Prime Minister Pham Minh Chinh attended the Vietnam-US Business Summit. Photo: VNA

In Hanoi, Prime Minister Pham Minh Chinh on March 8 attended and spoke at the 5th Vietnam-US Business Summit with the theme of "Defining the future of bilateral economic relations."

The conference was organized by the Vietnam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce in Hanoi (AmCham) and the US Chamber.

Strengthen green transformation, digital transformation

At the conference, businesses of the two countries discussed with the ministries and branches about solutions to strengthen bilateral cooperation. The solutions identify new directions towards post-Covid-19 economic recovery and investment shift under the impact of the digital economy.

There are many topical issues in business between the two countries and in the world such as strengthening innovation; digital conversion, energy conversion; sustainable investment and stable policies for economic recovery.

American businesses expressed their joy that Vietnam has been fulfilling its commitments at COP26 with the program to restructure the country's economy.

This program is in line with the world trend of green economy development, circular economy, digital economy; foster the transition to the development of green energy, clean energy; develop infrastructure, education and training. These are also areas where US businesses want to invest in Vietnam.

Construction after war

Prime Minister Pham Minh Chinh said that at the end of the 20th century, Vietnam experienced two resistance wars and then the northwest and northern border wars. To this day, the consequences of the war are still heavy.

Prime Minister Pham Minh Chinh attended the Vietnam-US Business Summit. Photo: VGP

Prime Minister Pham Minh Chinh said that the 13th Congress of the Communist Party of Vietnam has determined that by 2030, Vietnam will be a developing country with modern industry, high middle income, and by 2045, it will become a developed country with high income.

Vietnam has made three strategic breakthroughs, including institutional breakthroughs, infrastructure breakthroughs, and improvements in human resource quality and administrative reform.

Substantial Vietnam-US relations

The head of the Vietnamese Government said that along with the development of the country, the relationship between Vietnam and the United States has also developed.

After more than 26 years of normalizing relations (since 1995), the Vietnam-US relationship has made significant and comprehensive progress, both bilaterally and multilaterally.

Economic-trade-investment cooperation continues to be one of the important pillars and driving forces contributing to the two countries' relations.

Up to now, the bilateral trade turnover between Vietnam and the US has increased about 248 times, from US$450 million in 1995 to more than US$111 billion in 2021. The US is Vietnam's largest export market, while Vietnam becomes the 9th largest trading partner of the United States.

For many years, the United States has always been one of the largest investment partners in Vietnam, with nearly 1,150 projects in operation, with a total registered investment capital of more than US$10.3 billion.

Open the door to recovery, development

Prime Minister Pham Minh Chinh said that the Covid-19 pandemic has involved all economic and social activities for every country in the world. For Vietnam, the pandemic has had a serious impact in the third quarter of 2021.

The 5th Vietnam-US Business Summit with the theme " Defining the fututre of bilateral economic relations." Photo: VGP

With the outbreak and spread of the pandemic, Vietnam observed this as a global problem, so a global approach is required. Vietnam calls for international solidarity to control the pandemic.

Up to now, Vietnam has controlled the pandemic impact, stabilized the macro-economy and ensured the major balances, while maintaining sovereignty and territorial integrity. Vietnam ensures political security, social order and safety. Vietnam is now confident to open its doors on the basis of science, practice and international experience.

This shows the positive direction of the Communist Party of Vietnam; the participation of people and businesses; the support of international friends.

Vietnam's commitment at COP 26

The Prime Minister said that Vietnam is one of the countries that are greatly affected by climate change and is therefore very concerned this issue. Like the pandemic, climate change is a global issue that requires a global approach.

This is also an issue that affects the entire population. Therefore, there must be a people-wide approach: the people are both the center and the subject in combating climate change.

The Prime Minister proposed the United States and international friends to support Vietnam in perfecting its institutions to combat climate change; green finance, green technology, clean technology; green human resource training.

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