US-Vietnam Business Summit Discusses Steps to Advance Trade and Investment

The American Chamber of Commerce in Hanoi (AmCham) and the US Chamber of Commerce, in cooperation with the Vietnam Chamber of Commerce and Industry (VCCI), hosted a major conference of the future of the Vietnam-US commercial relationship on October 9 in Hanoi.

The US-Vietnam Business Summit, titled, “Trust Partners Prospering Together”, brought together government and industry leaders from both countries to discuss ways in which to promote expanded trade and investment and new opportunities to help fuel Vietnam’s post-Covid economic recovery.

The business summit, meant to build on the current positive momentum in our bilateral economic relationship, also celebrated 25 years of diplomatic relations between Vietnam and the United State. The event featured in-person and virtual participation by many current and former officials from the two countries, highlighted by remarks from formers US Secretaries of State John Kerry and Madeleine Albright who both talked about the importance of the commercial relationship in helping the two countries strengthen their friendship and partnership.

“Despite Vietnam’s unsustainably large trade surplus with the US, I am confident that the growth trend of trade and investment between our two countries will continue, and can strengthen,” said AmCham Executive Director Adam Sitkoff. “Progress on the key issues raised at today’s summit will improve business conditions that strengthen the private sector, ensure economic and social development, attract additional investment, and promote prosperity here in Vietnam,” Sitkoff added.

VCCI President, Dr. Vu Tien Loc, remarked: “Vietnam and the U.S. are now comprehensive trade partners. In 1994, bilateral trade between us was US$450 million. In 2019, it was US$77 billion which is a 171-time increase within a quarter of a century. That’s truly exponential! For several years, the U.S. has been Vietnam’s biggest export market, while Vietnam has been one of the U.S.’s fastest growing export markets. Vietnam’s leaders have confirmed that the comprehensive partnership between Vietnam and the US will be further developed in an effective and sustainable manner, in the interest of our two peoples and for the purposes of contributing to peace, security and prosperity in this region and the world.”

Speakers and panel participants discusses a wide range of issues, including promoting sustainable and predictable investment policies; driving growth and innovation through the Digital Economy; addressing Vietnam’s energy development needs; navigating Asia’s supply chain and manufacturing landscape in a post-Covid world; working together to help Vietnamese businesses and entrepreneurs reach their potential, and global trade dynamics and the upcoming US election.   

At the summit, Ms. Virginia Foote, Chair of AmCham Hanoi, and Mr. Chad Ovel, Chair of AmCham Ho Chi Minh City & Da Nang, and Dr. Vu Tien Loc, VCCI President, signed the cooperation agreement to establish a U.-Vietnam Business Council.

Through regular dialogue, problem solving, and collaboration, the Council will seek to promote the growth of two-way trade and investment between our two countries; eliminate barriers to trade and investment; and support negotiations for bilateral, regional, or multilateral free trade, investment, and/or taxation agreements. Both ways, we open ourselves to the proper pursuit of business interests.

Nam Pham (Vietnam Business Forum)