US-Vietnam Business Summit defines future of economic relations

The 2018 US-Vietnam Business Summit was jointly held in Hanoi on September 10 by the Vietnam Chamber of Commerce and Industry (VCCI) and the American Chamber of Commerce in Vietnam (AMCHAM).

The Vietnam-US Business Summit (Photo: VGP)
The Vietnam-US Business Summit (Photo: VGP)

Addressing the event, themed “Defining the Future of Bilateral Economic Relations,” Deputy Prime Minister Trinh Dinh Dung said that Vietnam always highly values investment projects of US investors, especially those in renewable, green and sustainable energy, oil and gas, infrastructure, finance-banking, education-training, tourism, agriculture, high technology, along with other traditional areas such as agriculture and aquaculture.

The Deputy PM noted that the governments and businesses of both countries have faced new challenges and they need to give assessments and new solutions, thus helping to maintain the growth trend of bilateral economic relations.

The governments and businesses should seek new opportunities and orientations, while promoting start-up spirit and renovation in business in a bid to foster bilateral economic, trade, and investment ties and the whole Vietnam-US relations in general, he said.

Over the past years, economic, trade and investment cooperation has become an important foundation and motivation for the Vietnam-US relationship.

The US has become one of the biggest trade partners of Vietnam, with two-way trade reaching US$54 billion in 2017 from only US$7.8 billion in 2005. In the first half of 2018, import-export revenue between the two nations was estimated at US$27.4 billion.

In term of investment, as of June 2018, the US had 877 valid projects in Vietnam with total capital of US$9.37 billion, ranking 10th out of 128 countries and territories investing in Vietnam.

Leaders of US firms, including many prestigious enterprises in the world, lauded the investment and business environment of Vietnam and expressed their hope to run long-term business in the country.

Currently, Vietnam mostly exports aquatic products, cashew nuts, garments and footwear to the US while importing high-technology products from the country. Particularly, many contracts and agreements to buy aircraft and aircraft engines are being negotiated between businesses of the two countries.

Alongside, nearly 30,000 Vietnamese students are studying in the US, the highest number among ASEAN countries and the sixth biggest among countries having students in the US.

The Deputy PM expressed his belief that this will be a high-quality workforce to contribute to Vietnam’s economic development and a motivation for trade and investment ties between the two countries.

Meanwhile, VCCI President Vu Tien Loc highlighted the Vietnamese Government’s efforts in boosting reform and integration by reducing business conditions and specific examinations, restructuring the economy, improve infrastructure, reinforcing the foundation of the financial system, enhancing the quality of human resources, and promoting renovation, thereby opening up opportunities for US investors.

The US-Vietnam Business Summit, held one day before the World Economic Forum on ASEAN 2018 that focuses on the “ASEAN 4.0: Entrepreneurship and the Fourth Industrial Revolution,” paid great attention to the formation of digital partnerships between business communities of the two nations, showing the common interest of both countries in economic digitalisation and innovative economic promotion, said Loc.

Digital connections between the two economies is an important solution to strengthening and enhancing the efficiency of cooperation between the two business communities, he said, affirming that Vietnam hopes the US business community will share their experiences and skills in developing the digital economy.

Loc also called for support of both Vietnamese and US Governments to businesses in cooperation promotion and technology transfer.