PM urges Warburg Pincus to boost fair, sustainable Vietnam-US trade

As Vietnam is a developing country with a transitioning economy, and is still dealing with the severe consequences of war, it hopes to continue receiving support and cooperation from the US, and strengthening and deepening the Vietrnam-US Comprehensive Strategic Partnership, including maintaining and promoting stable, sustainable economic and trade relations based on equality and mutual benefit, while enhancing cooperation with US investors in the country.

Prime Minister Pham Minh Chinh on April 18 received Jeffrey Perlman, Chief Executive Officer of Warburg Pincus and Chairman of the ASEAN-US Business Council (USABC), during which he called on the fund to expand its investments in Vietnam, and engage with the US government on adopting appropriate measures to promote fair and sustainable bilateral trade.

PM Chinh expressed his appreciation for the fund's partnership and sustainable investments in Vietnam over the past decade, acknowledging its efforts and commitment to expanding investment in the southern province of Ba Ria - Vung Tau in particular and in Vietnam as a whole. Agreeing with the proposal from Warburg Pincus and the People's Committee of Ba Ria - Vung Tau regarding the investment in constructing an expressway connecting Long Thanh International Airport in Dong Nai province with Ho Tram in Ba Ria - Vung Tau, the Government leader urged the fund to continue working closely with relevant ministries and agencies to soon carry out the project.

He emphasised that this expressway is of significant importance in enhancing regional connectivity, boosting the development of high-quality tourism, and supporting auxiliary service industries. The project will fully capitalise on the strategic location and vast potential of Ho Tram, which holds great potential to become a major tourism hub.

As Vietnam is a developing country with a transitioning economy, and is still dealing with the severe consequences of war, it hopes to continue receiving support and cooperation from the US, and strengthening and deepening the Vietrnam-US Comprehensive Strategic Partnership, including maintaining and promoting stable, sustainable economic and trade relations based on equality and mutual benefit, while enhancing cooperation with US investors in the country.

Expressing gratitude for the US’s extension of the deadline for imposing its reciprocal tariff to facilitate negotiations, the PM stressed that the economic and trade relations between the two countries are not in direct competition, but rather complementary. To date, Vietnam has essentially addressed the concerns of the US, actively reducing taxes, purchasing more goods from the country, and is ready to engage in exchanges and negotiations on the basis of mutual benefit, aiming for sustainable, fair trade, as discussed recently between Party General Secretary To Lam and President Donald Trump.

Noting that Vietnam needs support and cooperation of other countries to overcome these current challenges, Chinh affirmed that Vietnam does not rely solely on that support and cooperation, but always respects the legitimate rights and interests of its partners, and listens to reasonable opinions.

He requested that Warburg Pincus help to mobilise as much capital as possible for both the public and private sectors, and call for the US government to soon recognise Vietnam's market economy status and remove Vietnam from the list of countries with restrictions on high-tech exports.

Vietnam will continue to create the best conditions for, and stand alongside businesses to ensure their legal, healthy and effective operations, while always listening to constructive feedback to enhance mutual understanding, and increase the effectiveness of cooperation.

For his part, Jeffrey Perlman emphasised that at this crucial moment in the strongly developing economic and trade relations between Vietnam and the US, Vietnam continues to receive robust support from US businesses that regard Vietnam as a very reliable partner, and believe in the long-term potential and prospects of the country.

Regarding bilateral trade relations, he assessed that Vietnam has been very proactive in addressing the concerns of the US; and continues to actively remove barriers and obstacles for businesses, including those from the US, and work continuously to improve its investment and business environment to foster stronger cooperation.

He affirmed that, in his capacity as Chairman of the US-ASEAN Business Council, he is always ready to advise and support the development of mutually beneficial solutions on tariffs between the two countries. He also pledged to continue advocating for the development potential of Vietnam to other partners and contribute positively to the Vietnam-US relationship.

Warburg Pincus is a leading global growth investor, investing over 83 billion USD in more than 40 countries around the world. Since 2013, the firm has poured more than 2 billion USD into Vietnam, with notable projects such as Vincom Retail, BW Industrial, Techcombank, MoMo, and recently, the Grand Ho Tram and Xuyen A Hospital projects./.