U.S. President Joe Biden had a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Monday, as part of the former’s ongoing state visit, and then the two sat in on the Vietnam-U.S. Innovation and Investment Summit.

During the meeting at the Government Office, PM Chinh welcomed President Biden to the Southeast Asian nation as his state visit marks a new milestone in the Vietnam-U.S. relationship.

After that, the two leaders attended the summit co-organized by Vietnamese Minister of Planning and Investment Nguyen Chi Dung and U.S. Secretary of State Antony Blinken. 

Speaking at the summit, Minister Dung and Blinken said that Vietnam and the U.S. had elevated their bilateral relations to a comprehensive strategic partnership, the highest level in the Southeast Asian country's international relations, for peace, cooperation, and sustainability, following talks between General Secretary of the Communist Party of Vietnam Nguyen Phu Trong and President Biden in Hanoi on Sunday.

As such, it is high time for enterprises in the two nations to shore up their cooperation, mainly in innovation and tech-based activities, heard the summit.

The two nations’ ministries and agencies will create favorable conditions for American and Vietnamese firms to do business to contribute to forming a sustainable value chain, and generating joint benefits.

Vietnam is moving toward the development of a digital, green, circular, and knowledge-based economy, prioritizing hi-tech, semiconductor, innovation, renewable energy, research and development, modern commercial center, financial hub, and infrastructure projects.

The United States boasts potential strengths in these fields.

Vietnamese firms are keen on cooperation with U.S. companies active in the financial, tech, renewable energy, clean material manufacturing, aerospace engineering, artificial intelligence, and cybersecurity fields.

On the other hand, U.S. enterprises show interest in partnering with Vietnamese businesses to implement semiconductor, 5G network, training, and innovation projects.

Addressing the summit, PM Chinh said that one of the highlights of the U.S. president’s visit is fostering Vietnam’s economy with a focus on technology and innovation.

The Vietnamese premier and Biden reached a consensus on turning technology, innovation, and investment into new key pillars of the comprehensive strategic partnership between the two nations.

Echoing Biden’s view about seeing innovation as a key to unlocking the two nations’ future development, PM Chinh called on the enterprises of the two sides to invest in science, technology, and innovation, especially digitalization, semiconductor industry, renewable energy, and climate change response.

Vietnam aims to become a developed nation with a high income per capita by 2045, said the prime minister.

Therefore, the country has determined that science, technology, and innovation will be among the main drivers of its growth.

The premier expects to keep receiving backing from the U.S. government and President Biden so that Vietnam can thrive sustainably.

President Biden highly valued the achievements made by Vietnam over the past few years, affirming that a wider door is opening for the two nations to bolster multifaceted cooperation.

The United States will support Vietnam to seize opportunities and promote its potential to make greater strides in the future.

Apart from some big deals, a series of agreements between the two nations will be signed for cooperation in the semiconductor and training fields, said Vietnamese Ambassador to the U.S. Nguyen Quoc Dung.

President Biden’s visit wraps up on Monday.

The United States is one of Vietnam’s biggest trade partners and is the latter’s top purchaser with a value at over US$100 billion.

Vietnam is the United States’ seventh-largest trade partner, and Hanoi is Washington’s biggest partner in Southeast Asia.

Two-way trade grows an average 16 percent each year.

The United States is Vietnam’s 11th-biggest foreign investor, getting involved in some 1,200 projects in the latter, with a total pledged capital of nearly $11.4 billion.

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