This is the third time that the Vietnam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce Vietnam (AmCham) and the US Chamber of Commerce (USCC) have co-organised the event.
The summit focused on discussing a number of key issues on promoting the development of the digital economy, addressing the needs of energy development, promoting the creative economy, global commercial dynamics and competitiveness. It is expected that a "White Book" will be published which will include proposals and recommendations aimed at strengthening trade and investment between the US and Vietnam.
Speaking at the event, Deputy Prime Minister Trinh Dinh Dung highly praised and sincerely thanked the businesses from both sides for their positive contribution to the development of Vietnam-US relations in the past 25 years.
He stressed that Vietnam's persistent policy is to regard the US as a key partner, wishing to further promote relations with the country, in which economic, trade and investment cooperation continues to be the foundation and driving force of bilateral relations.
The US has continuously been one of Vietnam's leading trade partners with the two-way trade turnover increasing over 130 times since 1994 (from US$450 million in 1994 up to nearly VND60 billion in 2018). There are 130 countries and territories investing in Vietnam with a total registered capital of over US$340 billion, of which the US has 900 valid projects with total capital reaching US$9 billion.
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Deputy PM Trinh Dinh Dung meets with US investors before the opening session of the summit. (Photo: VGP)
Deputy Prime Minister Trinh Dinh Dung affirmed that the Vietnamese Government has pledged to create favourable conditions for US businesses to invest and operate effectively and successfully in Vietnam, especially in areas that are the US’s strengths and Vietnam is looking forward to develop, including renewable, clean and sustainable energy, infrastructure, finance and banking, education and training, tourism, high technology and hi-tech agriculture.
AmCham Chair in Hanoi, Natasha Ansell, said that US companies have invested billions of dollars in Vietnam, helping to integrate the country into global supply chains, as well as creating jobs for local workers and opening new markets for US goods and services. US companies are interested in Vietnam's continued success and AmCham will continue to support the Vietnamese Government's efforts to develop the private sector, she said.
According to Dr. Vu Tien Loc, Chairman of VCCI, the annual summit is an opportunity for both sides to look back on the cooperation in the past and map out strategic plans in the new phase. Currently, Vietnam is the 16th largest trade partner of the US, however, it is expected that it will soon be among the top 10 trade partners of the US in the near future, Loc stated.
US Ambassador in Vietnam, Daniel Kritenbrink, affirmed that US businesses appreciate the efforts in improving the business investment environment by Vietnam, aiming to create favourable conditions for businesses and foreign investors in general and US businesses in particular.
