Vietnamese, U.S. Business Communities: Collaborative Efforts to Enhance Trade and Investment Ties

VCCI President Pham Tan Cong addresses the U.S.-Vietnam Business Summit 2023, underlining key aspects of business collaboration

Deputy Prime Minister Tran Luu Quang, accompanied by senior officials, graced the summit. Notable figures from the U.S., including Ms. Gina Raimondo, Secretary of Commerce, and Mr. Kurt Campbell, Deputy Assistant to the President cum National Security Council Coordinator for the Indo-Pacific, delivered virtual addresses. The presence of high-ranking officials and leading business figures from both nations underscored the substantial growth and significance of the bilateral relationship, particularly after the recent elevation to a comprehensive strategic partnership.

In his keynote address, Deputy Prime Minister Tran Luu Quang emphasized the resilience of Vietnam-U.S. relations amid global complexities. Over nearly three decades of diplomatic ties, bilateral trade has surged nearly 300 times to reach US$124 billion, with the U.S. emerging as Vietnam's foremost export market. Additionally, the U.S. stands as a premier investor in Vietnam, boasting 1,306 active FDI projects and US$11.8 billion in investment capital.

With the Comprehensive Strategic Partnership established in September, Deputy Prime Minister Quang highlighted the ten pillars of cooperation spanning all domains. This framework signifies the strategic vision and political commitment of both nations, propelling their relationship into a new phase of profound and robust development aligned with the interests of their citizens and contributing tangibly to regional and global peace, stability, cooperation, and development.

Recognizing vast potential within this new framework, Deputy Prime Minister Quang urged continued prioritization of resources to actualize commitments outlined in the Joint Statement on relations upgrade. He stressed the need for Vietnamese and U.S. businesses to fortify economic and trade collaboration, deepen involvement in new supply chains, and expand global supply chains in Vietnam.

Deputy Prime Minister Quang's aspirations include elevating the bilateral trade value to US$200 billion and positioning the U.S. among the top 10 investors in Vietnam. To achieve this, he proposed that U.S. businesses undertake larger-scale investment projects, support Vietnam in accessing redirected investment flows, and engage in sustainable financial practices.

Highlighting the pivotal role of businesses in advancing the comprehensive strategic partnership, Deputy Prime Minister Quang affirmed their collective strength in propelling the relationship to genuine comprehensive development.

He urged U.S. firms to collaborate with Vietnamese partners and advocate for Vietnam’s recognition as a market economy. This would enhance the economic, trade, and investment relations between the two countries in a fair, healthy, and sustainable way.

U.S. Secretary of Commerce Gina Raimondo acknowledged unprecedented opportunities to strengthen trade and investment relationships within the framework of the comprehensive strategic partnership.

VCCI President Pham Tan Cong regarded the U.S.-Vietnam Business Summit as a pivotal event, demonstrating the effective cooperation between Vietnamese and U.S. businesses in creating an environment conducive to attracting more investment and fostering innovation and sustainable growth in Vietnam.

AmCham Chairman John Rockhold emphasized the importance of initiatives discussed at the summit in enhancing business conditions, fortifying the role of the private sector, and ensuring social and economic development for Vietnam's prosperity.

Preceding the summit, Deputy Prime Minister Tran Luu Quang and VCCI officials engaged in a private meeting with U.S. business representatives to discuss initiatives and ideas facilitating foreign businesses in Vietnam.

Acknowledging the openness of the Vietnamese government and authorities in business dialogues, U.S. businesses expressed commitment to long-term investment in Vietnam. They also urged the government to facilitate high-tech workers' presence in Vietnam and consider amendments to regulations on used high-tech imports.

Deputy Prime Minister Quang affirmed Vietnam's readiness to welcome U.S. businesses, emphasizing a willingness to listen and engage in dialogue to foster practical and effective cooperation.

The U.S.-Vietnam Business Summit 2023 centered on Vietnam's priority goals, including addressing resource mobilization bottlenecks, meeting energy development needs, advancing clean and renewable energy, ensuring access and innovation in the health sector, harnessing the full potential of the digital economy, transitioning from a frontier market to an emerging market, and promoting sustainable investment and supply chain integration.

The elevation to a comprehensive strategic partnership marks a new era in strengthening bilateral cooperation. Currently, the U.S. stands as Vietnam's second-largest trading partner, the largest export market, and a significant investor, while Vietnam has become one of the top 10 trading partners of the U.S. Expectations for rapid growth in bilateral ties are high.