The 8th Vietnam - US Business Summit

Photo caption — Deputy Prime Minister Bui Thanh Son speaks at the conference. Photo: An Dang/VNA

Speaking at the conference, Deputy Prime Minister Bui Thanh Son affirmed that Vietnam always attaches importance to promoting fair and mutually beneficial economic and trade cooperation with the United States. In a volatile world, only trust can create cooperation, and only cooperation can lead to prosperity, and only prosperity can create a sustainable future.

“Vietnam always attaches importance to promoting fair and mutually beneficial economic and trade cooperation with the United States; always strives to build a stable and most favorable business environment for the business community in general and US businesses in particular, working together, winning together, enjoying together, and developing together in the long term in Vietnam. I believe that with the foundation of 30 years of cooperation and with increasing political trust, accompanying the business communities of the two countries, Vietnam and the United States will continue to write a new, more brilliant chapter in the Comprehensive Strategic Partnership for peace , cooperation and prosperous development of the two countries and the world,” said the Deputy Prime Minister.

The Deputy Prime Minister shared important information on the socio-economic situation and business environment in Vietnam; stating that despite being affected by the complex and volatile world situation, Vietnam has maintained a peaceful and stable environment and is a bright spot for growth in the region, expected to achieve a GDP growth rate of over 8% in 2025.

Referring to the Vietnam-US cooperation relationship, the Deputy Prime Minister stated that 2025 marks the 30th anniversary of the establishment of diplomatic relations between Vietnam and the United States. A journey full of efforts to transform the relationship between the two countries from "confrontation to partnership"; at the same time, he summarized five key phrases to talk about the Vietnam-US relationship, which are: "strategic trust, comprehensive cooperation, win-win development, responsible partnership and creating the future".

According to the Deputy Prime Minister, the relationship between the two countries has gone beyond the usual bilateral framework to develop comprehensively in all fields. In terms of trade, the United States is Vietnam's first export market to surpass the 100 billion USD mark and is currently one of Vietnam's largest trade partners. In terms of investment, most large US corporations are present and investing effectively in Vietnam. The Deputy Prime Minister expressed his belief that US investment will increase more strongly in the coming time.

Stating that the current bilateral cooperation is “win-win development”, the Deputy Prime Minister affirmed that the Vietnam-US relationship is not a give-and-take relationship, a win-win relationship, but a relationship of co-creation, co-development and co-win. Both sides have full strengths that can complement and closely support each other’s development. For the US, that is the strength in technology, capital, and management experience. As for Vietnam, that is a large market, a young, high-quality labor force and an important geo-economic strategic position in the region...

In the new era, the era of deep integration, smart technology and innovation, the Vietnam - US Comprehensive Strategic Partnership has taken digital cooperation, science, technology and innovation as one of the priority pillars. This is the breakthrough foundation for the two countries' relations to create a green and sustainable future in the digital age.

Appreciating the importance of the Vietnam - US Business Summit, Deputy Prime Minister Bui Thanh Son emphasized that over the past decade, the Summit has gone beyond the level of an annual event to become a vivid symbol of the stature and significance of the Vietnam - US Comprehensive Strategic Partnership, and at the same time an important forum for the Governments and business communities of the two countries to nurture aspirations, share visions, propose ideas, recommend solutions and unify actions for a sustainable, inclusive, mutually developing and win-win future for both countries.

At the conference, Deputy Prime Minister Bui Thanh Son proposed five major orientations for businesses of the two countries to enhance cooperation, for the benefit of the two peoples and to consolidate the strategic partnership.

Specifically, businesses of the two countries promote cooperation in semiconductors and high technology. In particular, the two sides need to cooperate in developing semiconductor ecosystems, R&D centers, data centers and artificial intelligence (AI) in Vietnam.

Businesses of the two countries cooperate in clean energy and green growth, including cooperation in developing offshore wind power, solar power, hydrogen, energy storage and smart grids, supporting Vietnam in achieving its goal of net zero emissions by 2050.

Cooperate on strategic supply chains, develop flexible, diverse and sustainable supply chains, promote smart logistics zone connections to reduce transportation costs. Specifically, expand cooperation between Vietnamese enterprises and chains such as Walmart and Costco to connect Vietnamese goods with global value chains.

Cooperation in innovation and digital transformation, promoting digital trade, digital services, cross-border electronic payments; cooperation in AI, cybersecurity, cloud computing. At the same time, Vietnamese enterprises cooperate with US pharmaceutical and biotechnology corporations to develop a digital health ecosystem and public health care.

Cooperation in education, training and technology transfer, focusing on training technology engineers, semiconductor experts, global management, connecting universities and research institutes of the two countries.

The Deputy Prime Minister proposed that the US business community actively contribute to five important contents. That is, continue to actively promote high-level visits to create breakthroughs for bilateral relations and bring benefits to the business community; continue to have a positive voice so that the US Government soon recognizes Vietnam as a full market economy, in accordance with Vietnam's development practices, legal environment and international integration commitments; and lobby the US Government to soon remove remaining restrictions on high-tech exports to Vietnam (according to regulations in groups D1, D3 of the US Department of Commerce) to strengthen strategic trust and promote economic and trade cooperation, especially high-tech science.

US businesses continue to increase their presence, make long-term investments, and expand production in Vietnam - a safe, stable, and potential destination in the global supply chain; and have a positive voice to join the two governments in soon completing and agreeing on the remaining contents to sign a fair and balanced reciprocal trade agreement between the two countries.

At the opening session, US Assistant Secretary of State Michael DeSombre emphasized that Vietnam has great potential to attract foreign direct investment. US businesses are ready to maintain their leading role as key investors and partners of Vietnamese businesses. He also affirmed Vietnam's strategic role in ensuring global economic security and sustainable supply chains through diversification and cooperation.

VCCI President, Dr. Ho Sy Hung said that VCCI will continue to accompany AmCham and the US Chamber of Commerce, promoting the role of a reliable bridge between the Government and the business community of the two countries, promoting new cooperation initiatives and supporting US businesses to connect more deeply with Vietnamese partners, towards a transparent, stable and highly socially responsible investment and business ecosystem.

Emphasizing that geopolitics has a profound impact on business and the global trade system, which has promoted US-Vietnam trade relations, AmCham Chairman Michael Nguyen said that the positive discussion results on key issues raised at the conference will contribute to improving the business environment, strengthening the private sector, ensuring socio-economic development and promoting prosperity in Vietnam.

Source: https://baotintuc.vn/kinh-te/hoi-nghi-thuong-dinh-kinh-doanh-viet-nam-hoa-ky-lan-thu-8-20251112115606623.htm