On November 12, the Vietnam Federation of Commerce and Industry (VCCI), the American Chamber of Commerce in Hanoi (AmCham) and the American Chamber of Commerce in Washington jointly organized the 8th Vietnam - US Business Summit to strengthen bilateral trade and economic relations.
Speaking at the conference, Deputy Prime Minister Bui Thanh Son affirmed that Vietnam always attaches importance to promoting fair and mutually beneficial economic and trade cooperation with the United States.
Vietnam always strives to build a most stable and favorable business environment for the business community in general and US businesses in particular, working together, winning together, enjoying together, and developing together for the long term in Vietnam - the Deputy Prime Minister said.
Referring to the Vietnam - US cooperation relationship, the Deputy Prime Minister stated that 2025 will mark the 30th anniversary of the establishment of diplomatic relations between Vietnam and the US. An effortsome journey to turn the relationship between the two countries from forward to partner; at the same time, summarizing five key phrases to talk about the Vietnam - US relationship, which is: Reliance in strategy, comprehensive cooperation, mutual development, responsible partners and creating a future.
According to the Deputy Prime Minister, the relationship between the two countries has gone beyond the usual bilateral framework for comprehensive development in all fields. In terms of trade, the United States is Vietnam's first export market to surpass the $100 billion mark and is currently one of Vietnam's largest trading partners. In terms of investment, most large US corporations are present and invest effectively in Vietnam. The Deputy Prime Minister expressed confidence that US investment will increase more strongly in the coming time.
At the conference, Deputy Prime Minister Bui Thanh Son proposed a major orientation for businesses of the two countries to strengthen cooperation, for the benefit of the people of the two countries and strengthen strategic partnerships.
Accordingly, businesses of the two countries will promote cooperation in semiconductors and high technology. In particular, the two sides need to cooperate in developing the semiconductor ecosystem, R&D center, data center and artificial intelligence (AI) in Vietnam.
Enterprises of the two countries cooperate in clean energy and green growth, including cooperation in developing offshore wind power, solar power, hydrogen, energy storage and smart grid, supporting Vietnam in achieving the goal of net zero emissions by 2050.
Cooperate on strategic supply chains, develop flexible, diverse, sustainable supply chains, promote smart logistics regional connectivity to reduce transportation costs. Specifically, expanding cooperation between Vietnamese enterprises and chains such as Walmart and Costco to connect Vietnamese goods with the global value chain.
Cooperate on innovation and digital transformation, promote digital trade, digital services, cross-border electronic payments; cooperate on AI, cyber security, cloud computing. At the same time, Vietnamese enterprises cooperate with US pharmaceutical and biotechnology corporations to develop a digital healthcare ecosystem and community health care.
Cooperate in education, training and technology transfer, focusing on training technology engineers, semiconductor experts, global governance, connecting universities and research institutes of the two countries.
The Deputy Prime Minister proposed that the US business community actively contribute to the year of important contents. That is, continuing to actively promote high-level visits to create a breakthrough in bilateral relations and benefit the business community; continuing to have a positive voice so that the US Government can soon recognize Vietnam as a full market economy, in line with Vietnam's development practices, legal environment and international integration commitments; mobilizing the US Government to soon remove remaining restrictions on high-tech exports to Vietnam (as prescribed in Group D1, D3 of the US Ministry of Commerce) to strengthen strategic trust and promote economic and trade cooperation, especially high-tech science.
US businesses continue to increase their presence, invest long-term, and expand production in Vietnam - a safe, stable and potential destination in the global supply chain; have a positive voice to work with the two governments to soon complete the remaining contents to sign a fair and balanced trade agreement between the two countries.
At the opening session, US Assistant Secretary of State Michael DeSombre emphasized that Vietnam has great potential to attract foreign direct investment. US businesses are ready to maintain their leading role as key investors and partners of Vietnamese businesses. He also affirmed Vietnam's strategic role in ensuring global economic security and a sustainable supply chain through diversification and cooperation.
