One year following the advancement of the Việt Nam-US relationship into a Comprehensive Strategic Partnership, bilateral collaboration has flourished across essential domains, notably in economy and technology, yielding mutual advantages for both nations.
Te two countries’ economic relationship remains strong, forward-looking and positive, with numerous high-level reciprocal visits between delegations from the two countries.
The US continues to be Việt Nam’s largest export market, while Việt Nam has ascended to become the eighth largest trading partner of the US, and the foremost trading ally within the ASEAN region.
Notably, it stands as the sixth biggest importer of goods for the US.
Bilateral trade volume has been steadily increasing at an average rate of around 16 per cent per year.
In the first eight months of the year, two-way trade turnover surged to almost US$88 billion, marking a substantial 22 per cent increase from 2023, statistics from the Ministry of Industry and Trade (MoIT) showed.
Particularly, Việt Nam’s exports to the US reached $77.9 billion, up 24.5 per cent from the previous year.
Party General Secretary and State President To Lam attended a business forum in New York on September 23 (local time), during his working trip to participate in the 79th UN General Assembly's high-level week, according to a report from the Vietnam News Agency.
The event was organized by the US-ASEAN Business Council (USABC), the US Chamber of Commerce (USCC), and the Business Council for International Understanding (BCIU), in collaboration with Vietnam’s Ministry of Planning and Investment and the Vietnamese Embassy in the US.
During the forum, local businesses spoke highly of Vietnam’s economic priorities, particularly its commitment to removing institutional barriers to facilitate business operations. They expressed their interest in investing in Vietnam, highlighting cooperation in various fields where the country shows potential. The US businesses also pledged to support Vietnam’s sustainable development efforts and requested favorable policies to foster long-term investment and collaboration.
They highly valued Vietnam’s dynamic economic growth over the past years and shared their ideas with the government’s vision on strategic orientations towards a new era.
Addressing the event, Party General Secretary and State President To Lam noted the global economic challenges but at the same time highlighted the ongoing demand for peace, stability, and cooperation, particularly in the Asia-Pacific region, which remains a global growth engine. He also emphasized the continued development of the US-Vietnam relations, built on trust and mutual interests, contributing to regional and global stability and sustainable development. The Fourth Industrial Revolution is taking place strongly throughout the world, in which the US remains one of the locomotives leading financial activities, science and technology, and innovation of the world, the Vietnamese leader said.
In terms of investment, the US has continued to be one of Vietnam's leading partners, while more and more Vietnamese enterprises have invested in the US market, the leader said, noting that two-way trade reached more than $110 billion in 2023, marking the third consecutive year when the figure exceeds $100 billion, thereby consolidating the position of the US as Vietnam's largest export market.
However, he also held that there is plenty of room for the two countries to further promote their cooperation.