Deputy Prime Minister Trinh Dinh Dung addresses the summit (Photo: VNA) Hanoi (VNA) – The 2018US-Vietnam Business Summit was jointly held in Hanoi on September 10 by theVietnam Chamber of Commerce and Industry (VCCI) and the American Chamber ofCommerce in Vietnam (AMCHAM).
Addressing the event, themed“Defining the Future of Bilateral Economic Relations,” Deputy Prime MinisterTrinh Dinh Dung said that Vietnam always highly values investment projects ofUS investors, especially those in renewable, green and sustainable energy, oiland gas, infrastructure, finance-banking, education-training, tourism,agriculture, high technology, along with other traditional areas such asagriculture and aquaculture.
The Deputy PM noted that the governmentsand businesses of both countries have faced new challenges and they need to giveassessments and new solutions, thus helping to maintain the growth trend ofbilateral economic relations.
The governments and businesses shouldseek new opportunities and orientations, while promoting startup spirit andrenovation in business in a bid to foster bilateral economic, trade, andinvestment ties and the whole Vietnam-US relations in general, he said.
Over the past years, economic, tradeand investment cooperation has become an important foundation and motivation forthe Vietnam-US relationship.
The US has become one of the biggesttrade partners of Vietnam, with two-way trade reaching 54 billion USD in 2017from only 7.8 billion USD in 2005. In the first half of 2018, import-exportrevenue between the two nations was estimated at 27.4 billion USD.
In term of investment, as of June2018, the US had 877 valid projects in Vietnam with total capital of 9.37billion USD, ranking 10th out of 128 countries and territoriesinvesting in Vietnam.
Leaders of US firms, including manyprestigious enterprises in the world, lauded the investment and business environmentof Vietnam and expressed their hope to run long-term business in the country.
Currently, Vietnam mostly exportsaquatic products, cashew nuts, garments and footwear to the US while importinghigh-technology products from the country. Particularly, many contracts andagreements to buy aircraft and aircraft engines are being negotiated betweenbusinesses of the two countries.
Alongside, nearly 30,000 Vietnamesestudents are studying in the US, the highest number among ASEAN countries andthe sixth biggest among countries having students in the US.
The Deputy PM expressed his beliefthat this will be a high-quality workforce to contribute to Vietnam’s economicdevelopment and a motivation for trade and investment ties between the twocountries.
Meanwhile, VCCI President Vu Tien Lochighlighted the Vietnamese Government’s efforts in boosting reform and integrationby reducing business conditions and specific examinations, restructuring theeconomy, improve infrastructure, reinforcing the foundation of the financialsystem, enhancing the quality of human resources, and promoting renovation,thereby opening up opportunities for US investors.
The US-Vietnam Business Summit, held oneday before the World Economic Forum on ASEAN 2018 that focuses on the “ASEAN4.0: Entrepreneurship and the Fourth Industrial Revolution,” paid greatattention to the formation of digital partnerships between business communitiesof the two nations, showing the common interest of both countries in economicdegitalisation and innovative economic promotion, said Loc.
Digital connections between the twoeconomies is an important solution to strengthening and enhancing theefficiency of cooperation between the two business communities, he said,affirming that Vietnam hopes the US business community will share theirexperiences and skills in developing the digital economy.
Loc also called for support of bothVietnamese and US Governments to businesses in cooperation promotion andtechnology transfer.-VNA
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