Vietnam and US strengthen strategic partnership at 8th Business Summit

The United States reaffirmed its commitment to supporting Vietnam’s development goals, from innovation and clean energy to digital transformation and high-quality workforce training, said US Ambassador to Vietnam Marc Knapper at the 8th US–Vietnam Business Summit 2025 in Hanoi today (November 12).

Speaking at the event, US Ambassador to Vietnam Marc Knapper said Vietnamese and American businesses remain central to the success of the two counties' partnership, highlighting the private sector’s contribution to three decades of expanding trade and investment ties.

Adam Sitkoff, Executive Director of the American Chamber of Commerce (AmCham) in Hanoi, noted that the chamber will continue working with both governments to address key challenges and opportunities that concern the business community.

“Our members are investing in Vietnam’s long-term success. The business communities of both countries share the responsibility to promote two-way trade and investment and to work with governments to remove existing barriers,” he said.

Michael DeSombre, Assistant Secretary of State for East Asian & Pacific Affairs, added that Vietnam holds strong potential for foreign direct investment and US companies are ready to remain leading investors and strategic partners.

He reaffirmed Vietnam’s growing strategic role in ensuring global economic security and resilient supply chains through diversification and cooperation.

The US is now Vietnam’s second-largest trading partner and biggest export market, while Vietnam ranks among America’s top 10 trade partners. Bilateral trade and investment are expected to continue their robust growth trajectory.

US firms have contributed significantly to Vietnam’s industrial transformation and economic expansion, deepening local supply chain integration.

At the summit, Deputy Prime Minister Bui Thanh Son said that 2025 marks the 30th anniversary of diplomatic relations between Vietnam and the US, with the two countries’ relations as “a journey from confrontation to partnership, from skepticism to trust and from a painful past to a shared vision of comprehensive cooperation and prosperous development.”

“The Vietnam–US relationship is not one of giving and taking or winning and losing - it is one of co-creation, co-development and shared success,” the deputy prime minister said.

Son urged US businesses to expand investment and partner with Vietnam in semiconductors, clean energy, innovation, digital transformation and workforce development.

He also called on the US government to lift export control restrictions (D1 and D3), sign a reciprocal trade agreement and recognize Vietnam as a market economy.

Echoing this sentiment, Ho Sy Hung, President of the Vietnam Chamber of Commerce and Industry (VCCI), encouraged US businesses to maintain their confidence in Vietnam’s prospects and join its ongoing transformation through concrete projects.

He said that American investors’ confidence in Vietnam’s business environment continues to grow, with bilateral trade reaching record levels, making the US one of Vietnam’s leading partners.

Major American corporations such as Apple, Intel, Amkor, Boeing and AES have expanded operations in Vietnam, establishing deep supply chain connections and creating hundreds of thousands of high-quality jobs, Hung noted.

Dung said the summit has become a key platform for conveying government messages to the business community and a practical dialogue channel for policymakers to listen to and incorporate business recommendations, thereby improving the regulatory environment and strengthening the Comprehensive Strategic Partnership between Vietnam and the US.

Attended by over 100 senior officials and business leaders from both countries, the summit, themed “A New Era of Development for Mutually Beneficial Commercial Relations”, focused on three main topics: institutional breakthroughs for growth, investment and innovation; strategic infrastructure development; and promoting an open, dynamic and innovative economy.

According to Vietnam Customs, bilateral trade rose 27.3% year-on-year in January-September of 2025 to reach US$126.4 billion.

In 2024, total trade hit $134.6 billion, including $119.5 billion in exports (up 23.2%) and $15.1 billion in imports (up 9.3%). Key export sectors such as textiles, footwear, wood and agro-fisheries are expected to benefit from potential tariff adjustments under the new reciprocal trade framework.

Vietnam and the US recently announced a Joint Statement on the Framework for a Reciprocal, Fair and Balanced Trade Agreement, marking a new milestone in bilateral economic ties.

The agreement aims to remove non-tariff barriers, boost digital trade, services and investment, enhance intellectual property protection and promote sustainability and supply chain resilience.

Under the framework, Vietnam will expand preferential market access for US agricultural and industrial goods, while the US maintains a 20% reciprocal tariff under Executive Order 14257 but offers zero-percent tariffs for products listed in Annex III of Executive Order 14356, a significant opportunity for Vietnamese exports.

The Ministry of Industry and Trade said the joint framework will strengthen bilateral economic relations and facilitate broader market access for both sides, fostering greater flexibility for enterprises and reducing the risk of trade conflicts.

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