Vietnamese Prime Minister Pham Minh Chinh and US President Joe Biden chair the Vietnam-US High-Level Conference on Investment and Innovation

Prime Minister Pham Minh Chinh told the conference that one of the highlights of President Biden's visit to Vietnam was to promote economic cooperation with Vietnam in technology and innovation. The two leaders agreed to make technology, innovation, and investment a pillar of the Vietnam-US Comprehensive Strategic Partnership

New pillar of Comprehensive Strategic Partnership

Prime Minister Chinh said Vietnam has set the goals of becoming a developing country with modern industry and high middle-income by 2030, and a developed, high-income country by 2045. Vietnam has identified science, technology, and innovation as the main driving forces for national development.

Vietnam is focusing on human resource development, creating preferential policies for the development of digital technology, renewable energy, the semiconductor industry, high-tech parks, and innovation centers, participating more in the global value chain, and attracting strategic investors including those from the United States.

Mr. Chinh expressed his hope that the US Government and business community will increase political support, capital commitments, science and technology assistance, and skilled human resources training to help Vietnam transform its growth model and restructure its economy in a green, rapid, sustainable, and inclusive direction.  

Prime Minister Pham Minh Chinh said: “Resources come from thinking and vision, motivation from innovation and creativity, and strength from people and businesses. The Vietnam-US Comprehensive Strategic Partnership represents new thinking, new vision, and new motivation, which will create new strength and new values. We cooperate, share, learn from, and support each other in a spirit of harmonizing benefits and sharing risks.”

President Biden spoke highly of Vietnam's recent development achievements, and said it is time for the US and Vietnam to promote relations in all fields to bring about common prosperity. The two countries and businesses need to work together to consolidate and advance cooperation in the coming time, he said.

The US will cooperate with and support Vietnam in chip technology, innovation, semiconductors, green transformation, human resources training, and participating more in regional and global value chains.

The Vietnam-US High-Level Conference on Investment and Innovation in Hanoi on September 11, 2023

Gearing up investment in high-tech supply chains

Assessing the possibility of realizing new cooperation opportunities between businesses, Minister of Planning and Investment Nguyen Chi Dung said Vietnam wants to selectively attract investment in digital economy, green economy, circular economy, and knowledge-based economy.

Vietnam prioritizes projects on high technology, electronics, semiconductors, renewable energy, hydrogen energy, modern finance, trade, service centers, infrastructure, and research and development.

Minister Dung said these things are the strengths of many American businesses, so the two sides have a lot of room for cooperation.

Minister Dung urged American businesses to increase investment and expand operations in Vietnam, and help Vietnamese businesses participate in the value chain.

He urged semiconductor companies like Intel, Amkor, Marvell, Global Foundries, and the American Semiconductor Association to develop chip and semiconductor ecosystems in Vietnam.

In their Joint Statement on elevating the Vietnam-US ties to a Comprehensive Strategic Partnership, Vietnam and the US announced the launch of semiconductor workforce development initiatives, supported by initial seed funding of 2 million USD from the US Government.

Vietnam is committed to helping Boeing develop a regional component manufacturing ecosystem and an aircraft machinery and equipment maintenance center in Vietnam.

At the conference, 14 Vietnamese and US businesses had open, frank, and substantive discussions on cooperation opportunities in technology and innovation, production investment, and financial and fintech services.

Vietnamese businesses expressed their interest in cooperating in finance, high tech, renewable energy, green transition, clean fuel production, hydrogen energy, aerospace technology, cybersecurity, and artificial intelligence.

Meanwhile, US businesses are ready to cooperate with Vietnamese businesses in semiconductors, electronic chips, 5G networks, human resource training, and startup incubation.

Economists say that the Vietnamese and US economies are complementary. By upgrading bilateral relations, Vietnamese businesses will have the opportunity to increase their foothold in the US market and participate more in the global value chain.