Speaking at the 2026 Vietnam-US Business Summit in Hanoi on October 14, permanent Deputy Prime Minister Pham Gia Tuc encouraged US companies to increase investment in Vietnam and strengthen cooperation in high-tech industries, especially semiconductors.
He said Vietnam was shifting its approach to attracting foreign investment away from a focus on capital volume towards quality, technology and added value, while encouraging the development of industrial clusters, value chains and innovation ecosystems.
Deputy Prime Minister Pham Gia Tuc speaks at the conference (Photo: chinhphu.vn/Phuong Nguyen).
Vietnam has identified five priority areas for cooperation with the US: high technology, clean energy, sustainable supply chains, finance and innovation, and high-quality workforce training.
For the US, Tuc called for continued efforts to ensure Vietnamese goods had stable and sustainable access to its market. He also urged Washington to take an objective and balanced approach to Vietnam in trade investigations under Section 301 of the US Trade Act of 1974.
He asked organisations representing the American business community to convey to the US government Vietnam’s goodwill and efforts to promote cooperation, helping foster stable, fair and mutually beneficial trade relations.
Tuc also encouraged US companies to expand investment in Vietnam, particularly in semiconductors and core technologies. He called for closer links in technology, equipment, services, manufacturing standards and supply chains to establish a foundation for long-term cooperation.
He expressed confidence that economic, trade and investment ties between the two countries would continue to develop and deliver tangible benefits to businesses and people in both countries.
The Vietnamese government pledged to continue institutional reforms, simplify administrative procedures, develop strategic infrastructure and improve the business and investment environment. Tuc said the success of businesses was also Vietnam’s success, while their difficulties were issues that authorities should focus on resolving.
At the summit, Nguyen Quang Vinh, vice-chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said significant potential remained for economic cooperation between Vietnam and the US. He urged American companies to invest more in high technology, digital transformation, green transition and energy, while strengthening links with Vietnamese businesses in manufacturing, research and development, and supply chains.
Mark Gillin, chairman of the American Chamber of Commerce in Vietnam, highlighted the need to improve productivity, reduce compliance costs, streamline logistics and ensure a stable electricity supply to strengthen the economy’s competitiveness.
Vietnam aims to achieve double-digit economic growth during 2026-2031, with science and technology, innovation, digital transformation and a highly skilled workforce identified as key drivers.