Vietnamese Prime Minister Pham Minh Chinh attended a forum on innovation and startups with leading U.S. firms in San Francisco, California on Tuesday morning (local time) within the framework of his working visit.

During the event, which was organized by the Asia Society Northern California, PM Chinh stated that Vietnam identifies science and technology, innovation, and entrepreneurship as important driving forces for development in the new era.

Startup collaboration between Vietnamese and U.S. partners should focus on climate change response, digital transformation, technology transformation, and supply chain diversification, he continued.

Attention should also be paid to the innovation and startup movement among young people.

The premier went on to discuss with leaders of major U.S. businesses about opportunities for cooperation in innovation, science, and technology.

The Vietnamese government is improving mechanisms and policies to welcome new startups, he stated, adding that Vietnam is rushing to prepare infrastructure systems and train its human resources to attract foreign investors to the country.

Vietnamese Prime Minister Pham Minh Chinh and his delegation take a photo in front of Google headquarters in California, May 17, 2022. Photo: Vietnam Government Portal

Vietnam is one of the countries that have signed the most trade agreements in the world, with an economic openness of up to 200 percent of gross domestic product (GDP) and trade relations with more than 60 nations.

The country, however, is in its development stage, so its demand for capital is high to solve new problems such as energy transition and climate change, the PM said, adding Vietnam is eager to form cooperation with major financial institutions.

Manpower is the most valuable in digital transformation, he emphasized, adding that Vietnam is seeking collaboration in improving the capacity and quality of the resources.

In addition, infrastructure related to science and technology development needs further investment and improvement to meet high standards.

Vietnam wishes to mobilize financial resources through public-private partnership, the premier continued.

Developing countries like Vietnam need to prioritize resources from developed countries, he said.

PM Chinh is on a working visit to the U.S. from May 15 to 17.

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