VCCI President Vu Tien Loc at the event (Photo: VNA) Hanoi (VNA) – The US – Vietnam Business Summit took place in Hanoion October 9, on the occasion of the 25th anniversary of bilateral diplomatic ties.
The event was co-hosted by the American Chamber of Commerce inVietnam (AmCham), the US Chamber of Commerce (USCC) and the Vietnam Chamber ofCommerce and Industry (VCCI).
Speaking at the event, VCCI President Vu Tien Loc spoke highlyof 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 in1994.
The recent shift of global supply chain has lifted Vietnam tothe 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, cashewnuts, 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 andtransparent economic policy, Vietnam is seen as an attractive destination for foreigninvestors. 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, or18.4 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 onlycontributed to economic growth, technological transfer but also socialdevelopment such as improving working environment, raising workers’ income andactively joining social activities in Vietnam.
On the occasion, Amcham and VCCI announced the establishmentof the Vietnam – US Joint Business Council to collect the two businesscommunities’ initiatives and build a transparent business environment in the twonations, towards signing a bilateral free trade agreement.
US Ambassador to Vietnam Daniel J. Kritenbrink described Vietnamas one of the fastest-growing export markets and a comprehensive strategicpartner of the US.
He also wished that bilateral ties will further flourish in thefields of trade, aviation and energy./.
