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Sep 23, 2022 / 18:21

US businesses eye digitalization, energy transition in Vietnam

They share the view that Vietnam remains among the most attractive market in Southeast Asia for those looking for stability and diversification of supply chains.

US businesses are seeking cooperation opportunities with their Vietnamese peers in digitalization and energy transition, and stand ready to support Vietnam toward sustainable development.

 Overview of the meeting. Source: VNA

This view was shared during a meeting between Vietnam's Deputy Prime Minister Pham Binh Minh with representatives of the US Chamber of Commerce, the Business Council for International Understanding (BCIU) and the US-ASEAN Business Council on September 22 on the sidelines of the 77th session of the UN General Assembly in New York.

At the meeting, Minh expressed his thanks for the warm welcome of the US business community for Vietnam’s high-ranking delegation, while highlighting the strong progress in bilateral relations, especially in economy, trade, and investment.

During the first eight months of 2022, trade turnover between the two countries rose by 20% year-on-year to nearly US$87 billion. The US continues to be Vietnam’s largest export market, and Vietnam is the US’s largest trading partner in Southeast Asia, and the ninth largest in the world.

According to Minh, the Vietnamese Government would continue to create the utmost favorable conditions for foreign businesses, including those from the US, to expand investment and operation activities in Vietnam in fields of hi-tech, digitalization, green transition, innovation, banking-finance, smart farming, renewables, infrastructure development.

Vietnam also welcomes renewable projects that are in line with the country's development vision, contributing to ongoing efforts to realize its COP26 commitments for zero net carbon emission by 2050.

On this occasion, Minh highlighted the active contribution of US business associations and communities to further bolster sustainable and harmonized trade-economic and investment relations between the two countries.

Leaders of the USCC, BCIU, USABC, and other US businesses expressed their impression of the efforts of the Vietnamese Government in containing the pandemic and boosting socio-economic recovery.

Such efforts have, in turn, built trust and confidence among foreign investors to expand their operations in Vietnam.

They highly regarded the development of Vietnam’s economy amid the complicated Covid-19 situation and shared the view that the market remains among the most attractive in Southeast Asia for those looking for stability and diversification of supply chains.

US businesses welcomed Vietnam’s efforts for digitalization, energy transition, and climate change response, as the country’s development goals are in line with global trends in the future.

They thanked the Deputy Prime Minister for taking the time to exchange views with the US business community on issues of mutual interests, contributing to the socio-economic recovery process in each country in the post-pandemic period.