Vietnam calls for more US investment in innovation, hi-tech

General Secretary and State President To Lam hopes US investors will expand investments in areas like science and technology, innovation, green and digital economies, chip manufacturing, AI, IoT, renewable energy, finance, biotechnology, and healthcare.

The party chief and senior government officials at the event. Source: VNA

The Party Chief shared the view during a roundtable discussion with major US businesses in New York on September 23.

At the forum, US businesses expressed their appreciation for the Vietnamese leadership’s focus on economic development, particularly the commitment to resolving institutional challenges to help businesses overcome difficulties and boost production and trade activities.

They also discussed opportunities for cooperation across sectors where Vietnam has significant potential, expressing a desire to invest in Vietnam soon.

The US business representatives voiced confidence in achieving positive economic outcomes and emphasized their priority to support Vietnam’s sustainable development efforts. They also hoped that the Vietnamese government would create favorable mechanisms and policies to facilitate smooth and long-term investment cooperation.

General Secretary and President To Lam acknowledged the complex and unpredictable global economic landscape. 

The Asia-Pacific region remains a global growth driver, and the fourth industrial revolution is reshaping economies, with the US continuing to lead in finance, science, technology, and innovation. Within this context, the Vietnam-US relationship has grown stronger, deeper, and more comprehensive, built on trust and mutual benefits, contributing to regional and global peace, stability, and sustainable development, he said.

Overview of the event.

On investment, the US remains one of Vietnam's top partners, with most major US corporations having established a presence and achieved success in Vietnam. Meanwhile, more Vietnamese businesses are also investing in the US. Bilateral trade reached over $110 billion in 2023, marking the third consecutive year surpassing $100 billion, reaffirming the US as Vietnam's largest export market.

However, the General Secretary and President noted that there remains vast potential for cooperation between the two countries. This potential is driven by internal strengths and the momentum from their Comprehensive Strategic Partnership. He stressed that this partnership would enhance mutual consensus and facilitate the mobilization of resources for key cooperative initiatives that benefit both sides.

After listening to insights and meeting with leading corporations, To Lam expected US companies to become Vietnam’s largest investors, leveraging opportunities and operating based on mutual respect and benefit, in line with the Comprehensive Strategic Partnership. He urged relevant agencies to address any difficulties faced by investors and improve the investment environment to facilitate increased US investment in Vietnam, particularly in science, technology, and innovation.

The Party Chief witnesses the signing of cooperation agreement between businesses of the two countries.

The General Secretary and President also expressed hope that US investors would support the US government in recognizing Vietnam as a market economy, paving the way for smoother business cooperation.

He affirmed that Vietnam’s foreign investment sector is an integral part of its socialist-oriented market economy, playing a crucial role in driving economic transformation, institutional reform, and improving Vietnam’s international standing. Vietnam is committed to creating favorable conditions for both domestic and foreign enterprises to thrive.

Reflecting on the positive outcomes of Vietnam-US economic cooperation, To Lam expressed optimism about entering a new era in bilateral relations. He envisioned both nations working together to overcome challenges, seize opportunities, and build a prosperous and peaceful world.