US considered top important economic and trade partner of Vietnam

Those in attendance at the meeting included chairs of the NA Committee; US Ambassador to Vietnam Marc Knapper;  Ted Osius, president and CEO of USABC; Sarah Morgenthau, Special Representative for Commercial and Business Affairs at the US Department of State; along with more than 90 business representatives operating in the fields of technology, transportation, automobile, energy, health care, financial services, agriculture, investment funds, logistics, hospitality, manufacturing, cosmetics, and consulting service.

In his address, the top Vietnamese legislator welcomed the USABC delegation's first visit to the country after both sides upgraded their relationship to a comprehensive strategic partnership. This new framework will serve to create new space and fresh impetus for co-operation in a multitude of fields, including economics - trade - investment with a longer vision, larger scale and deeper level of connection, higher quality, and greater efficiency.

He noted his appreciation for the US's consistent support for a strong, independent, and prosperous Vietnam, while also affirming the nation's readiness to develop a comprehensive strategic partnership with the US on the basis of respect for each other's independence, sovereignty, territorial integrity, and political institutions.

The country therefore prioritises further expanding ties with the US at bilateral, regional, and global levels with deeper mutual understanding and higher trust.

The NA leader stated that the current key Vietnamese goals are to create breakthroughs in the fields of infrastructure, institutions, and human resources, whilst also promoting the application of science and technology, innovation, digital transformation, green transformation, sustainable development, and climate change response.

NA Chairman Hue expressed his joy and hope when he learned that many major US businesses and groups view Vietnam as a strategic market and have the same vision as Vietnamese development orientation, with long-term investment commitments, and investment portfolio expansion.

NA Chairman Hue applauded the US Government's commitment to consider recognising the market economy status of Vietnam. This is a practical and important step which will affirm the commitment and will of the US in realising visions and strategic directions both leaders both countries stated in the Joint Declaration.

The Vietnamese side is keen for large US businesses to have a voice and enhance their role in providing objective information as a contribution to promoting the internal consensus of the US Administration/Congress for the removal of Vietnam from the list of countries with non-market economies.

On this occasion, NA Chairman Hue reaffirmed that the NA strongly supports the development of mutual relations, thereby bringing benefits to the people and businesses of both sides. This will be done while striving to create a favourable, stable and transparent legal and policy framework for foreign businesses, including those from US to continue to operate, expand their scale and ensure long-term development in Vietnam, especially in the fields where the US has strengths and Vietnam has needs.

Moving forward, the NA Chairman requested that USABC and its member businesses regularly discuss and make recommendations to the NA and the Vietnamese Government on the policy and legal solutions to continue to improve the business investment environment, national competitiveness, products, while also joining hands to remove barriers and obstacles and, above all, creating opportunities for businesses to further develop.

The top Vietnamese legislator therefore desires US businesses to research and develop, innovate, and create; apply science and technology; intensify investment; provide financial support; expertise; experts for start-ups, creative projects, projects making use of modern technology; and having added value and high competitiveness that bring practical benefits to all parties.

He proposed that USABC, with its reputation and relationship network, will further enhance its role as a bridge prompting the US Government and Congress to step up linkages with the Vietnamese NA, including the establishment of the Group of US Congressmen friendly to Vietnam.

In line with this, Vietnam has established the Vietnam - US Parliamentary Friendship Group, NA Chairman Hue added.

At the meeting, business representatives highly appreciated the opportunity when the two countries upgraded their relationship to that of a comprehensive strategic partnership, saying that US businesses recognise Vietnam as a very important market. In particular, the USABC has provided the US Department of Commerce with evidence that within the framework of economic co-operation, US businesses have recognised Vietnam as a market economy.

Businesses also asked the NA to create favourable conditions in terms of mechanisms and policies for them to work together under public-private partnerships and with small and medium-sized enterprises, as well as promulgating appropriate policies to develop the digital economy in Vietnam.

They also made recommendations on special consumption tax, supporting reinsurance activities in Vietnam, and creating conditions for them to invest in the field of green energy.

They proposed the NA amend the Health Insurance Law to cover the increasing number of infertility diseases in the nation, whilst simultaneously amending the Pharmacy Law in line with reality.

Regarding the digital economy and digital transformation, the NA leader welcomed businesses’ ideas to invest in the Vietnamese market in new fields, including using AI in weather forecasting, while emphasizing that digital transformation is an important issue and the NA has issued many draft laws related to this field and is studying the Law on Public Industry and Digital Technology.

Concerning the tax field, the NA Chairman informed that the Vietnamese legislature has issued Resolution No. 107 on the application of additional corporate income tax according to the Global Anti-Base Erosion Rules.

The NA has asked the Government to develop a Decree for promulgation in the year ahead and simultaneously building an Investment Support Fund in areas that Vietnam prioritises, suggesting that businesses give their opinions on this area.

NA Chairman Hue also wishes that the two sides continue to advance relations between the two nations in general, between the Vietnamese NA and the US legislative bodies, senators, the House of Representatives, and the Senate.