(MPI) - Vietnamese Minister of Planning and Investment Nguyen Chi Dung and US Secretary of State Antony Blinken co-chaired a Vietnam-US high-level conference on investment and innovation between the two countries in Hanoi, as a part of the US President Joe Biden’s State visit to Vietnam on September 10-11 at the invitation of General Secretary of Vietnam Nguyen Phu Trong.

At the event. Photo: MPI

The event is attended by Vietnamese Prime Minister Pham Minh Chinh and US President Joe Biden, and saw the participation of 14 outstanding businesses from both countries.

In his speech, Minister Dung said investment and innovation are key pillars in the cooperation relationship in the context that the two countries have recently updated to comprehensive strategic partnership.

Vietnam defines high technology, semiconductor industry, financial centre, innovation, and renewable and hydrogen energy as breakthroughs for businesses to participate deeply in the global value chain. “This is also an opportunity for US firms to expand investment in the country”, said the minister.

US Secretary Antony John Blinken hailed Vietnam’s potentials in attracting US investment in the fields of innovation, semiconductor industry and high technology. The US is committed to continuing to assist Vietnam to develop itself  that match the interests of the people of both countries.

The US official also expressed his belief that the US investment will be elevated in both number and quality, contributing to job creation for the people.

Minister Dung citied Vietnam’s direction in the time ahead is to attract selective investment to develop digital economy, green economy, circular economy and knowledge economy. Priority is given to high-tech projects, electronics, semiconductor industry, innovation, renewable energy, new energy such as hydrogen, financial centre development, modern trade and service, infrastructure development, and research and development.

These are also the areas of the US’s strengths, and the two sides are complementary to each other and bring about mutual benefits based on the cooperation in above-mentioned fields.

He asked US firms maintain making new investment and expanding operation in Vietnam, and help local enterprises join the global supply chain, for example semiconductor manufacturers and the US Semiconductor Industry Association shoult coordinate with the ministry’s National Innovation Center (NIC) to build training and R&D centres to design chips and semiconductors in Vietnam.

The minister proposed them develop a component production ecosystem, and build a regional maintenance centre of aviation machinery and equipment in Vietnam. Tech companies should boost innovation activities and artificial intelligence (AI) cooperation, and design vocational training programme in tech industry.

He also suggested the US’ financial institutions and investment funds provide preferential credit and finance for Vietnam in green sectors like renewable energy and hydrogen energy, help the country develop international financial centre and promote bilateral trade.

Vietnamese firms need to actively promote their business and investment in the US, proactive learn experience, improve their management capacity to participate in the global value chain towards cooperation activities with higher value and spillover impact.

Minister Dung stated that the Ministry of Planning and Investment pledges to coordinate with other ministries, sectors and localities to create optimal conditions for both US and Vietnamese enterprises to effectively and successfully do business, thus creating sustainable values and closer cooperation for the common interests and prosperity of both countries./.

Bao Linh

Ministry of Planning and Investment