Good morning. Thank you to the Binh Duong People's Committee and the Department of Planning and Investment for organizing
today's meeting. And thank you to Binh Duong People's Committee
Chairman (Tran Thanh Liem) for the invitation to speak today.
I am delighted to be back in Binh Duong. Binh Duong was one of the very first provinces I visited last October, shortly after taking up my position as U.S. Consul General in Ho Chi Minh City, This was largely thanks to the leadership of American Chamber of Commerce Chairman Jonathan Moreno, also General Director of Medovations, a medical device company here in Vietnam-Singapore Industrial Park. Jonathan told me about the positive business climate here in Vietnam-Singapore Industrial Park – and arranged a roundtable discussion with more than 30 representatives of U.S. companies operating here in Binh Duong.
The United States is a Pacific power, with enduring interests and long-standing commitments throughout the Asia Pacific. We share important goals with Vietnam, including promoting our shared prosperity and maintaining the peace and stability in Southeast Asia that has allowed the region to prosper. We also believe that fostering a deeper and broader relationship with Vietnam is an important element of our regional engagement.
And there are many positives to consider when looking at the U.S.-Vietnam relationship. In May, Prime Minister Phuc became the first Southeast Asian leader to make an official visit to Washington and meet President Donald Trump. The trip provided an opportunity for us to reaffirm the many elements of our Comprehensive Partnership. We remain committed to following through on the outcomes of the Joint Statement as we work to resolve priority trade issues and deepen our economic relationship.
The United States is eager to help Vietnam use its APEC host year to advance its economic reforms and priorities. In August, as part of the third APEC senior officials' meeting, Health and Human Services Secretary Tom Price visited Vietnam and reaffirmed the President's commitment to the global health security agenda.
In November, we are looking forward to President Trump's visit to Danang for APEC. Besides reaffirming our commitment to APEC, the President's visit will present an opportunity to underscore and advance the bilateral commitments agreed to in May and assess progress towards advancing longer-term bilateral partnerships.
The United States is a trading nation and we remain committed to free and fair trade. Two-way trade between the United States and Vietnam is at an all-time high, over $50 billion in 2016. The United States is the number one destination for Vietnamese exports and Vietnam is the fastest growing export market for the United States.
In the first half of 2017, Vietnam attracted over $19 billion in foreign direct investment, up over 50 percent from the same period last year. The United States remains among the top 10 leading sources of foreign direct investment in Vietnam – even when some US FDI is counted as FDI from other countries.
As we seek to deepen our economic ties, I want to highlight the importance of promoting an open, fair, predictable, and transparent regulatory environment that enables innovation and creates a level playing field, which is a key element to attracting foreign investment. It also helps to make trade fair for U.S. exports, which reduces the trade deficit and increases mutual prosperity.
That is why the U.S. Consulate in Ho Chi Minh City helped host Meet the USA last June. This event brought together U.S. investors and leaders from 32 provinces -- including Binh Duong --to share commercial success stories and discuss new trade and investment opportunities.
Our meeting today follows up on that event's success. We are here today because we recognize that opportunities for U.S.-Vietnamese partnerships are not limited to Hanoi or Ho Chi Minh City. Opportunities also exist in provinces committed to fostering U.S.-Vietnamese partnerships.
The provinces which foster U.S.-Vietnamese partnerships stand to benefit by attracting American businesses that bring than high-quality technologies, products, services, and knowledge. American businesses also provide long-term solutions and promote sustainable growth.
Through their investments, American businesses promote fair labor practices and invigorate the places where they operate, making them better places to live and work. American companies are willing to make these long-term investments because they believe Vietnam is a country with tremendous potential for growth.
To provide these solutions, American investors need local partners in the provincial leadership. As one of the fastest-growing provinces in Vietnam, Binh Duong is modeling leadership. In 2015, Binh Duong ranked 25th among Vietnam's most competitive provinces. By improving in key areas, including labor training and business support services, Binh Duong significantly increased its competitiveness, leaping from 25th to fourth place in 2016. Today, Binh Duong is one of Vietnam's most competitive provinces, demonstrating how good leadership can make a real difference.
Let me tell you, American companies pay attention to provincial competiveness. Binh Duong can continue to attract U.S. investment by maintaining a high ranking in the Provincial Competitiveness Index. U.S. companies use this index to identify provinces and potential partners with which to do business. Improving infrastructure, encouraging innovation, engaging with the business and media communities, and protecting physical and intellectual property rights are all means for Binh Duong to encourage more American investments.
The United States remains committed to free and fair trade in the Asia-Pacific, and the U.S. Consulate stands ready to improve our trade and investment relationship with Vietnam, and with Binh Duong province.
Thank you again for inviting me to participate in today's meeting. I look forward to working together to deepen our countries' trade and investment ties and develop a mutually prosperous bilateral partnership.
Thank you.