7th Vietnam - US Business Summit: Strengthening Trade and Economic Relations

This morning (November 27), in Hanoi, the Vietnam Federation of Commerce and Industry (VCCI), the American Chamber of Commerce in Hanoi (AmCham) and the American Chamber of Commerce in Washington (US Chamber) organized the 7th Vietnam - US Business Summit with the aim of strengthening bilateral trade and economic relations.

Prime Minister Pham Minh Chinh speaks at the event

Prime Minister Pham Minh Chinh and a delegation of senior officials from Vietnamese ministries and agencies and US Ambassador to Vietnam Marc Knapper attended the event in person in Hanoi. US Secretary of State Antony Blinken and former US Trade Representative Michael Froman attended online.

Speaking at the conference, Prime Minister Pham Minh Chinh affirmed that Vietnam is committed to creating favorable conditions for international investors, while encouraging cooperation in areas such as digital economy, circular economy, green economy, science and technology, innovation, renewable energy, high-quality human resource training, etc.

The Prime Minister emphasized the need for both sides to promote connectivity and cooperation, especially in Vietnam's major projects such as railways, highways, nuclear power plants, space, aviation, maritime, underground systems, international transit centers, etc., to sustainably develop and strengthen the Comprehensive Strategic Partnership.

The Prime Minister asked businesses of the two countries to promote connections based on the viewpoint of "harmonized benefits, shared risks", listening and understanding, sharing vision and action, winning together, enjoying together, developing together, sharing joy, happiness and pride. Businesses of the two countries will be the source of strength to exploit the unlimited potential of Vietnam - US cooperation.

Meanwhile, US Secretary of State Antony Blinken spoke about the opportunity to expand trade relations: “The cooperation between the two countries and the partnerships between our businesses are more vibrant and stronger than ever and bring real benefits to both the American and Vietnamese people.”

The United States is currently the second largest trading partner, the largest export market and one of the leading investors in Vietnam.

With the United States, Vietnam has emerged as one of the 10 largest trading partners. Two-way trade continues to grow strongly and hit a record in 2024 when the first 10 months of the year reached 110.9 billion USD. Vietnam is also an important link in the US global supply chain, while US businesses and investors have made great contributions to the development and transformation of the Vietnamese economy.

Conference scene

Chairman of the Vietnam Federation of Commerce and Industry Pham Tan Cong shared that this is the 7th time VCCI has coordinated with AmCham and the US Chamber to organize the Vietnam - US Business Summit. After 6 successful events, the conference has become the most anticipated event of the business communities of the two countries. Businesses of the two countries especially acknowledge the strong commitment of the Vietnamese and US Governments to support the promotion of bilateral economic and trade.

Currently, despite the fluctuations of the global economy, Vietnam has risen to 35th place in the Top 40 countries with the largest economic scale in the world, Top 20 countries in attracting foreign investment and Top 20 countries in the world in terms of import and export turnover. In terms of the innovation index, Vietnam is ranked 44/133 countries and economies, up 2 places compared to 2023. Vietnam's economy has maintained stability, GDP growth is quite high, reaching over 5% in 2023 and expected to reach over 7% in 2024.

Vietnam's economic achievements mentioned above have been positively contributed by businesses and investors from the United States. High-quality investment projects from US businesses have helped Vietnam positively shift its economic structure, especially in the fields of high technology, pharmaceutical industry, telecommunications and infrastructure.

The upgrading of Vietnam-US relations to the level of Comprehensive Strategic Partnership in September 2023 is a historic milestone in bilateral relations; in which, the pillar of economic and trade cooperation continues to be an important driving force, playing a pioneering role in promoting common prosperity between the two countries. In that spirit, VCCI recommends that the business communities of the two countries promote and maintain stable trade relations, towards a harmonious, sustainable, mutually beneficial trade balance, ensuring trade liberalization, fairness, objectivity, and transparency for trade activities between the two countries.

In addition, Vietnamese and US businesses continue to promote cooperation, expand their partner networks, share information and jointly research and develop joint projects, especially in the fields of high technology, digital technology, circular economy and green energy.

“The success of the conference is not only an opportunity to connect businesses of the two countries, but also a forum for the two countries to find new directions, potential cooperation opportunities and ways to overcome current challenges, especially in the fields of: Promoting bilateral trade and investment; exploiting the potential of the digital economy; ensuring energy security and maintaining competitiveness”, the Chairman of VCCI emphasized.

Assessing the role of the cooperative relationship, AmCham Chairman Joseph Uddo said that with the upgrading of the cooperative relationship between the two countries in 2023 and the change of administration in the United States, this is an important time and a great opportunity to improve the policy framework, attract new investors as well as support investors and businesses currently operating in Vietnam to continue to grow.

AmCham Chairman Joseph Uddo also emphasized: “Addressing the important issues raised at today’s meeting will improve business conditions, promote the private sector, ensure economic and social development, and promote prosperity in Vietnam.”

The Vietnam-US Business Summit is a timely opportunity to discuss the policies and directions that both the government and the private sector need to take to ensure mutually beneficial trade and investment relations between Vietnam and the United States. The summit focuses on the need for appropriate regulation, harnessing the full potential of the digital economy, addressing energy security and development needs with practical actions, maintaining competitiveness through increased productivity and reduced risk, and strengthening resource mobilization, manufacturing, and supply chain capabilities.

Source: https://thoibaonganhang.vn/hoi-nghi-thuong-dinh-kinh-doanh-viet-nam-hoa-ky-lan-thu-7-that-chat-moi-quan-he-thuong-mai-va-kinh-te-158189.html