Vientam calls for leg-up from US firms to climb global supply chain

Prime Minister Pham Minh Chinh called on U.S. firms to support Vietnamese companies in climbing global value chains while meeting with a U.S. business mission involving 52 corporations in Hanoi on Wednesday.

He also called on U.S. firms, investment funds and financial institutions to share their experiences and help Vietnam access international capital sources for the electricity-thirsty country’s clean energy transition.

Vietnam has set a target of carbon neutrality by 2050. Therefore, coal-fired electricity generation is discouraged while cleaner and renewable energy is promoted.

"We are also seeking to fight climate change and prioritize sustainable growth, such as digital transformation and high-tech industries," the prime minister noted.

The March 21-23 business mission, which includes major global companies like Boeing, Meta, SpaceX, Netflix, Coca-Cola, PepsiCo, Pfizer, Abbott, Visa, Citibank, Ford, FedEx Express, and AES, is being organized by the U.S.-ASEAN Business Council (USABC).

Chinh said Vietnam aims to create favorable conditions for U.S. corporations and investors to operate and expand their investments in the country.

The government leader provided information about specific sectors of the USABC and U.S businesses’ interests like digital economy and innovation, healthcare, energy, agriculture, and aviation.

He suggested the USABC continue acting as a bridge between the U.S. government and businesses with their Vietnamese counterparts, support the promotion of bilateral cooperation channels, and enhance practical and effective cooperation with Vietnam on the basis of optimizing the potential of the Vietnam-US comprehensive partnership framework.

Vietnam is ready to import machinery, equipment, tools and spare parts from the U.S. to improve the trade balance, Chinh said.

He suggested U.S. firms should join the construction of Long Thanh International Airport in Dong Nai province near Ho Chi Minh City.

The key national project, expected to help ease congestion at Tan Son Nhat International Airport in HCMC, is estimated to cost more than $14 billion to build and is set to open in 2025. It is under construction, but the $1.49 billion package for the passenger terminal does not have a contractor, meaning it could be delayed.

USABC president and CEO Ted Osius, former U.S. Ambassador to Vietnam, said the business mission was highly supportive of the Vietnamese government’s moves towards a more digital and green society. He also encouraged steps the country has taken in infrastructure development, such as the construction of new highways and metro rails.

U.S. Ambassador to Vietnam Marc Knapper said the American grouping at the meeting was the largest U.S. business delegation to ever visit Vietnam. He said this confirmed the commitment of the U.S. government and the private sector to support a strong and prosperous Vietnam via cooperation.

At the meeting with the Vietnamese PM, the delegation proposed new ideas and opportunities for business and investments in Vietnam, especially in tourism, automobile, aviation, medicine, energy, and banking. The mission also put forward proposals to bolster Vietnam-U.S. economic, commercial and investment partnerships.