Vice Chairman of the National Assembly Vu Hong Thanh (left) shakes hands with Chairman and CEO of the US-ASEAN Business Council (USABC) Ted Osius. (Photo: VNA)

Representatives of US businesses affirmed their interest and readiness to invest and expand operations in Vietnam while meeting with Vice Chairman of the National Assembly Vu Hong Thanh in Hanoi on March 19.

At his reception for a delegation from the US-ASEAN Business Council (USABC) led by its Chairman and CEO Ted Osius, Thanh underlined the crucial role played by the Comprehensive Strategic Partnership with the US in Vietnam’s socio-economic development, investment and trade, science - technology, innovation, and digital transformation.

He noted that Vietnam has taken solutions to create strategic breakthroughs in institutional reforms and developing infrastructure, human resources, and science-technology to lay the premise for a new era of national progress.

Participants at the reception (Photo: VNA)

Vietnam is actively reforming its mindset and approach of the legislative work by drafting and enacting concise and clear laws; promoting decentralisation and administrative reform; and shifting from a management-focused legal framework to one that balances effective governance with development and innovation, Thanh stated.

According to the legislator, Vietnam wants to maintain stable cooperation with the US and is proactively adapting to policy changes to safeguard its economy and sustain sustainable growth.

He valued the important role and contributions of the US business community, particularly the USABC, in strengthening the Vietnam-US investment and business cooperation, affirming that the Vietnamese NA remains committed to fostering economic growth and developing supportive policies for foreign businesses, including those from the US.

Vietnam hopes to attract resources from foreign businesses and investors, including USABC members, to support its strategy for rapid and sustainable economic development in the coming years, he said.

Thanh stated that the NA and its agencies stand ready to accompany the USABC and the US business community to promptly remove institutional, policy, and legal obstacles, creating favourable conditions for investment and business activities of American enterprises in Vietnam in the coming time.

The US guests expressed their impression of Vietnam’s socio-economic achievements and highly valued the country’s investment and business environment in recent years. They affirmed their readiness to expand investment in Vietnam, particularly in green transition, technology, innovation, digital economy, AI, e-commerce, and sustainable development.

They showed their hope that the Vietnamese NA and Government will continue accelerating administrative reforms, optimising the business environment, and providing greater support for foreign enterprises, including US firms.

On the same day afternoon, representatives of the Party Central Committee's Commission for Policies and Strategies had a meeting with the USABC delegation.

Standing vice chairman of the commission Thai Thanh Quy reaffirmed Vietnam’s consistent policy to consider the US a top priority partner.

The two sides discussed and proposed orientations for boosting investment and business cooperation between the two nations, particularly in the areas of interest to US companies, such as renewable energy, aviation, AI, health care, semiconductors, supply chain development, financial services, digital economy, and circular economy.

Representatives of US businesses said they hope to receive support from and expand cooperation with Vietnamese agencies, especially the commission, to create a favourable business environment for their investment in Vietnam.

They reaffirmed their commitments to close cooperation with Vietnam to advance the Comprehensive Strategic Partnership, particularly in economy, trade, and investment cooperation, for the mutual benefit of both countries.

Quy affirmed that the commission strongly supports the USABC’s activities, particularly in helping US businesses operate effectively in Vietnam. He called on the USABC to further strengthen its role as a bridge in practically promoting Vietnam-US cooperation, and expand partnerships with Vietnamese companies to boost investment in Vietnam’s priority sectors that align with the US’s strengths./.