US, Vietnam desire stronger partnership in technology, innovation and investment

PM Chinh and President Biden attended the US-Vietnam Innovation and Investment Summit on September 11 in Hanoi, with the event being held within the framework of the President’s Vietnam visit made following the invitation of Party General Secretary Nguyen Phu Trong.

Co-hosted by Minister of Planning and Investment Nguyen Chi Dung and US Secretary of State Antony Blinken, the event featured the participation of leaders from various ministries, sectors, and business representatives from both nations.

At the function, the Minister of Planning and Investment and the US Secretary of State said that said the upgrading of bilateral relations to the comprehensive strategic partnership for peace, co-operation, and sustainable development during the US President’s visit will create fresh opportunities and potential for both nations. This is as well as providing a boost to the two sides’ enterprises to ramp up investment links, especially in such fields as innovation.

Ministries and sectors of the two countries will therefore continue to accompany and create favourable conditions for both US and Vietnamese businesses to invest and carry out business successfully, ultimately contributing to creating sustainable values and deepening economic connectivity for common interests. This should be done alongside engaging in sustainable regional and global supply chains, thus bringing greater prosperity to both countries.

During the course of the conference, Vietnamese and US enterprises discussed investment co-operation chances with a major focus on four main areas; technology and innovation, production investment, financial services and financial technology, and trade and services.

In his remarks, PM Chinh said one of the key focuses of President Biden’s visit is to promote the technology and innovation-centred development of the Vietnamese economy. He cited General Secretary Trong as stressing that boosting innovation-oriented economic, trade, and investment ties is a stepping stone, a focus, and impetus for bilateral relations.

The PM noted that he and the US President have consented to turning technology, innovation, and investment into a truly new important pillar of the countries’ comprehensive strategic partnership.

Sharing President Biden’s view that innovation is the key to both countries’ future, he called on both sides’ enterprises to prioritise investment in science - technology and innovation, especially digital transformation, the semi-conductor industry, green growth, renewable energy, climate change fight, and the circular economy.

Vietnam has therefore set the target of becoming a developing country boasting modern industry and a high average income by 2030, as well as being developed and high-income country by 2045.

Therefore, it has determined that science, technology, and innovation is one of the main motivations for national development, with it being consistent policy to call for greater investment and to open markets with all partners and businesses around the world, especially those from the US, he added.

To offer more favourable conditions for firms, the country has been focusing on developing human resources, building preferential policies aimed at speeding up digital transformation, and further developing renewable energy, the semiconductor industry, high-tech parks, and innovation and financial centres to become more involved in the global value chain, whilst attracting more foreign strategic investors.

The Vietnamese cabinet leader voiced his hope at the prospect of continuing receiving political support from the US Government and President Biden, as well as the US business community’s commitments in terms of capital, science, and technology, along with high-quality human resources training to help the nation transform its growth model and restructure the economy towards a green, rapid, sustainable, and inclusive direction.

With the stance of “resources originating from thinking and vision, motivation from innovation and creativity, and strength from people and businesses”, PM Chinh said that the Vietnam-US comprehensive strategic partnership represents new thinking, a fresh vision, and new motivation, whilst creating new strength and new values. He therefore proposed both sides co-operate, share, learn from, and support each other in the spirit of harmonising benefits and sharing risks.

Agreeing with PM Chinh's opinions, President Biden hailed Vietnamese development achievements over recent times, showcasing his confidence that it is time for the US and Vietnam to promote relations across multiple fields in order to bring about common prosperity.
The two countries and businesses must work together to consolidate and advance collaboration in the coming time, he stressed.

The US will co-operate and support the Vietnamese side to seize opportunities and make the most of its potential, he stated, suggesting that the country in general and its businesses in particular continue to work closely to promote development in areas such as science - technology, innovation, the semiconductor industry, green transformation, climate change response, and human resources training. This is along with participating more deeply in regional and global value chains.

The US President concluded by stating that building ties are not only done during the times of favourable development, but also during periods of difficulties and risks.