General Secretary of the Communist Party of Vietnam Central Committee and President To Lam conveyed this message during meetings with leaders of Warburg Pincus and Boeing in New York on September 21 (local time) as part of his working trip to the United States for the 81st session of the United Nations General Assembly.

From capital flows to business competitiveness

Meeting with Chip Kaye, chairman of Warburg Pincus, General Secretary and President To Lam spoke highly of the group’s partnership with and investment in a number of important sectors of Vietnam’s economy over the years.

In the country’s new development phase, Vietnam needs high-quality, long-term capital accompanied by management expertise, technology, international networks and the ability to help Vietnamese businesses grow into companies with regional competitiveness, he told the Warburg Pincus leader.

These are also areas in which Warburg Pincus has considerable experience and can make substantive contributions.

Sharing the group’s investment direction, Kaye said the group focuses on providing long-term capital to businesses with growth potential, while supporting strategy, management, market expansion and operational efficiency. The group’s key areas include technology, finance, healthcare and industry, real estate development and capital solutions.

Going forward, Warburg Pincus will continue expanding investment in areas with long-term growth prospects, particularly artificial intelligence, digital infrastructure, data centres, financial services, healthcare, logistics and infrastructure assets, he told the Vietnamese leader.

Drawing on its investment cooperation in Vietnam in recent years, Kaye expressed a desire to continue working with and expanding investment in Vietnam, promote digital industrial infrastructure and sustainable development, and help connect the Vietnamese market with global markets.

General Secretary and President To Lam welcomed the group’s continued expansion of investment in areas where it has strengths and Vietnam has strong demand, including industrial and logistics infrastructure, digital infrastructure, financial services and fintech, technology, high-quality healthcare and emerging growth sectors.

At the same time, he called on Warburg Pincus to prioritise investment expansion and joint development of Vietnamese businesses capable of competing regionally, helping them improve management standards, technology and productivity and gradually expand into regional markets.

He also proposed that the group contribute to the development of Vietnam’s international financial centre, continue modernising the initial public offering (IPO) and listing markets, develop real estate investment trusts (REITs), and mobilise long-term institutional capital for real estate and infrastructure.

The leader expressed his hope that Warburg Pincus would serve as a bridge enabling US businesses to gain a better understanding of Vietnam’s development orientation, investment environment and new cooperation opportunities in a substantive, sustainable and mutually beneficial manner.

From Boeing’s market to a role in its supply chain

Meeting Dr. Brendan Nelson AO, president of Boeing Global, General Secretary and President To Lam spoke highly of more than three decades of cooperation between Boeing and Vietnam’s aviation sector. He said the current foundation for cooperation is strong enough for the two sides to move beyond individual aircraft orders or separate activities and pursue a higher goal of jointly developing a high-value-added aviation ecosystem in Vietnam.

He stressed that Vietnam wants to gradually build internationally competitive industrial, technical, service and human-resource capabilities in aviation, moving from being a major market for Boeing towards becoming a higher-value industrial, technical and service partner within Boeing’s global ecosystem.

Nelson said Vietnam is a promising market with favourable conditions. Boeing plans to expand its activities in Vietnam and serve as a bridge to promote diplomatic and economic ties between the two countries. The group will support Vietnam in aircraft research, evaluation, purchasing and leasing, as well as maintenance, repair and overhaul services.

It also plans to expand training programmes for pilots and engineers, assist Vietnamese authorities with air traffic management, and promote cooperation with US aviation partners.

To advance this direction of cooperation, General Secretary and President To Lam called on Boeing to prioritise raising Vietnam’s position in the group’s supply chain and work with Vietnamese agencies and businesses to develop a specific programme to increase the number of Vietnamese companies qualified to join Boeing’s supply chain, while gradually increasing procurement and production value in Vietnam.

He also proposed that Boeing help Vietnamese businesses meet international standards in quality, safety, traceability and production management; develop maintenance, repair and overhaul (MRO) capabilities and aviation technical services in Vietnam; and establish a long-term aviation workforce development programme.

Alongside strengthening business capabilities, the Vietnamese leader expressed his hope that Boeing would continue sharing expertise and working with Vietnamese agencies and businesses to improve flight safety standards, aircraft and data management, predictive maintenance and maintenance digitalisation; optimise flight schedules, fuel use and operational efficiency; strengthen air traffic management and operational capabilities; train aviation managers and technical personnel; and improve fuel efficiency and reduce emissions.

Apple expands its presence in Vietnam’s technology ecosystem

At a meeting with Apple CEO Tim Cook, General Secretary and President To Lam appreciated the company’s presence and contributions in Vietnam, particularly through its network of manufacturing partners and technology supply chains, as well as its activities in human resource training, digital services and innovation.

He said Vietnam is entering a new development phase in which science and technology, innovation, digital transformation, the green transition and the development of the private sector are important drivers of growth. In this context, he expressed his hope that major technology corporations such as Apple would continue to expand cooperation and make greater contributions to improving Vietnam’s technological capabilities, human resources and position in global value chains.

He called on Apple to pursue more substantive, long-term and mutually beneficial cooperation with Vietnam, going beyond the expansion of production and business activities to support the development of the country’s innovation ecosystem and strengthen the capabilities of Vietnamese businesses. He also encouraged the company to help train engineers and technology specialists and support Vietnam in participating more deeply in global technology supply chains.

Cook spoke highly of Vietnam’s development potential, particularly its young and dynamic workforce and positive environment for cooperation. He said Apple wants to continue expanding its presence in Vietnam, strengthen cooperation with local partners, develop supply chains, provide human resource training and contribute to Vietnam’s digital transformation and innovation efforts.

The two sides agreed to maintain exchanges and promote appropriate cooperation programmes in the coming period, contributing to Vietnam’s development, Apple’s long-term success and the Vietnam-US Comprehensive Strategic Partnership.