The new pillars of the Vietnam - United States relationship

Prime Minister Pham Minh Chinh and President of the United States Joe Biden attended the "Vietnam - United States Summit on Investment and Innovation" at the Government Office on September 11. The event was attended by reprensentatives from ministries, sectors, and 14 exemplary businesses from the United States and Vietnam.

During the summit, business representatives from both parties engaged in open, candid, and substantive discussions on investment cooperation, with a focus on four main areas: technology and innovation, manufacturing investment, financial services and fintech, and trade and services.

Both Prime Minister Pham Minh Chinh and President Joe Biden emphasized that the presence of world-leading business leaders in the semiconductor industry, high technology, and innovation at the summit contributed to ushering the Vietnam - United States Comprehensive Partnership into a new development phase.

Special focus on businesses from the United States

According to Prime Minister Pham Minh Chinh, these are also the fields that Vietnam has identified as key drivers for the country's economic development until 2030 and with a vision towards 2045.

The Prime Minister highlighted that one of the key focuses of President Biden's visit to Vietnam is to "promote the development of Vietnam's economy with an emphasis on technology and innovation". As President Biden stated, there are no limits to cooperation between the two countries in these fields.

General Secretary Nguyen Phu Trong emphasized: "Promoting economic, trade, and investment cooperation in innovation and creativity is the foundation, focus, and driving force of the two countries' Comprehensive Strategic Partnership" and "Strengthening scientific and technological cooperation is a new breakthrough in the Comprehensive Strategic Partnership."

"President Biden and I have agreed to make technology, innovation, and investment the new pillars of the Vietnam - Vietnam - United States Comprehensive Strategic Partnership. I concur with President Biden that innovation is the key to unlocking our future", Prime Minister Chinh added.

Subsequently, the Prime Minister proposed businesses from both countries to dedicate their time, effort, intellect, and resources to prioritize investment in science and technology, innovation, with a focus on digital transformation, semiconductor industry, green growth, renewable energy, climate change mitigation, and circular economy.

According to the Prime Minister, Vietnam has made efforts to overcome the consequences of the war, renew its market-oriented economic development, and engage deeply in international integration. Vietnam aims to be a developing country with a modern industry and high average income by 2030, and a developed, high-income country by 2045.

To this extent, Vietnam has identified science, technology, and innovation as one of the important drivers of national development. With the motto "internal resources are fundamental, strategic, long-term, and decisive; external resources are important and breakthroughs", Vietnam's consistent policy is to call for investment and open its market to all global partners and businesses, with special attention to businesses from the United States.

"We hope to continue receiving strong political support from the U.S. government, especially from President Joe Biden, who has shown a very special affection for Vietnam in various capacities, as a Senator, Vice President, and President. He has played a crucial role alongside General Secretary Nguyen Phu Trong in advancing Vietnam - United States relations to a Comprehensive Strategic Partnership. We also highly appreciate the commitment to capital, technology, and the high-quality training of human resources by the United States' business community in supporting Vietnam's transition to a green, fast, sustainable, and comprehensive development model", stated the Prime Minister.

"The source of strength begins with mindset and vision; motivation comes from innovation and creativity; and power arises from the people and businesses. The Comprehensive Strategic Partnership between Vietnam and the United States embodies new thinking, new vision, and new impetus, creating new strengths and values. Let us cooperate, share, learn, and assist each other in the spirit of 'harmonious interests and shared risks.' Your success is our success", emphasized the Prime Minister.

Seizing potential opportunities

Agreeing with Prime Minister Pham Minh Chinh's views, President Joe Biden commended Vietnam's development achievements. He noted that Vietnam has undergone significant changes in the past twenty years, since the visit of former Prime Minister Phan Van Khai to the United States in 2005.

President Joe Biden believes that there is an opportunity for both countries to enhance their partnership, not only in the areas of investment and innovation but across all fields, to bring about shared prosperity.

He welcomed the agreement between Vietnam's national airline, Vietnam Airlines, and Boeing to purchase 50 Boeing 737 Max jetliners, which is expected to support more than 30,000 jobs in the United States.

President Joe Biden affirmed that the United States, in the spirit of sincerity, will cooperate and support Vietnam in seizing all its potential opportunities. He suggested Vietnamese businesses to continue close collaboration in areas such as science and technology, innovation, semiconductor industry, cloud computing, green transformation, climate change mitigation, and workforce training. He emphasized the importance of strengthening regional and global supply chains.

President Joe Biden stressed that cooperation and sharing should not be limited to favorable scenarios but also in times of difficulty and risk. He pointed out that technological innovations within the next ten years will be more impactful compared to the last fifty years, and this development also brings new risks.

Additionally, the President proposed both countries to continue their efforts in renewable energy cooperation, so that this area is not limited to developed countries around the world.

President Biden emphasized that elevating the partnership between the two countries will be a stepping stone. Both countries and their businesses need to work together to reinforce and enhance cooperation for a brighter future, the well-being of their people, and a stable and prosperous Indian Ocean-Pacific region.

Cooperation in Semiconductor Chips

At the Summit, Minister of Planning and Investment Nguyen Chi Dung stated that Vietnam aims to attract selective investments aimed at developing the digital economy, green economy, circular economy, and knowledge-based economy. Consequently, priority will be given to projects in high technology, electronics, semiconductors, innovation, renewable energy, new energy sources (hydrogen), financial centers, modern service trade, infrastructure construction, and research and development activities.

These are also areas where the United States has potential and strengths. Cooperation between Vietnam and the United States in these fields will be complementary and mutually beneficial, contributing to the development of both parties. The Minister proposed that businesses in the United States to increase new investments and expand in Vietnam, as well as support Vietnamese businesses in joining value chains.

Major companies operating in the semiconductor sector including Intel, Amkor, Marvell, Global Foundries, and the US Semiconductor Industry Association have proposed developing the chip and semiconductor ecosystem, collaborating with the National Innovation Center to establish training and research and development centers, and moving towards chip and semiconductor product design in Vietnam.

The Minister also proposed Boeing to develop an ecosystem for component manufacturing and establish an equipment and aircraft maintenance center on a regional scale in Vietnam. Regarding Google and other technology companies, the Minister encourages innovation and creativity, collaboration in artificial intelligence (AI), and organization of high-tech workforce training programs in Vietnam.