On September 23, during his attendance at the high-level meetings of the 79th United Nations General Assembly, Su Lin, General Secretary of the Communist Party of Vietnam and President of the State, engaged in an in-depth dialogue with elite members of the American business community. This business roundtable, jointly organized by the US-ASEAN Business Council (USABC), the U.S. Chamber of Commerce (USCC), and the Business Council for International Understanding (BCIU), in collaboration with Vietnam’s Ministry of Planning and Investment and the Vietnamese Embassy in the United States, marked another significant milestone in U.S.-Vietnam economic cooperation.
At the roundtable, U.S. business representatives highly commended Vietnam’s recent economic development achievements. They expressed appreciation for the Vietnamese leadership’s prioritization of economic development, particularly praising commitments to eliminate institutional barriers, address business challenges, and promote production and operational activities. These representatives unanimously stated that Vietnam is becoming an increasingly attractive investment destination, and they expressed eagerness to initiate investment activities in the country as soon as possible.
The U.S. business community representatives introduced General Secretary Su Lin to several areas of immense collaborative potential. They not only expressed interest in investing in Vietnam but also emphasized their willingness to prioritize support for Vietnam’s sustainable development goals. Simultaneously, they expressed hope that the Vietnamese government would create favorable institutional and regulatory conditions for U.S. businesses to smoothly conduct investment activities and establish long-term partnerships.
The American business representatives unanimously endorsed General Secretary Su Lin’s vision of the Vietnamese government’s strategic direction towards a new era and epoch. This consensus undoubtedly lays a more solid foundation for future cooperation.
General Secretary and President Su Lin’s speech at the roundtable was particularly noteworthy. He emphasized that U.S.-Vietnam relations continue to develop strongly, deeply, pragmatically, comprehensively, and effectively based on the trust and interests of both peoples. This development not only benefits both countries but also contributes significantly to peace, stability, cooperation, and sustainable development in the region and the world.
General Secretary Su Lin pointed out that although the U.S. is already one of Vietnam’s major investment partners, with most large U.S. corporations investing in Vietnam, there is still great potential for further cooperation. He emphasized that deepening cooperation would enhance mutual understanding and mobilize more resources to implement important mutually beneficial projects and plans.
In the investment sector, General Secretary Su Lin expressed hope that U.S. businesses would continue their efforts to become Vietnam’s largest source of investment. He called on U.S. companies to leverage their strengths and fully utilize opportunities based on mutual respect and win-win cooperation, to align the economic and trade cooperation with the comprehensive strategic partnership between the two countries.
For future cooperation, General Secretary Su Lin proposed a series of suggestions. He recommended that relevant ministries and agencies of both countries further promote the implementation of major policies and directions of the comprehensive strategic partnership; promptly resolve difficulties and issues for investors; and continue to improve the investment environment towards openness and transparency. He also hoped that the U.S. government would promote and encourage U.S. businesses to strengthen investment in Vietnam and support Vietnamese investors in expanding their investment activities in the U.S., especially in technology and innovation projects.
General Secretary Su Lin specifically mentioned some potential investment areas, including technology, innovation, research and development; green economy, digital economy, circular economy, knowledge economy; semiconductor chips, artificial intelligence, Internet of Things; new energy, renewable energy; finance, financial centers; biotechnology, healthcare, etc. He hoped U.S. investors would consider expanding investments in these areas.
Within the framework of economic cooperation, General Secretary Su Lin also made an important request, hoping that U.S. investors would continue to support the U.S. government in recognizing Vietnam’s market economy status soon. He believed this would create more favorable conditions for businesses from both sides to conduct investment cooperation.
General Secretary Su Lin reiterated that the Vietnamese Party and State always view foreign-invested economies as an important component of the socialist-oriented market economy. He emphasized that foreign investment not only helps promote economic transformation but also plays a positive role in economic system reform, improving the business environment, and enhancing Vietnam’s reputation and position on the international stage. He promised that Vietnam would always create the most favorable conditions for foreign-invested enterprises to operate effectively in Vietnam.
Looking to the future, General Secretary Su Lin called for joint efforts to move towards a new era in U.S.-Vietnam relations. He hoped that both sides could work together to overcome challenges, seize opportunities, and jointly build a developed, peaceful, and prosperous world.
This roundtable was not only an in-depth dialogue but also an important occasion for signing multiple cooperation agreements. Under the witness of General Secretary Su Lin, several Vietnamese enterprises signed a series of cooperation agreements and memorandums of understanding with U.S. companies. These agreements covered various fields including energy, technology, and aviation, demonstrating the willingness and determination of enterprises from both countries to conduct in-depth cooperation in multiple areas.
Among these, Vietnam National Oil and Gas Group (PVN) signed a cooperation agreement with Kellogg Brown & Root on energy transition and technology transfer research in the energy sector; PVN also signed a memorandum of understanding with GE Group on researching and providing software solutions for the power, oil, and gas industries; Petroleum Technical Services Corporation (PTSC) signed a cooperation agreement with Excelerate Energy in the liquefied natural gas (LNG) sector; Sovico Group signed a memorandum of understanding with SuperMicro Group on artificial intelligence, semiconductors, and data center construction in Vietnam; Vietjet Air signed a cooperation agreement with Honeywell in the aviation sector; and Vietnam’s Wealth Power Group signed a cooperation agreement with Eternal Natural Resources in the natural gas production sector. The signing of these agreements will undoubtedly inject new momentum into the economic cooperation between the two countries.
In 2023, bilateral trade between Vietnam and the U.S. reached $110 billion, marking the third consecutive year of surpassing the $100 billion threshold. This figure not only solidifies the U.S.’s position as Vietnam’s largest export market but also reflects the steady development of economic and trade relations between the two countries. Meanwhile, an increasing number of Vietnamese enterprises are beginning to invest in the U.S. market, gradually forming a trend of two-way investment.
