Advantages for US businesses to expand investment in Vietnam

During his working trip to the United States to attend the High-Level Debate of the 80th United Nations General Assembly in New York, on September 23 (local time), President Luong Cuong attended and spoke at a Dialogue with large US enterprises.

The event was jointly organized by the Ministry of Industry and Trade of Vietnam, the Embassy of Vietnam in the United States, the US-ASEAN Business Council (USABC), the US Chamber of Commerce (USCC) and the Business Council for Common Understanding (BCIU).

This is one of the important bilateral foreign affairs activities, demonstrating Vietnam's determination to promote economic , trade and investment cooperation with the United States - Vietnam's comprehensive strategic partner.

Deputy Prime Minister Bui Thanh Son, Minister of Industry and Trade Nguyen Hong Dien and leaders of Vietnamese ministries and branches accompanied President Luong Cuong in this activity.

President Luong Cuong chaired a dialogue with major US businesses.

The seminar was attended by senior leaders of many of the world's leading US corporations in the fields of technology, energy, logistics, healthcare, finance and consumption, including Amazon, Apple, Meta, Coca-Cola, Warburg Pincus, Amway, Atlas Air, Excelerate Energy, EXCEL Services Corporation and Vantive.

On the Vietnamese business side, the Dialogue had the participation of a number of typical corporations such as: Vietnam National Industry and Energy Group, Vietjet, HDBank, Kinh Bac Urban Development Corporation, contributing to deepening the connection between the business communities of the two countries.

Speaking at the seminar, President Luong Cuong highly appreciated the significance, role and importance of this event.

Taking place on the occasion of the 30th anniversary of the establishment of diplomatic relations between Vietnam and the United States (1995 - 2025) and the 2nd anniversary of the establishment of the Comprehensive Strategic Partnership framework (2023 - 2025), the President affirmed that economic, trade and investment cooperation is always a key pillar and an important driving force for the bilateral relationship to develop more substantially, sustainably and deeply.

To help US businesses and many partners better understand the business investment environment as well as the advantages of cooperation and investment in Vietnam, President Luong Cuong summarized Vietnam's economic development process.

According to the President, after nearly 40 years of Renovation, from an inefficient economy with an average income per capita of less than 100 USD in 1986, Vietnam has risen strongly and become one of the top 32 economies, with trade turnover in the top 20 in the world.

Currently, Vietnam has signed 17 new generation free trade agreements, creating a closely linked network with more than 60 major regional and global economies.

In particular, in the context of the constantly fluctuating world economy, Vietnam has maintained macroeconomic stability, achieved an impressive growth rate twice the average of developing countries, and controlled inflation well. Vietnam's international position and prestige have been increasingly enhanced.

With the above advantages, President Luong Cuong called on: "The US business community should boldly seize the opportunity, expand its presence and invest on a larger and deeper scale in Vietnam, and together with Vietnam create a new era of cooperation that is promising and sustainable. Vietnam respectfully invites leading US corporations to set up their Asia-Pacific headquarters and Research and Development (R&D) centers in Vietnam."

Affirming that the history of Vietnam-US relations over the past 30 years is a vivid proof of the journey of healing and building trust between the two countries, and a model in international relations, President Luong Cuong emphasized that the Vietnam-US relationship is a great driving force for Vietnam's sustainable development.

“Economic, trade and investment cooperation has always been a key pillar in the relationship between the two countries. Bilateral trade turnover in 2024 will reach more than 138 billion USD. The presence and effective business operations in Vietnam of leading US corporations such as Apple, Intel, Nike... are proof of the trust and potential for cooperation between the two sides,” President Luong Cuong informed.

The President acknowledged and appreciated the contributions of foreign investors, including the US business community, who have joined Vietnam in creating today's important economic achievements.

Sharing Vietnam's strategic orientations and priorities in the coming period, President Luong Cuong said that by 2045, Vietnam aims to build a prosperous and happy country, becoming a developed country with high income.

Along with that, Vietnam aims to become a strategic link in the global supply chain, a production base and a center for innovation, research and development (R&D) in the Asia-Pacific region. Vietnam is not only a "factory" but also an "intellectual center" of the world.

To realize this vision, Vietnam has carried out strong institutional reforms, considering this as the core driving force for development. Vietnam has completed the arrangement of two-level government nationwide, ensuring streamlining, effectiveness and efficiency; revised and perfected important laws such as the Investment Law, Enterprise Law, Land Law, creating a transparent and open business environment; implemented the National Digital Transformation Strategy, reformed administrative procedures, built e-government, promoted innovation, green economy and renewable energy, etc.

The President affirmed that Vietnam is ready to create all favorable conditions for US corporations to expand their presence, set up regional headquarters and research centers in Vietnam. At the same time, he called on US businesses to promote their role as a bridge with the US Government to promote a fair trade process, balancing the interests of both sides.

Welcome US investment in Vietnam in strategic areas

Continuing that strategic orientation, speaking at the Dialogue, Minister of Industry and Trade Nguyen Hong Dien affirmed that the United States has always been identified by Vietnam as one of its leading economic and trade partners, not only because of its trade scale but also because of its strategic role in stabilizing the global supply chain.

Minister Nguyen Hong Dien said that the economic relationship between the two countries is not only measured by trade turnover but also demonstrates trust, mutual support and long-term strategic value.

Vietnam has now become the third largest economy in ASEAN, ranked among the top 20 economies in terms of trade volume in the world and among the top 15 most attractive FDI destinations globally. "These figures reflect Vietnam's strong appeal to the international community, including US businesses," said Minister Nguyen Hong Dien.

According to the Minister, Vietnam is promoting institutional reform, considering this a key driving force for sustainable development. Vietnam welcomes US corporations to invest in strategic areas such as digital technology, renewable energy, infrastructure, finance and healthcare.

Regarding the US reciprocal tax, Minister Nguyen Hong Dien hopes that the US business community will continue to have a strong voice with the US Government, promoting a reciprocal trade negotiation process, ensuring fairness and harmonizing the interests of both countries. The support of US businesses is extremely necessary to create agreements that bring long-term benefits, creating a solid foundation for bilateral economic cooperation.

Minister Nguyen Hong Dien and the Vietnamese Government are committed to creating a transparent, stable, and safe legal environment, accompanying businesses with the motto "your success is also our success".

Vietnam - a global strategic destination for US businesses

During the discussion, representatives of US corporations informed about investment cooperation activities in Vietnam, pointed out great potential and cooperation opportunities, as well as shared experiences and made recommendations so that corporations can contribute more to Vietnam's development.

US corporations expressed their admiration for Vietnam's economic and social progress and highly appreciated Vietnam's development strategy in the new era. They believed that with the outlined orientations, Vietnam would become an attractive destination for international investors and would achieve many successes in the future.

Amazon representatives expressed their desire to continue expanding cooperation in Vietnam in the fields of e-commerce, satellite technology and cloud computing.

Coca-Cola reaffirmed its long-term commitment to Vietnam, citing the launch of its new factory in Tay Ninh as evidence of its investment strategy linked to sustainable development.

Along with that, Warburg Pincus, one of the largest international investors in Vietnam, expressed confidence in the stable and transparent investment and business environment, while emphasizing plans to continue expanding its presence.

Energy corporations such as Excelerate Energy and EXCEL Services Corporation affirmed their desire to accompany Vietnam in its strategy of ensuring energy security, developing clean energy and nuclear power projects.

Major US corporations agree that Vietnam has strong potential to become a leading destination for development in many fields.

Representatives of several other businesses also expressed interest in expanding production, promoting exports and building research and development centers in Vietnam, considering this a promising direction to connect the interests of both sides.

Sharing many common goals and priorities with Vietnam, from promoting digitalization, increasing exports, to ensuring equitable development, major US corporations all agree that Vietnam has strong potential to become a leading destination for development in many fields, affirming their commitment to investment cooperation activities in Vietnam.

With frank and trustworthy exchanges, the Dialogue with major US businesses demonstrated the common determination of the leaders and business communities of the two countries in creating a new phase of cooperation, towards prosperity and sustainable development of Vietnam, the United States and the international community.

This event, together with Vietnam's activities at the 80th United Nations General Assembly, contributed to affirming Vietnam's increasingly proactive and positive role in both bilateral relations and global issues.

Minister of Industry and Trade Nguyen Hong Dien and leaders of the Government, ministries, and sectors accompanied President Luong Cuong to attend the High-level General Debate of the 80th session of the United Nations General Assembly, combined with bilateral activities in the United States, from September 21 to 24.

According to congthuong.vn

Source: https://huengaynay.vn/kinh-te/nhieu-doanh-nghiep-hang-dau-cua-hoa-ky-muon-mo-rong-dau-tu-tai-viet-nam-158080.html