At the US-Vietnam Innovation and Investment Summit on September 11, held on the occasion of US President Joe Biden’s State visit to Vietnam from September 10-11, Prime Minister Pham Minh Chinh and the US President agreed to make technology, innovation, and investment the new pillars of the Vietnam - US Comprehensive Strategic Partnership.
Speaking at the Summit, Prime Minister Chinh said that one of the focuses of President Biden’s visit to Vietnam is “promoting the development of Vietnam’s economy, focusing on technology and innovation.”
Agreeing with the US President that “innovation is key to opening our future”, Prime Minister Chinh proposed that the two countries’ businesses devote time, effort, intelligence, and resources to prioritizing investment in science and technology and innovation, especially digital transformation, the semiconductor industry, green growth, renewable energy, combating climate change, and the circular economy.
The Prime Minister hopes to continue to receive strong political support from the US Government and President Biden and to continue to receive commitments from the US business community on capital, science and technology, and high-quality human resources training, to help Vietnam transform its growth model and restructure its economy towards green and rapid development that is sustainable and inclusive.
Agreeing with Prime Minister Chinh, President Biden expressed his respect and appreciation for Vietnam’s development achievements in recent times.
He believes that there is an opportunity for the two countries to promote relations, not only in the fields of investment and innovation but in all fields, to bring common prosperity.
However, this is just a starting point. The two countries and businesses need to work together to consolidate and strengthen cooperation to go further in the future.
Co-hosted by Minister of Planning and Investment Nguyen Chi Dung and US Secretary of State Antony Blinken, the Summit featured the participation of leaders from ministries and sectors and business representatives from both countries.
Minister Dung and Secretary Blinken announced that during President Biden’s visit the two countries raised the Vietnam-US relationship to a Comprehensive Strategic Partnership for peace, cooperation, and sustainable development.
This is a historic moment and a new opportunity for the two countries and their businesses to promote investment cooperation, especially in areas such as innovation, and businesses should take advantage of the opportunity to strengthen cooperation, bringing benefits not only to businesses but also to the people of the two countries.
Ministries and branches of the two countries will continue to accompany and create favorable conditions for Vietnamese and US businesses to invest in and do business, contributing to creating sustainable values and deepening common interests. This should be done alongside engaging in sustainable regional and global supply chains, bringing greater prosperity to both countries.
Discussions at the Summit involved CEOs and leaders from seven Vietnamese businesses, including tech companies, startups, banks, airlines, and economic corporations, such as Vietnam Airlines, VinFast, BRG, Bitexco, MoMo, FPT, and VNG, together with US agencies and leading tech companies, semiconductor companies, and aviation companies, including the Development Finance Corporation (DFC), Boeing, GlobalFoundries, Marvell, Intel, Amkor Technology, and Google.
Representatives from businesses on both sides had open and substantive discussions about investment cooperation opportunities, which focus on four main areas: technology and innovation; production investment; financial and fintech services; and trade and services.
Vietnamese businesses expressed interest in cooperating with US businesses in the fields of finance, high technology, renewable energy, green transformation, clean fuel production, hydrogen, aerospace technology, information network security, and artificial intelligence (AI).
Mr. Nguyen Manh Tuong, Executive Vice Chairman and CEO of MoMo, said talent development and capital from the US combined with the Vietnamese Government’s favorable regulations promoting digitalization and financial inclusion allowed it to build a uniquely innovative technology platform tailored to the financial needs of the Vietnamese population, which helps improve the lives of millions of middle and low-income earners. “We hope for continued support from both governments to enable us to realize our vision as a key enabler and a driving force of digitalization in the Vietnamese economy,” he added.
Meanwhile, US businesses also want and are ready to cooperate with Vietnamese businesses in the production of semiconductors and electronic chips, 5G network development, human resources training, and startups and innovation.
Google translate