On the morning of March 1, Prime Minister Pham Minh Chinh chaired a roundtable discussion with major U.S. corporations, calling on them to view Vietnam as a strategic investment hub with a vision spanning 50 to 100 years.

Over the past two decades, the United States has been Vietnam’s largest export market, while Vietnam has become America’s seventh-largest trading partner and the largest in ASEAN.

In 2024, bilateral trade reached nearly $150 billion, with Vietnam’s exports to the U.S. totaling $137 billion, marking a 19% increase from 2023, while U.S. exports to Vietnam rose 33% to over $13 billion.

The event gathered leaders from the Vietnamese government, ministries, and 11 major Vietnamese enterprises, alongside the U.S. Deputy Ambassador to Vietnam, business association leaders, and representatives from 38 leading American corporations.

U.S. Deputy Ambassador Courtney Beale emphasized that American companies view Vietnam as a key market. U.S. businesses are eager to expand cooperation in various sectors, while Vietnamese firms are also increasing their investments in the U.S.

She highlighted the longstanding U.S.-Vietnam semiconductor partnership, particularly in chip assembly, testing, and packaging, which plays a crucial role in global supply chains.

Eric Johnson, Chairman of AmCham Hanoi, stated that President Donald Trump has acknowledged the significance of the Comprehensive Strategic Partnership between the two countries and its tangible benefits. The U.S. is reviewing trade regulations and barriers to foster a fairer business environment.

American businesses appreciate Vietnam’s efforts to streamline its administrative system, restructure ministries, simplify procedures, and improve transparency.

They also praised the recent directives from General Secretary To Lam, which include reducing administrative processing times and business costs by at least 30% while eliminating unnecessary regulations.

During the discussion, Prime Minister Pham Minh Chinh reaffirmed Vietnam’s commitment to fostering a pro-business environment. He has directed the Ministry of Science and Technology to expedite licensing for Starlink satellite internet services and instructed relevant agencies to facilitate FedEx’s investment in logistics hubs at Long Thanh, Chu Lai, and Gia Binh airports.

Vietnam and the U.S. are strengthening their bilateral ties, moving beyond past differences to build a future based on mutual respect and shared interests.

The Prime Minister called on U.S. businesses to deepen their investments in Vietnam in a spirit of fairness, equality, and risk-sharing, recognizing the historical complexities and current economic conditions of both nations.

Despite significant progress, trade and investment cooperation between Vietnam and the U.S. remain below their full potential. Prime Minister Chinh urged American businesses to expand their presence in Vietnam, aligning with the ambitions of both nations.

Vietnam aims for GDP growth of over 8% in 2025, setting the stage for double-digit growth in the coming years. Development will focus on science and technology, digital transformation, social equity, and environmental sustainability.

Vietnam is actively working to balance its trade with the U.S., particularly through aircraft purchases, defense trade, LNG imports, and agricultural and pharmaceutical partnerships.

The government is also prioritizing institutional reforms, infrastructure development, and high-quality workforce training to facilitate investment and economic expansion.

To enhance its business environment, Vietnam is streamlining bureaucracy, intensifying anti-corruption efforts, eliminating red tape, and reducing costs for businesses.

The Prime Minister emphasized that Vietnam is undergoing its most significant institutional reforms to date to create the most favorable conditions for investors.

The Prime Minister encouraged high-quality U.S. investments, particularly in technology transfer, workforce development, innovation, and emerging industries such as big data, cloud computing, AI, photonics, IoT, and biomedical sciences.

Prime Minister Chinh called on U.S. companies to establish Vietnam as a long-term investment hub with a vision spanning 50 to 100 years.

He also urged them to advocate for removing Vietnam from the U.S. list of restricted technology export destinations and to recognize Vietnam as a market economy.

With the U.S. Trade Representative currently reviewing Vietnam’s trade policies, Prime Minister Chinh encouraged American businesses to provide objective feedback on Vietnam’s improving business environment.

Tran Thuong