Opening of Vietnam Business Summit

Prime Minister Pham Minh Chinh speaks at the conference

On November 27 in Hanoi, the Vietnam Federation of Commerce and Industry (VCCI) in collaboration with 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 and a delegation of senior officials from Vietnamese ministries and sectors and US Ambassador to Vietnam Marc Knapper attended the event live in Hanoi.

U.S. Secretary of State Antony Blinken and former U.S. Trade Representative Michael Froman attended virtually.

In addition, the event attracted a large number of businesses from both countries, representatives of international organizations and the press.

Speaking at the conference, Prime Minister Pham Minh Chinh affirmed that the Vietnamese Government always respects and listens to valuable contributions from foreign investors, including US businesses.

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.

Prime Minister Pham Minh Chinh attends the 2024 Vietnam - US Business Summit

Also at the conference, assessing the opportunities for expanding trade relations between the two countries, US Secretary of State Antony Blinken stated that the cooperative relationship between the two countries and the partnership between businesses of the two countries are taking place vigorously and strongly, bringing real benefits to both the Vietnamese and American people. That is what Mr. Antony Blinken witnessed during his three visits to Vietnam as Secretary of State.

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 risen to become one of the ten largest trading partners. Two-way trade reached a record of 110.8 billion USD in 2023 and continued to grow strongly in 2024 with two-way trade in the first 10 months of 2024 reaching 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.

VCCI Chairman 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 for 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 trade and economic development.

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 innovation index, Vietnam is ranked 44/133 countries and economies, up 2 places compared to 2023.

Vietnam's economy has maintained stability, with GDP growth at a fairly high level, reaching 5% in 2023 and expected to reach over 7% in 2024.

In the above economic achievements of Vietnam, there are positive contributions from enterprises and investors from the United States. High-quality investment projects of US enterprises have contributed to helping 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, aiming for a harmonious, sustainable, mutually beneficial trade balance, ensuring trade liberalization, fairness, objectivity, and transparency in 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.

Mr. Cong emphasized that 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.

Agreeing, AmCham Chairman Joseph Uddo said that with the upgrading of cooperation relations 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.

Addressing the key issues raised at the conference will improve business conditions, boost the private sector, ensure economic and social development, and promote prosperity in Vietnam.

Commenting on the success of the conference, AmCham Executive Director Adam Sitkoff said: "We are currently witnessing a real momentum in the US-Vietnam economic relationship, although President-elect Trump has emphasized the need for more balanced trade relations. This requires the business communities of both countries to take advantage of this momentum to enhance bilateral trade and investment, and coordinate with the governments of both countries to remove barriers and challenges."

The 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 conference focused on the need for sound 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.

TB (according to VNA)

Source: https://baohaiduong.vn/khai-mac-hoi-nghi-thuong-dinh-kinh-doanh-viet-nam-hoa-ky-lan-thu-7-397910.html