Prime Minister Pham Minh Chinh called on US businesses to enhance their investment and trade cooperation with Vietnam in an address to the 2024 US-Vietnam Business Summit in Hanoi on November 27.

The summit provided an opportunity for timely discussions on the policies and directions that both governments and private sectors need to implement in order to ensure a mutually-beneficial trade and investment relationship between Vietnam and the US.

Prime Minister Chinh proposed that US businesses expand financial investment, transfer science and technology, provide training for human resources, and share management experience with Vietnam, while highlighting the opportunities available in high technology, electronics, semiconductors, innovation, renewable energy, new energy, financial centers, infrastructure development, transport, logistics, and research and development.

He also asked US businesses to focus on developing larger-scale investment projects with stronger effects, thus creating breakthroughs in investment cooperation between the two countries.

The Prime Minister also called on the US to remove barriers and sanctions against Vietnam, soon recognize its market economy status, and create favorable conditions for both countries and their businesses to cooperate and develop for the mutual benefit of both nations and their peoples.

He stressed that Vietnam always stands ready to welcome and create favorable conditions for foreign businesses, including those from the US, to invest and do business in the country, and is committed to listening to their opinions and engaging in dialogue to further promote substantive and effective collaboration.

The US is currently Vietnam’s second-largest trading partner, its largest export market, and one of its top investors. Bilateral trade was estimated at $110.9 billion in the first ten months of this year.

As of the end of October, it had 1,400 existing FDI projects in Vietnam with total registered capital of nearly $12 billion.