PM Pham Minh Chinh told his guests that Vietnam is developing on three pillars, including building a law-governed socialist State, building socialist democracy and developing a socialist-oriented market economy, focusing on three strategic breakthroughs related to institutions, infrastructure and human resource; building a fair, transparent an stable business environment; and reducing input costs for businesses and investors in the spirit of harmonizing interests and sharing risks for mutual benefits.

Prime Minister Pham Minh Chinh (right) receives USABC's Senior Vice President and Regional Managing Director Michael Michalak.

In 11 months of this year, Vietnam’s exports-imports surpassed 673 billion USD, up 11.8% annually, with a surplus of 10.6 billion USD. Foreign direct investment in the country was estimated at 19.68 billion USD, up 15.1% year-on-year. The two-way trade value between the two countries topped 105 billion USD, up 18% on an yearly basis.

Affirming that Vietnam always treasures comprehensive partnership with the U.S., the host suggested the USABC and the council's groups firms support Vietnam in three strategic breakthroughs, education-training, governance experience, and invest more in hi-tech, digital and green transformation, climate change response, aviation industry and cyber security, thus making substantive, healthy and effective contributions to bilateral ties.

Michalak, who is also former U.S. Ambassador to Vietnam, and executives of the council's groups, said Vietnam could be proud of its high vaccination coverage and rapid economic re-opening and recovery, especially the top third-quarter GDP growth in ASEAN.

Vietnam is effectively drawing new capital inflows and potentially benefits from the shifting of global supply chains, they said.

An overview of the reception

The guests spoke highly of Vietnam’s business environment and potential as well as its initiative to hold 2022 International Defense Expo in Hanoi this month.

They expressed their wish to enhance cooperation with Vietnam in trade, defense industry, security, aviation, education-training and human resource development, contributing to bilateral ties.

Source: VNA