Vietnam has bold plans for its economic future. It will need U.S. tech, capital, and speed to make them happen

Vietnam’s new government is sending a clear signal to the markets: growth is back in the driver’s seat. The US-ASEAN Business Council recently led more than 50 leading American companies through Hanoi, and what we encountered was a government in a hurry—and one that knows exactly what it wants from U.S. business.

Even as other senior leaders traveled to Beijing, Prime Minister Lê Minh Hưng stayed in Hanoi to meet our delegation. We had a direct and pragmatic discussion focused on next steps. He struck us as a technocrat in the best sense of the word: An official who was practical, impatient with bureaucracy, and acutely aware that economic ambition means little without execution.

Vietnam no longer wants to compete simply on cheap labor or favorable geography. Its new ambition is to compete on speed, talent, technology, and industrial sophistication. The government’s pledge to slash regulations in half—paired with Resolution 57, its national innovation framework—signals a leadership team trying to position Vietnam for the next phase of Asian growth.

Executives in New York, Houston and Silicon Valley need to pay attention to Vietnam. The U.S. is strong in the sectors Vietnam most wants to develop. American firms lead the world in AI, cloud computing, cybersecurity, advanced manufacturing, biotechnology, and energy innovation. The U.S. private sector spends nearly $1 trillion annually on research and development.

When Hanoi talks about ...