| Vietnam - US Trade Forum: Strengthening industrial and energy connectivity Upcoming Vietnam - US Trade Forum 2023 |
The forum was organized by the Ministry of Industry and Trade in coordination with the American Chamber of Commerce in Vietnam and the governments of the states of Oregon and Colorado, USA, in both in-person and online formats.
Attending the Forum were Deputy Minister of Industry and Trade Do Thang Hai, Ms. Susan Burns - US Consul General in Ho Chi Minh City; Mr. Nguyen Hong Duong - Deputy Director of the European - American Market Department and more than 350 delegates who are leaders of People's Committees, Departments of Industry and Trade, trade and investment promotion agencies of many provinces and cities, business associations and large production and export business communities nationwide.
Speaking at the opening of the forum, Deputy Minister of Industry and Trade Do Thang Hai affirmed: The official announcement by General Secretary Nguyen Phu Trong and President Joe Biden to elevate the relationship to a Comprehensive Strategic Partnership on September 11, 2023 has created a solid foundation, helping the cooperation between the two countries to go deeper and more substantive on all pillars, in which the economic - trade - investment pillar continues to play a central role in promoting the relationship between the two countries.
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| Deputy Minister of Industry and Trade Do Thang Hai speaks at the Vietnam - US Trade Forum |
“In that development process, the business communities of the two countries have played a very important role, helping the bilateral trade relationship between Vietnam and the United States achieve impressive growth. This success was achieved thanks to the efforts of the Governments and business communities of the two countries to coordinate and focus on promptly and effectively resolving priority trade issues,” Deputy Minister Do Thang Hai emphasized.
Representing the US delegation, Ms. Susan Burns - US Consul General in Ho Chi Minh City affirmed that the close connection between the two economies plays an important role in the resilience of the global supply chain and common prosperity in the entire region; at the same time, she expressed hope that the bilateral relationship will increasingly achieve more substantive and effective results, bringing benefits to the communities and businesses of the two countries.
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| Ms. Susan Burns - US Consul General in Ho Chi Minh City spoke at the forum. |
This year's forum takes place in the context of profound changes in the economic and social operating models of all countries in the world. The 2023 Vietnam - US Trade Forum focuses on discussing the prospects of the Vietnam - US Comprehensive Strategic Partnership and its significance for economic, trade and investment cooperation between Vietnam and the US. In addition, the forum also spends time discussing the challenges that Vietnam's economy is facing in the context of complicated trade and geopolitical conflicts; the ability of Vietnamese enterprises to participate in the trend of shifting global supply chains and value chains; suggesting solutions to enhance trade exchanges and attract investment, etc.
Since 2018, the Vietnam - US Trade Forum has become an annual event. The forum is highly appreciated by businesses for connecting, creating an additional channel for policy consultation, exchanging experiences, effective market information, supporting businesses to overcome challenges, seize opportunities; at the same time, creating opportunities for the business community of the two countries to propose to state management agencies solutions to enhance import and export activities, promote trade and investment cooperation between Vietnam and the United States in the future.
| According to US Customs data, as of the end of August 2023, Vietnam is the 10th largest trading partner of the United States (in the same period last year, Vietnam was the 7th largest trading partner). In the first 8 months of the year, total import-export turnover reached about 79.4 billion USD, down 16.2% compared to 2022 (accounting for 2.3% of total import-export turnover of the United States). Of which, exports to the United States reached 73.0 billion USD, down 15.98% compared to the same period in 2022; Imports from the United States reached 6.3 billion USD, down 19.5% compared to the same period in 2022. With this turnover, Vietnam is still the 3rd largest trade surplus country to the United States, reaching 66.7 billion USD (after China with 181.8 billion USD and Mexico with 100.7 billion USD). |
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