US - Vietnam Business Summit held in Hanoi

VCCI President Vu Tien Loc at the event (Photo: VNA)

Hanoi - The US – Vietnam Business Summit took place in Hanoi on October 9, on the occasion of the 25th anniversary of bilateral diplomatic ties.

The event was co-hosted by the American Chamber of Commerce in Vietnam (AmCham), the US Chamber of Commerce (USCC) and the Vietnam Chamber of Commerce and Industry (VCCI).

Speaking at the event, VCCI President Vu Tien Loc spoke highly of the two Governments’ efforts to establish bilateral cooperation in various areas, pushing two-way trade to nearly 76 billion USD in 2019 from 450 million USD in 1994.

The recent shift of global supply chain has lifted Vietnam to the ninth place out of the biggest exporters to the US, from the 12th place. The two economies are increasingly supplementary, he said.

While Vietnam is strong in shipping aquatic products, cashew nuts, apparel, leather and footwear to the US, the American country is a major supplier of hi-tech machinery, aviation equipment, telecommunication services, energy, liquefied gas and raw farm produce.

Vietnam has become the 27th largest importer and the 16th biggest trade partner of the US.

With a 90 million population, young workforce, open and transparent economic policy, Vietnam is seen as an attractive destination for foreign investors. Over 130 countries and territories are investing in the country. As of June, the US was the 11th largest investor in Vietnam with 988 projects capitalised at more than 9.3 billion USD, covering 42 out of 63 localities in the nation.

The US now ranks second among countries and territories receiving Vietnam's investment in 2019, with a total value of 93.4 million USD, or 18.4 percent of Vietnam’s outbound investment. In the first quarter of 2020, the US took the lead in receiving investment from Vietnam with 20.1 million USD, equal to 40.8 percent.

Loc affirmed that the US’s multinational groups not only contributed to economic growth, technological transfer but also social development such as improving working environment, raising workers’ income and actively joining social activities in Vietnam.

On the occasion, Amcham and VCCI announced the establishment of the Vietnam – US Joint Business Council to collect the two business communities’ initiatives and build a transparent business environment in the two nations, towards signing a bilateral free trade agreement.

US Ambassador to Vietnam Daniel J. Kritenbrink described Vietnam as one of the fastest-growing export markets and a comprehensive strategic partner of the US.

He also wished that bilateral ties will further flourish in the fields of trade, aviation and energy.