Overview of the Vietnam - US Cooperation Forum
The forum is one of a series of important activities to celebrate the 50th anniversary of the tradition of the University of Economics - VNU (1974-2024). The event is also one of the activities to celebrate the 1st anniversary of upgrading the Vietnam - US relationship to Comprehensive Strategic Partnership and towards the 30th anniversary of the normalization of diplomatic relations between Vietnam and the US (1995-2025). Over the years, the US has continuously maintained its position as Vietnam's largest export market, while Vietnam has become the 8th largest trading partner of the US and the most important trading partner in the ASEAN region. Specifically, bilateral trade turnover between the two countries recorded significant growth, averaging 16% per year. As of the first 8 months of 2024, bilateral trade turnover reached nearly 88 billion USD, up 22% over the same period in 2023. Of which, Vietnam's exports to the United States reached 77.9 billion USD (up 24.5%), while imports from the United States were 9.8 billion USD (up 5.3%). Notably, the United States became the largest market for Vietnam's agricultural, forestry and fishery sector for the first time, with a turnover of 8.58 billion USD, accounting for 21.4% of the total export turnover of this group of products. In terms of investment, the United States is currently the 11th largest foreign investor in Vietnam, with more than 1,340 projects with a total investment capital of more than 11.8 billion USD.
Vice President of the Vietnam Union of Friendship Organizations Dong Huy Cuong
Speaking at the event, Vice President of the Vietnam Union of Friendship Organizations Dong Huy Cuong said that since the establishment of diplomatic relations in 1995 and especially the two countries upgraded their relationship to Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development in 2023, Vietnam and the United States have witnessed significant progress in enhancing mutual understanding, consolidating trust and promoting cooperation in all areas, which were recognized by President Joe Biden and General Secretary To Lam during their talks last September. Mr. Dong Huy Cuong believes that the event will be an important forum for scholars, economists, politicians, diplomats and businessmen to assess achievements, limitations and discuss ways to maximize the potential of Vietnam - US relations. “Our goal is to build a relationship that benefits the people of both countries and contributes to peace, stability, cooperation and prosperity in the region and the world, as affirmed in the Joint Statement of the Leaders of the two countries,” the Vice President of the Vietnam Union of Friendship Organizations emphasized.
Vice President of VNU, Dao Thanh Truong
According to VNU Vice President Dao Thanh Truong, over the past 30 years, trade, cooperation and investment between Vietnam and the United States have grown rapidly and sustainably. “From 1995 to 2023, bilateral trade increased from 450 million USD to more than 100 billion USD, despite challenges such as the pandemic and global economic instability,” said Associate Professor, Dr. Dao Thanh Truong. Vice President Dao Thanh Truong said that as the leading multidisciplinary training and research center in Vietnam, VNU is committed to promoting the internationalization of education, promoting close relations between Vietnam and countries around the world, including the United States. VNU not only fulfills its national mission through the development of high-quality human resources but also through strategic research, policy advice and promoting Vietnam's international integration.
Chairman of the Council of the University of Economics, VNU, Assoc.Prof.Dr. Nguyen Truc Le
Chairman of the Council of the University of Economics, VNU, Assoc. Prof. Dr. Nguyen Truc Le expressed his hope that the Forum would not only have international influence and spread, directly connecting the community of scholars, researchers, policy makers, and businesses between Vietnam and the United States, but also aim to connect the flow of trade, services, and investment between Vietnam and the United States, focusing on recent trends such as the chip and semiconductor industry, high-quality human resource training, science and technology, promoting energy efficiency and environmental protection.
Ms. Isabelle Mulin - United States Agency for International Development (USAID)
Ms. Isabelle Mulin - United States Agency for International Development (USAID) shared that USAID has been cooperating with the Government of Vietnam, the private sector, universities and research organizations, domestic and international organizations as well as other stakeholders since 1989 to promote common priorities. USAID is committed to continuing to support Vietnam in improving economic competitiveness, modernizing higher education, preventing infectious diseases, responding to climate change, conserving biodiversity... Ms. Isabelle Mulin said that to move towards sustainable development, it is necessary to have a long-term strategic vision as well as focus on cooperation between parties. Presenting a speech at the forum, Prof. Andreas Hauskrecht of Indiana University, expressed his impression of Vietnam's "miraculous" growth after more than 30 years since his first visit to Vietnam in 1991. He said the main driving force for Vietnam to achieve these results was the market-oriented economic reform. Along with that, the turning point when the US lifted its embargo on Vietnam in 1994. Vietnam is now the 8th largest trading partner of the US and has the third largest trade surplus with the US.
Professor. Andreas Hauskrecht - Kelley School of Business, Indiana University
However, the professor said that in the current context, Vietnam's economy is facing many limitations. Firstly, Vietnam has one of the largest market openness levels in the world, leading to instability and being particularly vulnerable in some situations. Secondly, there is the problem of a large trade surplus with the US. Thirdly, there is the sustainability of Vietnam's demographic situation. Andreas Hauskrecht said that at present, the low labor productivity of the state economic sector is holding back Vietnam's growth rate. Because, although the state economy accounts for a large part of the economy, the foreign direct investment (FDI) economic sector is the driving factor for growth and this will not last forever. "What is really necessary is to promote the development of the private economic sector. The key here is that the young generation of Vietnam can stimulate and develop the private economic sector," Mr. Hauskrecht commented.
Dr. Vu Hoang Linh, University of Economics, VNU
Sharing the same view with Prof. Hauskrecht, Dr. Vu Hoang Linh, University of Economics, VNU, said that a major challenge for Vietnam's economy at present is its over-reliance on cheap labor with significantly lower productivity than neighboring countries such as Thailand and Malaysia. "These things put Vietnam in the middle-income trap," said Mr. Linh. "Along with that, like many other developing economies in the world, Vietnam faces long-term environmental risks. Vietnam also faces a major challenge as rising geopolitical tensions impact trade activities. Along with that is the challenge of balancing the goal of rapid growth and ensuring a sustainable environment." Faced with these challenges, Mr. Linh said that Vietnam needs to improve the quality of education and develop skills for workers. Along with that, it is urgent to develop an innovation ecosystem with increased spending on research and development, supporting startups and small and medium-sized enterprises. These are the key points to improve labor quality.
Roundtable discussions
In addition to presentations from Vietnamese and US speakers, delegates also participated in two roundtable discussions. At the discussion session on "Vietnam - US Investment and Trade Cooperation", the contents focused on bilateral trade growth trends, opportunities and challenges in the supply chain, FDI investment, renewable energy and sustainable development. This discussion session also expanded on measures to promote business cooperation and technology transfer, as well as ESG (environment-social-governance) strategies. The content of the discussion session "Innovation and Education Cooperation towards Sustainable Development" aimed at promoting innovation in education and developing high-quality human resources, building a startup ecosystem, developing STEM education, digital skills and the role of universities in applied research. Digital technology and AI applications in education were also discussed to enhance sustainable education and environmental awareness.
| University of Economics - Vietnam National University, Hanoi: The University of Economics is a member unit of VNU. Throughout its formation and development, the University has continuously improved the quality of training, scientific research and other services with the aim of becoming a research-oriented university, training high-quality human resources in the fields of economics, management and business administration; researching and transferring research results to the Government, organizations, businesses and society. The University of Economics - Vietnam National University, Hanoi is also one of the pioneering higher education institutions in developing high-quality training programs, cooperating with prestigious universities in the United States. Typical international training programs include: Bachelor of Business Administration (BSBA) program awarded by Troy University; Bachelor of Business Administration (BBA) program; Master of Business Administration (MBA) degree awarded by St. Francis University. These programs focus on majors such as International Business, Finance, Marketing, Management, Data Analytics and a double major in International Business and Supply Chain Management. |
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