Vietnam expects bilateral trade with the US to reach US$200 billion soon, Deputy Prime Minister Tran Luu Quang said at the Vietnam-US Business Summit 2023 on October 31.

The Vietnam-US Business Summit 2023 held on October 31. Photo: daibieunhandan.vn

In 2022, bilateral trade between the two economies reached a record high of $139 billion. In the first nine months of 2023, the figure was $80 billion.

"Vietnam always welcomes American investors. The government wants your feedback and opinions to solve any bottlenecks and problems that hinder bilateral trade," the Deputy Prime Minister said.

"Vietnam hopes that the bilateral economic partnership will climb to higher levels after the two nations become each other's comprehensive strategic partners," he said.

Citing trade figures that show bilateral trade jumped 300 times from $450 million in 1995 to $139 billion in 2022, Deputy Prime Minister Quang expects the figure to reach $200 billion soon.

The Vietnamese government official said that Vietnam looks forward to having the US among the top 10 foreign investing economies in Vietnam.

He suggested that the U.S. government and businesses facilitate their Vietnamese counterparts to tap into the capital shifting away (from China) and green, sustainable finance, and invest in large-scale projects in Vietnam.

He urged US businesses to push for Vietnam's recognition as a market economy.

"Such recognition will lay the foundation for promoting economic cooperation, trade and investment between Vietnam and the US," he said.

According to Pham Tan Cong, Chairman of the Vietnam Confederation of Commerce and Industry (VCCI), Vietnam is now among the 20 economies with the largest foreign trade value in the world, about $730 billion in 2022. Since Doi Moi in 1986, Vietnam's GDP has grown 50-fold.

"In the next 20 years, we aim to expand our economy to $1 trillion and become a high-income economy by 2045," Cong said.

"If Vietnam's economy continues to grow at 6-6.5% per year, Vietnam's GDP will exceed $1.5 trillion in 2045," he predicted.

"Such an optimistic future indicates that there are ample opportunities for Vietnamese and American businesses to further their cooperation and development."

The recent upgrade of Vietnam-US relations to a Comprehensive Strategic Partnership shows that now is the right time for both countries to improve their business environment and attract new investors, said John Rockhold, Chairman of the American Chamber of Commerce in Vietnam (AmCham).

Vietnamese and US businesses should seize the opportunity to strengthen their relationship and work with the two governments to overcome existing challenges, said John Goyer, executive director of the US Chamber of Commerce for Southeast Asia.

Creativity and proactivity key to development

VCCI Chairman Pham Tan Cong said the business communities of Vietnam and the US need to be more creative and work together to overcome challenges and difficulties.

He highlighted digital transformation and sustainable development as two major goals for businesses to achieve.

Infrastructure development, air transport, clean and sustainable energy, processing and manufacturing, chip and semiconductor production, and healthcare and pharmaceuticals are among the potential sectors in which Vietnam and the US could cooperate, he said.

Michael Nguyen, director of Boeing Vietnam Co. Ltd, said Boeing signed an agreement to sell 50 airplanes to Vietnam Airlines in September on the occasion of US President Joe Biden's visit to Vietnam.

Boeing aims to support the long-term development of Vietnam's value chain, facilitate the growth of the aviation ecosystem, and help Vietnam train pilots and specialists, he said.

The value of commercial aviation is expected to reach $40 billion in a few years, and Vietnam is emerging as one of the world's most promising markets, Nguyen said.