Vietnam targets to become US’s manufacturing hub in SEA: PM

The Hanoi Times — Vietnam hopes that US businesses will support Vietnamese partners in integrating more deeply into their global supply chains, positioning the country as a key manufacturing and business hub for the US in Southeast Asia.

Prime Minister Pham Minh Chinh expressed this view during a meeting with President and CEO of US-ASEAN Business Council (USABC) Ted Osius and representatives from 60 leading US corporations visiting Vietnam today [March 18].

This is the largest delegation ever to visit Vietnam under a program organized by the US-ASEAN Business Council (USABC), featuring top corporations such as Boeing, Apple, Intel, Coca-Cola, Nike, Amazon, Bell Textron, and Excelerate Energy.

Welcoming the USABC delegation and US businesses to Vietnam on the occasion of the 30th anniversary of diplomatic relations and the second anniversary of the Comprehensive Strategic Partnership, Prime Minister Pham Minh Chinh emphasized a long-term vision, larger scale, deeper engagement, and higher quality and efficiency. He reaffirmed that Vietnam considers the US a leading strategic partner, particularly in economic, trade, and investment cooperation.

The Prime Minister noted that Vietnam-US bilateral relations have made remarkable progress, yet US investment in Vietnam still has significant potential. He stressed that the two economies are complementary rather than competitive. USABC leaders and US businesses expressed their appreciation for the progress in Vietnam-US relations, recognizing Vietnam’s achievements, growth potential, and favorable investment environment. They highly valued the Vietnamese government and the Prime Minister’s commitment to supporting businesses, addressing challenges, and facilitating the effective development of US enterprises in Vietnam.

Praising Vietnam’s economic and social development strategy, particularly its focus on science, technology, innovation, and digital transformation following the adoption of Resolution 57-NQ/TW, US businesses expressed their willingness to invest and expand operations in Vietnam. Their interests span green transition, digital transformation, circular economy, energy, high technology, semiconductors, artificial intelligence, data, aviation, logistics, finance, telecommunications, healthcare, food processing, consumer goods production, tourism, education, and agriculture. They also urged Vietnam to continue administrative reforms, shorten decision-making times, ensure consistent and stable regulations, and introduce incentives for investment in specific projects and products where the US has strengths and Vietnam has demand.

Following discussions with Vietnamese ministries and agencies on specific proposals and recommendations from USABC and US businesses, the Prime Minister expressed gratitude for their insights. He affirmed that their suggestions had been acknowledged and addressed, with Vietnamese ministries committed to further reviewing and responding promptly. He expressed confidence that Vietnam-US investment cooperation would advance across all sectors, especially in new drivers aligned with both countries’ development strategies.

The Prime Minister reiterated Vietnam’s commitment to fostering balanced, harmonious, and sustainable economic and trade relations with the US through concrete action plans. He recently met with US businesses to hear their concerns and instructed ministries to take swift, decisive actions to resolve outstanding issues, support US enterprises, and strengthen the Comprehensive Strategic Partnership under the principle of "harmonized interests, shared risks."

Vietnamese ministries and agencies are actively reviewing import tariffs on US goods, encouraging increased imports of US products that align with Vietnam’s needs, particularly agricultural products, liquefied natural gas, and high-tech goods, while ensuring strict control over product origins.

Recognizing that US investment trends align with Vietnam’s development strategy, the Prime Minister encouraged US investors to expand their presence in key sectors such as energy, high technology, semiconductors, AI, aviation, aerospace, and climate change mitigation. He also called on US businesses to advise the Vietnamese government on policy improvements and urged them to advocate with the administration of President Donald Trump to strengthen sustainable economic, trade, and investment cooperation. Additionally, he proposed establishing a new bilateral trade framework, refraining from trade defense measures against Vietnam, granting Vietnam market economy status, and removing the country from the US Department of Commerce's high-tech export restrictions list.

The Prime Minister called for enhanced cooperation in science, technology, and innovation, along with high-quality investment, advanced technology transfer, and workforce training. He urged US companies to share expertise, provide policy recommendations, and support Vietnam’s energy development. He also invited US participation in Vietnam’s infrastructure projects, including rail, aviation, waterways, seaports, and roads, and proposed establishing aircraft maintenance centers at Long Thanh International Airport and Gia Binh Airport.

Furthermore, he encouraged US businesses to assist Vietnam in developing modern, integrated digital infrastructure, commercializing 5G networks, and researching 6G technology. He also sought their support in transferring medical equipment and pharmaceutical production technology, investing in high-tech agriculture projects such as the Sustainable One Million Hectares of High-Quality, Low-Emission Rice program in the Mekong Delta, and helping Vietnamese businesses and farmers connect with global supply chains and retail markets in the US and beyond.