President Biden, PM Chinh attend Innovation & Investment Summit

HCMC – U.S. President Joe Biden today met with Prime Minister Pham Minh Chinh and both participated in the Vietnam-U.S. Innovation & Investment Summit.

The summit was jointly hosted by Minister of Planning and Investment Nguyen Chi Dung and U.S. Secretary of State Antony Blinken, with heads of ministries, agencies, and businesses from both countries attending.

During President Biden’s State visit to Vietnam, the two nations elevated their ties to a comprehensive strategic partnership for peace, cooperation and sustainable development.

Vietnam’s vision centers around the development of digital, green, circular, and knowledge-based economies. As part of its socioeconomic development strategy, the country will strategically attract investments in sectors like high technology, electronics, innovation, renewable energy, hydrogen, financial hub development, modern trade and services, infrastructure, and research and development (R&D).

These sectors align with areas where the United States possesses significant potential and expertise. Cooperation in these fields is anticipated to foster mutual growth for both nations.

Vietnamese and U.S. businesses have explored opportunities in four main sectors: technology innovation, production, financial services and fintech, and trade and services.

Local businesses have shown keen interest in joining hands with U.S. partners in high technology, finance, renewable energy, artificial intelligence, and cybersecurity. In return, U.S. partners have expressed their readiness to work with Vietnam on semiconductor and chip production, 5G network development, and startup initiatives.

PM Chinh and President Biden agreed to prioritize technology, innovation, and investment as a central pillar in their comprehensive strategic partnership.

President Biden commended Vietnam’s achievements and highlighted the potential for cooperation not only in investment and innovation but also in various other domains.

The United States pledges to collaborate with and support Vietnam in realizing its potential and called for close coordination in specific areas such as science and technology, climate change response, the transition to green technology, workforce development, and active participation in global and regional value chains.

Vietnam achieved a significant milestone in 2022 when the U.S. became its first market to which Vietnam’s exports exceed the US$100 billion mark, compared to a modest US$450 million in 1995. Conversely, Vietnam is now the seventh-largest trading partner of the U.S. and the largest partner within the Association of Southeast Asian Nations (ASEAN).

U.S. businesses are currently involved in around 1,200 projects in Vietnam, with total pledged capital of US$11.4 billion.

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