Vietnam, US agree to turn investment, innovation into pillar of new partnership

They made the consensus during a high-level conference on investment and innovation between the two countries in Hanoi, part of the U.S. leader's state visit to Vietnam on September 10 - 11 at the invitation of General Secretary of the Communist Party of Vietnam Nguyen Phu Trong.

Co-chairing the event, Vietnamese Minister of Planning and Investment Nguyen Chi Dung and U.S. Secretary of State Antony Blinken said the upgrade of bilateral ties to the comprehensive strategic partnership for peace, cooperation, and sustainable development during the visit will create new opportunities and potential for the two countries and their enterprises to promote investment cooperation, especially in such fields as innovation.

They suggested enterprises make use on this to enhance cooperation and bring about benefits to not only enterprises but also people of both countries.

Ministries and sectors of the countries will keep providing optimal conditions for U.S. and Vietnamese enterprises to successfully make investment and do business, engage in sustainable regional and global supply chains, and help generate prosperity for both countries, the officials noted.

During the conference, Vietnamese and U.S. enterprises discussed investment cooperation chances, with a focus on four main areas – technology and innovation, production investment, financial services and financial technology, and trade and services.

In his remarks, PM Chinh said one of the focuses of President Biden's visit is to promote the technology and innovation-centered development of the Vietnamese economy. He cited Party leader Trong as emphasizing that fostering innovation-oriented economic, trade, and investment cooperation is a stepping stone, a focus, and an impetus for bilateral relations.

The PM noted that he and the U.S. president agreed to turn technology, innovation, and investment into a truly new important pillar of the countries' comprehensive strategic partnership.

Sharing President Biden's view that innovation is the key to the countries’ future, he called on both sides’ enterprises to prioritise investment in science - technology and innovation, especially digital transformation, the semi-conductor industry, green growth, renewable energy, climate change fight, and circular economy.

Chinh told the guest that Vietnam has set goals to become a developing country with modern industry and high average income by 2030, and a developed and high-income country by 2045.

Therefore, it determines that science, technology and innovation is one of the main motivations for national development, and its consistent policy is to call for investment and to open markets with all partners and businesses around the world, especially those from the U.S., he stated.

To create more favorable conditions for enterprises, Vietnam has been focusing on developing human resources, building preferential policies to speed up digital transformation and further develop renewable energy, semiconductor industry, high-tech parks, and innovation and financial centers, participating in the global value chain, and attracting foreign strategic investors.

The Vietnamese government leader expressed his hope to continue receiving political support from the U.S. Government and President Biden, as well as the U.S. business community's commitments in terms of capital, science and technology and high-quality human resources training to help Vietnam transform its growth model and restructure the economy towards a green, rapid, sustainable and inclusive direction.

With the stance of "resources originating from thinking and vision, motivation from innovation and creativity, and strength from people and businesses," Chinh said that the Vietnam-U.S. comprehensive strategic partnership represents new thinking, new vision, and new motivation, and create new strength and new values. He proposed both sides cooperate, share, learn from, and support each other in the spirit of harmonising benefits and sharing risks.

Agreeing with Chinh's opinions, Biden spoke highly of Vietnam's development achievements in recent times, stressing he believes that it is time for the U.S. and Vietnam to promote relations in all fields to bring about common prosperity.

The two countries and businesses need to work together to consolidate and advance cooperation in the coming time, he stressed.

The U.S. will cooperate and support Vietnam to seize opportunities and make the most of its potential, he stated, suggesting Vietnam in general and its businesses in particular continue to work closely to promote development in such areas as science - technology, innovation, semiconductor industry, green transformation, climate change response and human resources training, and to participate more deeply in regional and global value chains.

The president emphasised that cooperation and sharing are not only during the times of favourable development, but also those of difficulties and risks.

Minister Dung proposed that American businesses continue to increase investment and expansion in Vietnam, supporting domestic businesses to participate deeply in the value chain.

He urged semiconductor corporations such as Intel, Amkor, Marvell, Global Foundries, and the American Semiconductor Association develop chip and semiconductor ecosystems in Vietnam. He also proposed that Boeing develops a regional-scale component manufacturing ecosystem and aircraft machinery and equipment maintenance center in Vietnam.

Vietnam-U.S. trade reached nearly $124 billion last year, increasing 275 times in 27 years since the countries normalized relations. The U.S. is Vietnam's largest export market and second largest trading partner. Vietnam is the 7th largest trading partner of the U.S. in the world and the largest in ASEAN.