Vietnam investment and trade cooperation

Vietnam-US investment and trade cooperation in the coming period still has much room for growth, with great support from the elevation of the cooperative relationship to the highest level - Comprehensive Strategic Partnership in September last year.

Vietnam-US investment and trade cooperation in the coming period still has much room for growth, with great support from the elevation of the cooperative relationship to the highest level - Comprehensive Strategic Partnership in September last year.

Vietnam - US Cooperation Forum with the theme: "Innovation towards sustainable development".

The milestones in Vietnam-US bilateral trade cooperation were mentioned at the Vietnam-US Cooperation Forum : "Innovation towards sustainable development" organized by Hanoi National University, Vietnam Union of Friendship Organizations and Troy University (USA) on November 15, 2024.

Over the years, the US has continued to maintain its position as Vietnam's largest export market, while Vietnam has become the US's 8th largest trading partner and also the most important trading partner in the ASEAN region.

According to Associate Professor, Dr. Dao Thanh Truong, Vice President of Hanoi National University: "Over the past 30 years, trade, cooperation and investment between Vietnam and the US have grown rapidly and sustainably."

Bilateral trade turnover between the two countries has recorded significant growth, averaging 16% per year. Trade exchange has increased 300 times, from 450 million USD in 1995 to 124 billion USD by the end of 2022.

In the first 10 months of 2024, two-way trade continued to recover strongly, reaching 110.7 billion USD, of which Vietnam exported 98.4 billion USD to the US, up 24.2% over the same period, and imported 12.27 billion USD from the US, up 8.2%.

Starting from the establishment of diplomatic relations in 1995, the two countries expanded cooperation through the Bilateral Trade Agreement (BTA) in 2000, followed by the Trade and Investment Framework Agreement in 2007.

In 2013, the signing of the Comprehensive Partnership marked a new era of cooperation. By 2023, the two countries established a Comprehensive Strategic Partnership, symbolizing a shared commitment to a prosperous and sustainable future.

Upgrading the Vietnam-US relationship to a Comprehensive Strategic Partnership and implementing cooperation pillars covering many areas is the foundation for bilateral trade to soon reach the 200 billion USD mark.

In terms of investment, US investors have made significant contributions to the transformation and growth of Vietnam’s economy. The US is currently the 11th largest foreign investor in Vietnam, with more than 1,340 projects worth a total of more than US$11.8 billion.

Leading US corporations such as Boeing, SpaceX, Coca-Cola, Pacifico Energy... are increasingly increasing their presence and expanding their investments in Vietnam, affirming their belief in the potential of Vietnam's investment environment.

Conversely, many large Vietnamese corporations, such as FPT and VinFast, are also stepping up investment in the US, creating closely intertwined economic interests between the two countries.

Commenting on the future of cooperation between the two countries, Mr. Hoang Anh Tuan, Consul General of Vietnam in San Francisco (USA) said that there are many advantages for the cooperation to develop further, that is active support in diplomacy, this is the foundation for long-term cooperation between the two countries. Vietnam is actively creating a trustworthy and open business environment for American businesses.

To date, many US businesses have been present in Vietnam, demonstrating their confidence in the stability of the investment environment and strong support from Vietnam.

In addition, Vietnam's economy has become independent. The United States also considers Vietnam a major export partner among Asian countries. The trade surplus has grown, showing Vietnam's integration into the world economy and the US market.

"There are still many opportunities to expand trade cooperation between the two countries, especially in the fields of manufacturing, electronics, automobiles, clean energy, green energy, financial services, investment, infrastructure, digital economy and cyber security... These are areas that can contribute to growth for the Vietnamese economy, as well as support Vietnam's participation in the US market," said Mr. Tuan.

Regarding trade, Vietnamese businesses are advised to balance trade to ensure sustainable cooperation with the US. This becomes even more urgent, because the Vietnamese economy is highly open and vulnerable in some situations, especially with policy responses from the US.

Source: https://baodautu.vn/hop-tac-dau-tu-thuong-mai-viet---my-con-du-dia-lon-d230185.html