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

Prime Minister Pham Minh Chinh and President Joe Biden attended the US-Vietnam Innovation and Investment Summit on September 11 in Hanoi within the framework of Biden’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 ministries, sectors and business representatives from both nations.

At the event, 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, cooperation, and sustainable development during the US President’s visit will create fresh opportunities and potential for both nations and their enterprises to ramp up investment cooperation, especially in such fields as innovation.

Ministries and sectors of the two countries will continue to accompany and create favorable conditions for US and Vietnamese businesses to invest and do business successfully, contributing to creating sustainable values and deepening economic connectivity for common interests. This should be along with engaging in sustainable regional and global supply chains, thus bringing prosperity to both countries.

During the conference, Vietnamese and US enterprises discussed investment cooperation 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 focuses of President Biden’s visit is to promote the technology and innovation-centred development of the Vietnamese economy. He cited Party leader Trong as stressing that boosting innovation-oriented economic, trade, and investment cooperation is a stepping stone, a focus, and impetus for bilateral relations.

The PM noted that he and the US President consented  to turn 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 the 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 circular economy.

Vietnam has set the target of becoming a developing country with modern industry and high average income by 2030, and a developed and high-income country by 2045.

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

To offer more favourable conditions for enterprises, Vietnam has been focusing on developing human resources, building preferential policies to speed up digital transformation and further develop renewable energy, semiconductor industry, high-tech parks, and innovation and financial centres, becoming involved in the global value chain, and attracting foreign strategic investors.

The Vietnamese cabinet leader voiced his hope to continue 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 and high-quality human resources training to help Vietnam 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”, Chinh said that the Vietnam-US comprehensive strategic partnership represents new thinking, new vision, and new motivation, and create new strength and new values. He proposed both sides cooperate, share, learn from, and support each other in the spirit of harmonising benefits and sharing risks.

Agreeing with Chinh's opinions, Biden hailed Vietnam's development achievements in recent times, and showing his confidence that it is time for the US and Vietnam to promote relations across multiple fields to bring about common prosperity.

The two countries and businesses need to work hand in hand to bolster cooperation in the time ahead, he emphasized.
The US will cooperate and support Vietnam in seize plenty of opportunities and capitalize on its potential, he said, while suggesting Vietnam in general and its businesses in particular continue to work closely to spur development in such areas as science - technology, innovation, semiconductor industry, green transformation, climate change response and human resources training, and to engage more deeply in regional and global value chains.

The US President stressed that cooperation and sharing are not only during the times of favourable development, but also those of difficulties and risks.