constructive opinions from US firms regarding the country’s investment and business environment, as well as ideas on measures and solutions to lift up ties between the two countries, especially in economy, trade and investment, stated Minh.

On this occasion, the Deputy PM lauded the US commitment of 4 billion USD to the COVID-19 Vaccines Global Access (COVAX) initiative, expressing a hope that the Government and businesses of the US will continue assisting Vietnam in accessing vaccine sources as well as vaccine production technology, thus soon overcoming COVID-19 impacts to recover the economy.

At the event (Photo: VNA)

Representatives of the US firms hailed Vietnam’s achievements in COVID-19 prevention and control, as well as the economic cooperation potential between the two countries.

They gave a number of ideals on how to foster bilateral cooperation in digital economy, infrastructure building, renewable and green energy, and sustainable development, as well as collaboration in areas of Vietnam’s demand and the US’s strength.

They spoke highly of the close coordination among ministries, sectors and localities of Vietnam in seeking measures to remove difficulties and obstacles facing foreign investors, including those from the US.

Participants discussed a number of initiatives and solutions to support Vietnam in accessing vaccine supplies and seeking cooperation in vaccine production, as well as in the post-pandemic economic recovery and development./