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, 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 in person in Hanoi. US Secretary of State Antony Blinken and former US Trade Representative Michael Froman attended online.
Speaking at the third consecutive Vietnam-US Business Summit, Prime Minister Pham Minh Chinh shared about 6 key tasks and 3 strategic breakthroughs for Vietnam to rise up in the new era of wealth and prosperity.
The Prime Minister said that Vietnam is focusing on major projects that are "turning the situation around and changing the status" such as the expressway system, the North-South high-speed railway, the railway connecting countries in the region, restarting nuclear power projects, large seaports, exploiting space, and marine space... At the same time, prioritizing the development of the digital economy, green economy, circular economy, innovation, startups, and taking advantage of the achievements of the fourth industrial revolution...
With the viewpoint of “harmonizing benefits, sharing risks”, “listening and understanding together, sharing vision and action, doing together, winning together, enjoying together, developing together, sharing joy, happiness and pride”, the Prime Minister suggested that businesses of the two countries support each other to participate more deeply in new supply chains, contributing to expanding the global supply chain in Vietnam. US businesses are interested in developing larger-scale investment projects with stronger influence to create breakthroughs in investment cooperation between the two countries.
The Prime Minister also proposed that the US remove some barriers and embargoes against Vietnam, promptly recognize Vietnam's market economy status, and create conditions for the two countries and their businesses to cooperate and develop, for the common interests of the two countries and their peoples.
The Prime Minister affirmed that Vietnam is always ready to welcome and create favorable conditions for foreign enterprises, including US enterprises, to invest and do business in Vietnam, to listen and dialogue to further promote increasingly substantive and effective cooperation.
The Prime Minister hopes and believes that businesses of the two countries will be the source of strength to exploit that unlimited potential, so that the Vietnam-US Comprehensive Strategic Partnership will have new thinking, new vision, new momentum; create new values, and bring more practical common benefits to both sides.
Also at the conference, assessing the opportunities to expand trade relations between the two countries, US Secretary of State Antony Blinken commented 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.
The US is the second largest trading partner, the largest export market and one of the leading investors in Vietnam.
With the US, 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.
