(MPI) - Deputy Minister of Planning and Investment Tran Duy Dong held a working session on April 9 with the U.S.’s Washington State Senator June Robinson and a delegation from the state.

Deputy Minister of Planning and Investment Tran Duy Dong and the U.S.’s Washington State Senator June Robinson. Photo: MPI

The delegation includes leaders of the State agencies as well as representatives of associations, businesses, and universities, which demonstrate great interest of the US in deepening the recent upgraded of Vietnam - US comprehensive strategic partnership on the occasion of President Joe Biden’s visit to Vietnam in September 2023. This is an important foundation for continuing to foster bilateral cooperation as the two countries have advantages to support and complement each other in many fields.

Deputy Minister Dong said that economic and investment relations between the two countries have achieved many positive results and developing fruitfully in multiple areas. The US has 1,350 projects worth 11.8 billion USD in Vietnam by the end of March 2023, ranking 11th out of 145 countries and territories investing in the country. Vietnamese investors run more than 230 projects with a total registered investment capital of over 1.3 billion USD in the US.

Trade between the two countries reached more than 110 billion USD in 2023, affirming the US’s important position as Vietnam’s second largest trading partner and the largest export market; Vietnam is also in the group of ten largest trading partners of the US. However, Deputy Minister Dong pointed out that economic and investment ties is still not commensurate with the potential and strengths of the two sides.

The comprehensive strategic partnership between the two countries highlights innovation and high technologies (including semiconductors and artificial intelligence - AI) as breakthroughs for cooperation, in which the two sides will coordinate actively to enhance Vietnam’s position in the global supply chain. Vietnam is ready to welcome and cooperate with US investors and businesses in the mentioned above areas, he added.

The deputy minister proposed businesses in Washington State and the US consider collaborating with the Ministry of Planning and Investment (MPI) to build research and development (R&D) centres and technology demonstration areas at the MPI’s National Innovation Centre (NIC).

He also asked both sides to strengthen connectivity between Washington State businesses, universities and research institutes with Vietnamese partners to improve training quality, increase output for human resources in the semiconductor industry, and support lecturers, provide software copyrights, technology and scholarships for Vietnamese students to study in Washington State.

The MPI is committed to supporting and creating favourable conditions for foreign enterprises, including those of Washington State, to invest and do business successfully and effectively in the country, he noted.

For her part, Senator June Robinson said her working trip aims to further deepen partnership with Vietnam, especially in the fields of advanced technology, renewable energy, agriculture, and education. Washington State poses various strengths in developing hi-tech industries, like Microsoft, Amazon and other corporations have their headquarters here.

This is a golden time to invest in Vietnam since the country owns several potential and opportunities for development. The State looked forward to exchange experiences with the MPI on policy mechanisms and development orientations for hi-tech industries, including the semiconductor, energy and manufacturing industries, as well as cooperation potential between government agencies, businesses and organisations of Washington State and Vietnam./.

Bao Linh

Ministry of Planning and Investment