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Tuesday, December 1 2020
Tiếng Việt
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Date 05/03/2020-15:15:00 PM
Minister Nguyen Chi Dzung meets with the US-ASEAN Business Council
(MPI) - On March 4, 2020, at the headquarters of the Ministry of Planning and Investment, Minister Nguyen Chi Dzung met with the US-ASEAN Business Council (USABC) led by Mr. Alexander Feldman, Chairman of USABC’s Board of Directors and Mr. Jocot de Dios, Chairman of Vietnam Committee, co-head of the delegation.
USABC Board Chairman Alexander Feldman speaks at the meeting.Photo: MPI

Speaking at the meeting, USABC Board Chairman Alexander Feldman thanked Minister Nguyen Chi Dzung for the hospitality in the context of complicated COVID-19 epidemic. He also emphasized that 2020 was an important milestone of 25 years of Vietnam-US cooperation, showing the trust of the two governments in the mutual cooperation. Vietnam's efforts to control the COVID-19 epidemic have received appreciation from the international community, especially by the US Centers for Disease Control and Prevention, and the U.S. Embassy to Vietnam.

Speaking at the meeting, Minister Nguyen Chi Dzung warmly welcomed USABC to visit and work in Vietnam, which demonstrates the trust of the US government in Vietnam in the context of complicated developments of the COVID-19 epidemic.

Updating Vietnam's socio-economic situation, Minister Nguyen Chi Dzung said that Vietnam had been maintaining good growth momentum in recent years. Accordingly, macroeconomic stability and improvement of growth quality, economic restructuring, and so forth are insured. Vietnam has maintained a high growth rate of over 7%, competitiveness indicators, innovation, investment environment, etc. have been assessed to increase in recent years and Vietnam has become an attractive destination for foreign investors. Currently, Vietnam is at an important point of time, ending the 5-year Socio-Economic Development Plan for the period 2016-2020 and the 10-year Socio-Economic Development Strategy for the period of 2011-2020 and taking steps to formulate new socio-economic development plans and strategies.

Minister Nguyen Chi Dzung speaking at the meeting.Photo: MPI

Although in the recent period, Vietnam has achieved many important achievements, challenges remain.Compared to the world, Vietnam is in danger of falling behind. The average income in 2019 is still low, a big gap compared with other countries.Besides, there are many internal challenges such as economic structure, human resource quality, infrastructure, etc. Vietnam has participated in free trade agreements, opening up great opportunities but will also face competitiveness from other countries, which requires Vietnam to have great reform.Along with that are challenges of poverty, rich-poor gap between regions, climate change, and so forth.

In order to achieve the set goals, Vietnam determined to quickly find a new direction for the economy, continuing to accelerate restructuring of the economy in a more effective and substantial manner and breakthroughs on infrastructure, institution, and human resources.Vietnam plans to focus on new incentives to speed up such as science and technology, innovation and human resources, cultural values.At the same time, Vietnam will continue to reform more strongly, especially in administrative procedures, attracting foreign direct investment, clearing bottlenecks, releasing resources from domestic investment.

Minister Nguyen Chi Dzung hoped that through direct investment, US businesses would contribute to reducing trade surplus, towards balancing the Vietnam-US trade.He also expected the United States to occupy a higher position among foreign investors in Vietnam.

Panorama of the meeting.Photo: MPI

At the meeting, representatives of American enterprises and groups operating and doing business in Vietnam shared their production and business situation and proposed solutions to boost investment of the US businesses in Vietnam.

Thanks to the share of US enterprises and groups, Minister Nguyen Chi Dzung emphasized that the Ministry of Planning and Investment was ready to talk and solve problems of businesses investing in Vietnam, andwilling to discuss with businesses about new projects.This is an opportunity when Vietnam possesses a dynamic economy, good conditions of human resources, and improved business investment environment.Vietnam has signed 13 major free trade agreements, of which two crucial agreements are CPTPP and EVFTA. This will be a very good opportunity for investment.

Vietnam hoped that US businesses continued investing and doing business effectively, contributing to the development of Vietnam, promoting cooperation and creating opportunities for Vietnamese enterprises to develop and participate in the global value chain, further strengthening the Vietnam-US cooperation relationship, Minister Nguyen Chi Dzung emphasized./.

Ministry of Planning and Investment

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