PM attends US - Vietnam Business Summit 2022

Vietnam appreciates and hopes to continue to deepen and develop the Vietnam-US Comprehensive Partnership to a new level in substance and effectiveness on the basis of mutual respect and benefit, Prime Minister Pham Minh Chinh told the US - Vietnam Business Summit 2022, held by the Vietnam Chamber of Commerce and Industry, the American Chamber of Commerce in Hanoi, and the US Chamber of Commerce on March 8.

He summarized the Vietnam - US relationship and its many noteworthy achievements.

Bilateral trade increased some 250-fold from $450 million in 1995 to more than $111 billion in 2021. The US has become Vietnam’s second-largest trading partner, with trade turnover exceeding $100 billion. It is Vietnam’s largest export market, while Vietnam is the US’s ninth-largest trading partner. The US has long been one of Vietnam’s largest investment partners, with nearly 1,150 active projects and total registered investment capital of more than $10.3 billion.

Economic-trade-investment cooperation is a mainstay and driving force of relations and possesses substantial potential for development.

The Prime Minster also expressed a wish to build a digital transformation ecosystem focusing on fields and industries where Vietnam has potential to develop and that are strengths of the US.

He suggested that the US create favorable conditions for Vietnamese agricultural products to enter the country, avoid trade remedies that may harm Vietnamese people and US consumers, and continue to support Vietnam with pharmaceuticals and vaccines and help improve its medical capacity.