Vietnam-US relationship upgrade opens huge opportunities for new cooperation fields

The upgrade of the Vietnam - US relations to the comprehensive strategic partnership is opening considerable opportunities for both sides to activate new and breakthrough cooperation fields so that Vietnam can engage more deeply in global supply chains, said Deputy Minister of Industry and Trade Do Thang Hai.
Vietnam-US relationship upgrade opens huge opportunities for new cooperation fields ảnh 1Deputy Minister of Industry and Trade Do Thang Hai addresses the Vietnam - US Trade Forum 2023 in HCM City on November 21. (Photo: VNA)
HCM City (VNA) – The upgradeof the Vietnam - US relations to the comprehensive strategic partnership isopening considerable opportunities for both sides to activate new andbreakthrough cooperation fields so that Vietnam can engage more deeply inglobal supply chains, said Deputy Minister of Industry and Trade Do Thang Hai. 

Addressing the annual bilateral tradeforum held in Ho Chi Minh City on November 21, he highlighted Vietnam’sconsistent policy of viewing the US as one of the most important economic andtrading partners.

That Party General Secretary Nguyen PhuTrong and US President Joe Biden officially announced the relationship elevationto the comprehensive strategic partnership on September 11, 2023 has provided asolid foundation for bilateral cooperation to become more substantive in allpillars, with economic, trade, and investment ties remaining the centralimpetus for the countries’ relations, he noted.

Hai went on to say that Vietnam is positioning itself well to become a major manufacturing hub in the world. Its businesseshave been producing a diversity of products with competitive prices andimproving quality.

Given the post-pandemic situation andrecent political and economic uncertainties, many enterprises, retailers, andwholesalers are stepping up diversification strategies to ensure supply sustainability,and they have chosen Vietnam as one of the strategic destinations of theirglobal supply chains. This is a big opportunity, but great efforts from producersand exporters are required to grasp it, he said.

Suggesting new and breakthrough cooperation fields, the official saidfocus should be put on boosting Vietnamese firms’ participation in the supplyof materials, components, and equipment for the energy, aviation, digitaleconomy, semiconductor, and artificial intelligence sectors.

Barbara Weisel, an expert ininternational trade law and former assistant to the US Trade Representative,said that the establishment of the comprehensive strategic partnership showedthe determination of the two countries to develop a dynamic relationship with manycooperation promises and bigger opportunities in the future.

Vietnam-US relationship upgrade opens huge opportunities for new cooperation fields ảnh 2Some speakers at the Vietnam - US Trade Forum 2023. (Photo: VNA)
In recent years, she said, the Vietnamese market hasbeen growing strongly and stably. Its young, educated, and entrepreneurial workforceand the network of free trade agreements have turned the country into a leadingbeneficiary from many countries and companies’ interest in supply chaindiversification to guarantee better resilience and economic security.

Thanks to the shift of supply chains andother factors, Vietnam has recorded the biggest market share expansion in theUS compared to others. The North American country has become the largest importmarket of Vietnam, accounting for nearly one-third of the latter’s exports. Asof September this year, Vietnam’s exports to the US rose nearly 15% while theUS’s shipments to the former have yet to post such strong growth, she pointedout.

Foreign direct investment in Vietnam is on the rise, Weisel continued,adding that US businesses from many sectors are heading towards the dynamic SoutheastAsian market while an increasing number of Vietnamese firms, including electricvehicle producers, have also seen investment chances in the US.

The two countries should actively worktogether to build concrete and detailed action plans to enhance the resilienceand competitiveness of the fields that both prioritise. They need to act quicklyto generating economic benefits as globalbusinesses are paying attention to new investments in the region and seeking todiversify supply chains, the expert recommended.

Do Thien Anh Tuan, senior expert at Fulbright University Vietnam, said Vietnamshould continue creating optimal conditions for US enterprises to invest and dobusiness, especially in the fields matching the US’s strength and Vietnam’sdemand.

Besides, Vietnamese companies should improveproduct quality, build brands, and actively join global supply chains throughthe cooperation with US partners, he added./.
VNA

See more

Ministries, sectors, and localities are urged to speed up the allocation and disbursement of the public investment in 2025. (Photo: chinhphu.vn)

PM urges acceleration of public capital allocation, disbursement

The dispatch highlighted that the detailed allocation of the capital accounted for only 96.07% of the Government leader’s assigned target as of January 23, with some 84.84 trillion VND (3.32 billion USD) remaining unallocated across 26 central agencies and 48 localities.

Chinese consumers spend some 70 million USD on Vietnamese lobster in January. (Photo: doanhnhansaigon.vn)

Chinese consumers spend 70 million USD on Vietnamese lobster in January

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's total aquatic exports in the month reached 774 million USD, up 3% year-on-year. This increase was primarily driven by strong Chinese demand for premium fresh seafood products, including lobster, crab, clams, and snails, as consumers prepared for Lunar New Year celebrations.

Chairman of the Ba Ria - Vung Tau Provincial People's Committee Nguyen Van Tho and Glen Hilton, CEO of DP World Asia-Pacific, sign a Memorandum of Understanding. (Photo: VNA)

Discussion underway for Vietnam’s first FTZ in Ba Ria-Vung Tau

The seaport-linked FTZ in the Cai Mep Ha vicinity is expected to boost the maritime economy to capitalise on the strategic location of Ba Ria-Vung Tau, attract foreign investment, and drive growth in the logistics, seaport, and international trade sectors.

The Tan Ky Tan Quy Bridge crosses the Tham Luong Canal, directly connecting to National Route 1. (Photo: VNA)

HCM City plans substantial investment in infrastructure

HCM City will direct funding towards transport, energy, and telecommunications infrastructure, including national highways, regional connectivity roads, Tan Son Nhat International Airport, Can Gio international transhipment port, and the Lotte Eco Smart City.

Delegates mark the launch of the new shipping route on February 18. (Photo: VNA)

New shipping route linking China, Vietnam, India launched

The container shipping route connecting the ports of Beibu Gulf (China), Hai Phong (Vietnam) and Kolkata (India) is destined to become a key strategic trade axis, contributing to the sustainable growth of both the regional and Vietnamese maritime industries.

Ca Mau province Deputy Secretary Nguyen Ho Hai receives a gift from the Singaporean ambassador Jaya Ratnam at a meeting held on February 17 to enhance exports and cooperation. (Photo: tuoitre.vn)

Ca Mau wants more exports to, cooperation with Singapore

The southernmost province of Ca Mau wants to increase agricultural and fishery exports to Singapore and strengthen cooperation in several sectors, Deputy Secretary of its Party Committee, Nguyen Ho Hai has told Singaporean embassy officials.

Permanent Deputy Secretary of the municipal Party Committee Nguyen Thanh Nghi hosts a reception for Japanese Ambassador to Vietnam Ito Naoki on February 17. (Photo: www.sggp.org.vn)

HCM City looks to deepen ties with Japan

The city aims to deepen cooperation with Japan in key areas such as sustainable urban development, emissions reduction, climate change adaptation, innovation, digital transformation, supply chain resilience, supporting industries, healthcare, tourism, culture, workforce development, and people-to-people exchanges.

Workers process shrimp for export. (Photo: VNA)

Shrimp exports grow in the first month of 2025

Shrimp products recorded a strong 13%increase in export value in January 2025, reaching a total of 273.3 million USD. This growth accounted for 35.3% of Vietnam's total seafood export turnover, contributing significantly to the country's overall seafood export performance.

Vietnam imposes VAT on low-value imported goods

Vietnam imposes VAT on low-value imported goods

It is estimated that if low-value goods worth less than 1 million VND are subject to a 10% VAT rate, State budget revenue could increase by around 2.7 trillion VND (105.6 million USD).

Can Gio International Transit Port blueprint. (Photo: sggp.org.vn)

Can Gio port added to national seaport development plan

The Ministry of Transport has approved adjustments to policies, solutions, and resource allocations for the implementation of the national seaport system master plan for 2021-2030, with a vision to 2050. The Can Gio port is now part of the implementation roadmap.