PM Calls for USABC Support in Strategic Breakthroughs

Prime Minister Pham Minh Chinh has suggested the US-ASEAN Business Council (USABC) and its groups support Vietnam in three strategic breakthroughs.
December 06, 2022 | 07:30
PM Calls for USABC Support in Strategic Breakthroughs
Prime Minister Pham Minh Chinh hosts in Hanoi on December 5 a reception for Senior Vice President and Regional Managing Director of the US-ASEAN Business Council (USABC) Michael Michalak. Photo: VGP

Prime Minister Pham Minh Chinh hosted in Hanoi on December 5 a reception for Senior Vice President and Regional Managing Director of the US-ASEAN Business Council (USABC) Michael Michalak and a delegation of the council's businesses, VietnamPlus reported.

PM Chinh told his guests that Vietnam is developing on three pillars, including building a law-governed socialist State, building socialist democracy and developing a socialist-oriented market economy, focusing on three strategic breakthroughs related to institutions, infrastructure and human resource; building a fair, transparent and stable business environment; and reducing input costs for businesses and investors in the spirit of harmonising interests and sharing risks for mutual benefits.

In 11 months of this year, Vietnam’s exports-imports surpassed $673 billion, up 11.8% annually, with a surplus of $10.6 billion. Foreign direct investment in the country was estimated at $19.68 billion, up 15.1% year-on-year. Two-way trade between the two countries topped $105 billion, up 18% on an yearly basis.

PM Calls for USABC Support in Strategic Breakthroughs
Prime Minister Pham Minh Chinh and delegates in a group photo. Photo: VGP

Affirming that Vietnam always treasures comprehensive partnership with the US, the host suggested the USABC and its groups support Vietnam in the three strategic breakthroughs, education-training and governance experience, and invest more in hi-tech, digital and green transformation, climate change response, aviation industry and cyber security, thus making substantive, healthy and effective contributions to bilateral ties.

Michalak, who is also former US Ambassador to Vietnam, and executives of the council's groups, said Vietnam could be proud of its high vaccination coverage and rapid economic re-opening and recovery, especially the top third-quarter GDP growth in ASEAN.

Vietnam is effectively drawing new capital inflows and potentially benefits from the shifting of global supply chains, they said.

The guests spoke highly of Vietnam’s business environment and potential as well as its initiative to hold 2022 International Defence Expo in Hanoi this month.

PM Calls for USABC Support in Strategic Breakthroughs
Prime Minister Pham Minh Chinh has suggested the US-ASEAN Business Council (USABC) and its groups support Vietnam in three strategic breakthroughs. Photo: VGP

They expressed their wish to enhance cooperation with Vietnam in trade, defence industry, security, aviation, education-training and human resource development, contributing to bilateral ties.

Since 1984, the US-ASEAN Business Council has been the premier advocacy organisation for US corporations operating within the dynamic Association of Southeast Asian Nations (ASEAN), according to the council’s website.

Worldwide, the council's membership of nearly 170 companies generates almost $7 trillion in revenue and employs more than 14.5 million people.

Today its members include the largest US companies conducting business in ASEAN and range from newcomers to the region to companies that have been working in Southeast Asia for more than 100 years.

The council has nine offices around the globe, in Washington, DC; New York, NY; Bangkok, Thailand; Hanoi, Vietnam; Jakarta, Indonesia; Kuala Lumpur, Malaysia; Manila, Philippines; Singapore; and Yangon, Myanmar./.

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