Vietnam hopes for stronger partnership with US: PM

Prime Minister Nguyen Xuan Phuc speaks at the reception (Photo: VNA)

Hanoi - Vietnam always considers the US one of its most important partners and wishes to continue developing its comprehensive partnership with the country, especially in economic, trade, and investment cooperation, Prime Minister Nguyen Xuan Phuc has told US officials.

At a reception in Hanoi on October 26 for the CEO of the US International Development Finance Corporation (DFC), Adam Boehler, and representatives from the US Department of Treasury (USDT), Department of Commerce, and the US Export-Import Bank (US EximBank), the PM affirmed that the Vietnamese Government always supports and accompanies the business communities of the two countries in orientating, connecting, and improving investment efficiency.

Ministries, sectors, and localities in Vietnam create the most favourable conditions possible for US businesses to invest and do business in the country, he added, asking that the DFC soon invest in major projects, such as the North - South Expressway and Long Thanh International Airport.

The PM emphasised that Vietnam attaches great importance to and highly values the US’s active participation in the US-Mekong Partnership.

The DFC’s investment expansion into the Mekong region will be the foundation for building a dynamic, resilient, and sustainable Mekong region and a strong ASEAN, he noted.

Vietnam and the US are co-chairs of the US-Mekong Partnership in 2020, so it is necessary to organise a summit shortly, he said.

The PM asked the DFC chief to talk to President Trump, the US Trade Representative Office and other US agencies about helping Vietnam implement the action programme towards harmonious and sustainable trade adopted at the end of 2019, as well as about making more objective assessment about the realities in Vietnam so as to carry out suitable cooperation for mutual benefit and development in harmony with US’s commitment to supporting a strong, prosperous and independent Vietnam as well as the bilateral comprehensive partnership.

He suggested that the DFC and relevant Vietnamese agencies identify investment opportunities in potential infrastructure and energy projects and those with high technology content in Vietnam and the Mekong region.

For his part, Boehler revealed that the DFC will increase its investment in Vietnam in the time to come, saying that the US EximBank also wants to further strengthen cooperation with the country.

He noted that the two countries have made positive progress in energy cooperation through ongoing projects, adding that the DFC is also looking for investment opportunities in Vietnam’s infrastructure sector.

The representative from the US EximBank expressed a desire to boost US exports to Vietnam and hoped for stronger cooperation between the two countries.

The US Congress has approved a new tool for the bank to promote cooperation with other countries, including Vietnam, the representative said, noting that the bank can provide financial support in terms of renewable energy, transportation, aviation, health, agriculture, and 5G technology.

Meanwhile, the USDT representative hoped that the two countries would expand cooperation in private economic areas, and ties with the State Bank of Vietnam. The Department of Commerce said the two sides can promote partnership in aviation, healthcare services, and infrastructure development.

Two-way trade between Vietnam and the US has increased more than 170-fold since 1995. US exports to Vietnam are growing at the fastest rate of all its Southeast Asian partners. Many US businesses are investing and doing business in Vietnam, with the US among the 10 largest investment partners in the Southeast Asian country.