US-Vietnam Business Summit opens up prospects for stronger bilateral trade

The function was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce in Hanoi (AmCham), and the American Chamber of Commerce in Washington.

The occasion primarily focused on discussing Vietnamese priority goals, including the removal of bottlenecks in resource mobilisation, production, and business, as well as meeting the demand for energy development and accelerating the transition to clean and renewable energy.

Top priority has also been given to promoting innovation in the health sector, fully tapping into the potential of the digital economy, upgrading from frontier market to emerging market, and boosting both sustainable investment and supply chain integration.

According to details given by insiders, the recent upgrade of US-Vietnam relations to a comprehensive strategic partnership has marked a new era in stepping up bilateral ties between the two sides.

Currently, the US represents Vietnam's second largest trading partner and biggest export market. Meanwhile, the nation has become one of the US’ top 10 trading partners with the bilateral ties between the two countries expected to grow rapidly moving forward.

In his speech at the event, Deputy Prime Minister Tran Luu Quang highlighted the quantum leap in the bilateral ties with 10 cooperation pillars, and expressed his wish that businesses from the two sides will bolster economic-trade cooperation, strengthen the trade of products of each other's strengths, support each other to engage in the new value chain, and strive to raise the two-way trade revenue to US$200 billion in the time ahead.

He also asked the two sides' firms to contribute their voice in the call for the recognition of Vietnam’s market economy status, which he deemed it important to strengthen the economic-trade-investment relations between the two nations into an effective, equal, healthy and sustainable manner.

Quang also hailed the initiatives to facilitate the operation of foreign businesses in Vietnam, including those from the US, and affirmed that the Vietnamese Government will continue dialogues with enterprises so as to foster the sound relations between the two countries.