At the 6th US-Vietnam Business Summit
The 2023 summit focuses on Vietnam’s priority goals, including the removal of bottlenecks in resource mobilisation, production, and business, as well as meeting the needs for energy development and promoting the transition to clean and renewable energy.
Vietnam also prioritises accessibility, affordability and innovation in the health sector, utilising the potential of the digital economy, and fostering sustainable investment and supply chain integration, including preparations for opportunities in the semiconductor industry.
After nearly 30 years of establishing diplomatic relations, bilateral trade turnover between Vietnam and the US has rocketed nearly 300 times, reaching 124 billion USD, making the US the second largest trading partner, the largest export market and one of the leading investors of Vietnam.
So far, US investors have had 1,306 valid FDI projects in Vietnam, with a total registered capital of 11.8 billion USD, ranking 11th out of 43 countries and territories investing in Vietnam. With rapid growth in import and export activities, Vietnam has also become one of the top ten trading partners of the US. Economic, trade and investment cooperation is an area of top priority in Vietnam-US relations, being considered the “eternal engine” to boost bilateral relations.
However, this result is still not commensurate with the potential, especially in the field of investment cooperation. The situation of investment cooperation between the two countries has been changed with a series of positive moves, such as Apple Group completing the relocation of 11 manufacturing plants for audiovisual devices to Vietnam and the expansion of a series of US partners, including Foxconn, Luxshare, and Goertek.
The US Semiconductor Industry Association and many other US businesses have visited Vietnam to explore the investment environment as a location for shifting chip production. In addition, Synopsys Inc. and the Vietnam National Innovation Centre (NIC) signed a deal on nurturing skilled human resources for integrated circuit (IC) design in Vietnam.
Previously, the Foreign Investment Agency also noted that there is a shift of capital from North American investors to Vietnam, opening up several opportunities for Vietnam’s investment attraction in many fields, especially the advanced and green technology sector.
To realise the aspiration of prosperity and the goal of a 2.5 trillion USD economy by 2045, Vietnam has mechanisms and policies to effectively promote all resources for national development, including resources from foreign investment cooperation. Fruitful achievements from the new turning point in the Vietnam-US bilateral relationship will make a great contribution to this process.
