Deputy Prime Minister Tran Luu Quang expected that the U.S. would soon become among top 10 biggest investors in Viet Nam.

Tran made that above statement at the U.S.-Viet Nam Business Summit 2023 themed “New economic integration under the comprehensive strategic partnership” that took place in Ha Noi on October 31.

The Deputy Prime Minister hailed the fruitful developments in the Viet Nam-U.S. relations, remarkably the bilateral trade value increased by 300 times over the last three decades, reaching US$124 billion in 2022, making the U.S. the biggest importer of Vietnamese commodities. 

The U.S. has poured US$11.8 billion in 1,306 valid FDI projects in Viet Nam, ranking 11th among nations and territories investing in the Southeast Asian nation.  

Within the framework of the newly-established comprehensive strategic partnership, there are huge cooperation opportunities and potential across all sectors for both sides, noted Tran. 

He urged both sides to continue giving priority to realizing commitments in the joint statement on elevating the Viet Nam-U.S. relations to a comprehensive strategic partnership. 

The Government leader expressed his hope that both nations’ enterprises to continue fostering economic and trade cooperation, increasing export and import of each side’s advantageous products, and supporting each other to take part in new supply chains, striving to raise the two-way trade value to US$200 billion in the near future. 

He called on U.S. businesses to launch mega projects in Viet Nam assist the country in getting access to green and sustainable financial resources. 

Tran suggested the U.S. enterprises raise their voice to advocate Viet Nam to be soon recognized as a market economy, which is considered as a crucial basis to boost economic, trade and investment ties in an effective, equitable, healthy and sustainable manner. 

The same day, Tran hosted a reception for leaders and representatives of U.S. businesses including AES, Apple, Intel, Mastercard, KKR, J.P. Morgan, and Asia Group Advisor.

Executives from U.S. firms spoke highly of the openness of the Vietnamese Government, ministries, agencies and localities in organizing dialogues with the business community. 

They vowed to continue launching long-term investment in Viet Nam as committed, expecting the Vietnamese Government to continue facilitating the entry of high-tech laborers to work in the country. 

Tran, for his part, reiterated that Viet Nam always welcomes U.S. businesses, willing to listen and hold dialogues with them to bolster substantive and effective cooperation.

VGP