The Vietnam-US Comprehensive Strategic Partnership is opening the door to a new generation of investment, with local readiness now becoming the decisive factor.
Vietnam's Ambassador to the United States, Nguyen Quoc Dung, says bilateral relations are entering their strongest period since diplomatic normalization in 1995, creating a unique opportunity for Vietnam's provinces and cities to attract high-quality investment, technology and innovation.
Speaking on August 2 at the 22nd National Conference on Foreign Affairs, held as part of the 33rd Diplomatic Conference, Ambassador Dung emphasized that the upgraded Vietnam-US Comprehensive Strategic Partnership has created an unprecedented framework for deeper economic, technological and investment cooperation.
Local diplomacy increasingly supports economic development
The conference, hosted by Vietnam's Ministry of Foreign Affairs under the theme Enhancing Local Foreign Affairs to Mobilize International Resources for Development, brought together more than 300 participants, including representatives from central government agencies, provincial leaders, local foreign affairs departments and heads of Vietnam's overseas diplomatic missions.
Deputy Foreign Minister Ngo Le Van said that since the 21st National Conference on Foreign Affairs, local governments have signed, renewed or maintained more than 900 international agreements while organizing, licensing or reviewing more than 2,500 international conferences and seminars.
Deputy Foreign Minister Ngo Le Van delivers the opening remarks at the conference.
He noted that outbound and inbound delegation management, international agreements and implementation mechanisms have become increasingly standardized. Local authorities have also paid greater attention to monitoring cooperation after agreements are signed.
Many provinces and cities are now aligning foreign affairs more closely with investment promotion, export market expansion, tourism development and the acquisition of technology, expertise, skilled talent and modern governance practices.
Foreign direct investment (FDI) continues to be a major driver of local economic development. Beyond increasing the number and size of projects, many localities are placing greater emphasis on technology transfer, stronger links with domestic businesses, workforce development and participation in global supply chains.
Investment in electronics, semiconductors, artificial intelligence, energy and green manufacturing has begun strengthening local production capacity and competitiveness, although the extent of technology spillover and domestic integration still varies between projects and regions.
Ambassador urges provinces to identify the right US investment opportunities
Ambassador Nguyen Quoc Dung says localities that can accelerate site preparation, land clearance, licensing and post-investment support will be best positioned to attract US investment. Photo: Ministry of Foreign Affairs.
Addressing the conference, Ambassador Nguyen Quoc Dung said Vietnam-US relations are experiencing their most favorable environment since diplomatic ties were established in 1995.
The elevation of bilateral relations to a Comprehensive Strategic Partnership in September 2023 has gone beyond political symbolism, creating new opportunities for cooperation in investment, advanced technology and economic development.
However, he stressed that the upgraded partnership will only deliver lasting value if it is translated into concrete investment projects, new supply chains and innovation hubs established across Vietnam's provinces and cities.
"The new context of Vietnam-US relations is creating a special opportunity for local governments," Ambassador Dung said.
He noted that US foreign economic policy has evolved in recent years to strengthen domestic manufacturing and reduce the country's trade deficit. Nevertheless, Washington continues to regard Vietnam as an important partner in the Indo-Pacific region.
That commitment is reflected in continued high-level dialogue and expanding cooperation in semiconductors, artificial intelligence, clean energy, critical minerals, the digital economy and innovation.
US companies seek more than low production costs
Party General Secretary and State President To Lam meets US President Donald Trump during an international engagement in February. Photo: VNA.
According to the ambassador, American businesses increasingly view Vietnam as more than a low-cost manufacturing destination.
Growing numbers of US companies are exploring opportunities to establish manufacturing facilities, research and development centers, design hubs, data centers and high-tech supply chains in Vietnam.
He said Vietnam's ongoing institutional reforms and ambitious economic growth strategy provide a strong foundation for attracting a new generation of foreign direct investment.
With science, technology, innovation, digital transformation and private-sector development identified as key growth drivers, Vietnam's priorities closely align with the investment interests of many American companies.
"Our discussions with US businesses show that investment decisions today are influenced by much more than tax incentives," Ambassador Dung said. "Companies place particular importance on the quality of the workforce, policy transparency and stability, reliable electricity supplies, logistics, digital infrastructure, administrative efficiency and the ability of local governments to support projects throughout their entire lifecycle."
Shift from attracting more investment to attracting the right investment
Prime Minister Le Minh Hung meets a delegation of US businesses led by US-ASEAN Business Council Acting Chairman Brian McFeeters in April. Photo: Nhat Bac.
The ambassador observed that many Vietnamese localities still take a relatively passive approach, waiting for business delegations to conduct site visits instead of proactively engaging target corporations, developing investment-ready project portfolios and building dedicated investor support teams.
He also pointed out that individual US states are becoming increasingly active in international cooperation through economic development agencies, universities, innovation centers and business associations - partners that Vietnamese provinces can connect with directly.
Rather than simply seeking to maximize the volume of investment, Ambassador Dung urged local authorities to focus on attracting the right investors, in the right sectors and within the right industrial ecosystems.
Localities that create transparent, predictable investment environments aligned with international standards will be best positioned to attract high-quality capital.
He encouraged provinces and cities to prepare investment projects that are genuinely "ready for implementation" instead of presenting broad lists of potential opportunities.
According to the ambassador, this would demonstrate that local governments are not only eager to attract FDI but are fully prepared to receive high-quality investment.
"Vietnam-US relations have entered a new stage," Ambassador Dung concluded. "In the competition for high-quality foreign investment, Vietnam's localities must stay one step ahead by preparing infrastructure, institutions, human resources and investment-ready projects. If we succeed, we will attract not only US capital but also advanced technology, modern management practices and new value chains, helping improve the quality of growth for both local economies and Vietnam as a whole."
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