Vietnam, US share solutions for post-pandemic economic recovery

Those in attendance at the event included numerous leaders of Vietnamese ministries and agencies, along with representatives from the US Chamber of Commerce (USCC), the US-ASEAN Business Council (USABC), the Business Council for International Understanding (BCIU), and roughly 500 US business representatives.

Speaking at the function, Deputy PM Minh affirmed that the Vietnamese Government is making great efforts to meet the dual goals of combating the pandemic whilst ensuring continued economic development. This has therefore enabled the country to  maintain its positive economic growth at 2.91% in 2020 and at 5.64% during the first half of the year.

The International Monetary Fund (IMF) has also forecast that Vietnamese economic growth this year could reach 6.5%.

With regard to mutual relations, the Deputy PM stated that economic co-operation plays a pivotal role in the relationship between both sides, with two-way trade turnover enjoying rapid growth, climbing from US$450 million in 1994 to more than US$90 billion in 2020.

Over recent years the US has always represented the country’s largest export market, ranking 11th out of 40 countries and territories investing in the nation with a total investment capital of approximately US$10 billion. If the investment capital of US enterprises through a third country is included, then the total investment capital of the US climbs to over US$14 billion. Indeed, many leading US groups are investing effectively in the Southeast Asian nation across a multitude of fields.

Deputy PM Minh acknowledged and noted his great appreciation for the contribution made by the US business community, including the USCC, USABC, and BCIU in augmenting economic co-operation between both sides.

He therefore assured them over the Vietnamese Government’s readiness to listen to candid and constructive comments from the US business community relating to the Vietnamese investment and business environment, as well as suggestions on measures and directions to develop joint ties. Moving forward, there will be a specific focus on economic, trade, and investment relations in both an extensive and substantive manner.

As part of the occasion, Deputy PM Minh expressed his great appreciation for the commitment of the US Government to sponsor US$4 billion for  the COVID-19 Vaccine Global Access initiative, whilst expressing a desire for the US Government and business community to continue supporting the country. This is particularly true in terms of accessing vaccine supplies, as well as in transferring vaccine production technology to quickly overcome the impact of the COVID-19 pandemic and to quickly recover the national economy.

Representatives of the US business community all expressed their great appreciation for Vietnamese COVID-19 prevention and control and economic development, adding that there remains plenty of room for both nations to boost economic relations in the time ahead.

They also made suggestions and initiatives on co-operation in developing the digital economy, infrastructure, renewable energy, clean energy, and sustainable development, all of which are in demand by Vietnam and represent strengths of US businesses.

They hailed the close co-operation of Vietnamese ministries, sectors, and localities in holding constructive discussions about concerns of firms for early resolution to institutional difficulties and obstacles, as a way of facilitating the activities of foreign investors in the Vietnamese market, including those from the US.

The two sides also discussed a range of initiatives and solutions put forth by US enterprises to assist Vietnam in accessing vaccine supplies and co-operating in vaccine production during the process of post-pandemic economic recovery and development.