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Vietnam and the US agree to boost investment and innovation cooperation

Date 11/09/2023 - 20:21:00 | 155 views
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(MPI) - The US-Vietnam high-level conference on investment and innovation was held in Hanoi on September 11 with the attendance of US President Joe Biden and Vietnamese Prime Minister Pham Minh Chinh.

At the conference, 14 outstanding enterprises of both countries discussed frankly on investment cooperation opportunities with a focus on four key areas of technology and innovation, production investment, financial services and fintech, and trade and investment.

US Secretary of State Antony Blinken, US President Joe Biden, Vietnamese Prime Minister Pham Minh Chinh and Vietnamese Minister of Planning and Investment Nguyen Chi Dung (from left to right) attend the conference. Photo: MPI

In his remarks, Prime Minister Pham Minh Chinh said that one of the focuses of President Joe Biden’s visit is to promote the development of Vietnamese economy with technology and innovation-based. As General Secretary Nguyen Phu Trong emphasised “Boosting economic, trade and investment cooperation with an innovation-based is a foundation, focus and impetus for the relations; and science and technology are new breakthroughs for the Vietnam-US comprehensive strategic partnership.”

In that spirit, Vietnamese Prime Minister and US President agreed to turn technology, innovation and investment to truly new pillars of the countries’ comprehensive strategic partnership. Prime Minister Chinh acknowledged the US President’s view that innovation is the key to unlock our future.

He suggested both businesses to prioritise resource for investment in science, technology and innovation, particularly digital transformation, semiconductor industry, green growth, renewable energy, response to climate change and circular economy.

As Vietnam sets target of becoming a modern industrial country with upper-middle income by 2030, and a developed and high-income country by 2045, the country identifies science, technology and innovation are one of important motivations for development. The country’s consistent policy is to call for investment and open market with all partners and businesses worldwide, especially those from the US.

Prime Minister Chinh informed that to create optimal conditions for enterprises, Vietnam has focused on developing human resource, building preferential policies to accelerate digital transformation and develop renewable energy, semiconductor industry, high-tech parks and innovation and financial centres, and engaging in the global value chain to lure foreign strategic investors, including those of the US.

“We look forward to receiving continued political assistance from the US Government and President Joe Biden, and commitments in capital, science and technology and high-quality human resources training form the business community to help Vietnam transform its growth model and restructure the economy towards a green, rapid, sustainable and inclusive growth”, he stated.

The Vietnamese leader said the Vietnam-US comprehensive strategic partnership stands for new thinking, new vision and new driving force, and created new strengths and values. He asked both sides to cooperate, share and support each other in the spirit of harmonised benefits and shared risks, and investors’ success is Vietnam’s success.

At the event. Photo: MPI

Agreeing with Prime Minister’s proposals, US President Joe Biden hailed Vietnam’s development achievements with big changes over the past 20 years.

He said there are ample rooms for the two countries to promote partnership in all spheres to bring common prosperity.

The US will coordinate and support Vietnam to seize all chances in its development path, President Joe Biden said, calling on Vietnam and its businesses to work closely in the areas of science, technology, innovation, semiconductor industry, cloud computing, green transformation, response to climate change and personnel training, especially participating deeply in regional and global supply chains.

He emphasised that the upgrade of comprehensive strategic partnership is only starting point, the two countries and businesses need to strengthen cooperation to go further, for the prosperity of society and ensure of supply chain. The US President also affirmed his support to help Vietnam grasp its potentials./.

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