The US-ASEAN Business Council (USABC) has worked as an important bridge helping US firms invest in Vietnam and enhancing cooperation between the two nations, said Vice Chairman of the Vietnamese National Assembly Phung Quoc Hien. 

The legislator made the remarks at a reception for a USABC delegation, including representatives of 40 leading US businesses and groups – including Microsoft, Google, GE, and FedEx – in Hanoi on March 14. 

Hien welcomed the USABC delegation’s visit, which, he said, is taking place in the context of fruitful development of the Vietnam-US comprehensive cooperation, with rapid progress made in economic ties. 

He spoke highly of the great contributions by US enterprises to Vietnam’s economy throughout the past. 

Vietnam has conducted reforms and pursued a foreign policy of independence, self-reliance, diversification and multilateralisation of relations, and international integration. 

The country has affirmed that it will promote its comprehensive partnership with the US for the long-term interests of their people and intensify measures to beef up the bilateral ties, particularly in economy, trade, science-technology, and education and training, he said. 

Hien noted that Vietnam always considers the US one of its leading economic and trade partners. Therefore, economic and trade cooperation is always at the centre and momentum of the bilateral ties. 

Lauding cooperation outcomes in general, as well as economic links between Vietnam and the US, the official expressed his delight at the continuous growth of the two-way trade, which increased from 450 million USD in 1995 to over 60 billion USD last year. 

Hien told his guest that during the process of international integration, Vietnam has paid attention to scientific and technological development and spearhead economic sectors. 

He described US businesses as pioneers in science, technology, and quality, affirming that they are among Vietnam’s crucial and essential partners. 

Through investment activities, Vietnamese enterprises can learn from their partners’ business and management skills, he said. 

The legislator stressed that Vietnam always creates optimal conditions for foreign firms, including those from the US, to invest and expand their business and production in the country. 

The Vietnamese National Assembly and Government will continue to complete the legal system in an open, transparent manner and in line with international practice, while stepping up administrative reform in order to facilitate the operation of foreign businesses, he said. 

Members of the USABC delegation voiced their hope for more support from the Vietnamese legislature in increasing the business activities of US firms, and enhancing comprehensive cooperation between Vietnam and the US in the coming time.–VNA