Shaping Sustainable and Growing Future for Vietnam-U.S. Cooperation

Fri, 03 Jan 2025 21:16:00  |  Print  |  Email   Share:

Vietnam-U.S. relations reached a milestone in 2023 with the official elevation of their bilateral ties to a Comprehensive Strategic Partnership for peace, cooperation, and sustainable development. In 2025, the two countries will mark the 30th anniversary of their diplomatic relations. To learn more about new business cooperation opportunities, Business Forum Magazine conducted an interview with U.S. Ambassador to Vietnam Marc E. Knapper.

What do you think about the current state of U.S.-Vietnam relations, particularly following the upgrade to a Comprehensive Strategic Partnership? How do you envision this relationship in the future?

The bilateral relationship is developing at its best ever. When our leaders met in September 2023, the two countries upgraded the relationship to the Comprehensive Strategic Partnership. Over the past 15 months, this partnership has ushered in a new era of cooperation, marked by many achievements.

Looking at the activities and efforts that they have undertaken in many different areas, irrespective of health cooperation, energy cooperation or security cooperation, these are all fundamental strategic issues reflecting a well-coordinated approach, with both countries planning, collaborating, and advancing together.

The Vietnam-U.S. trade relationship has kept growing. The two countries have promoted cooperation in semiconductor and high technology and expanded cooperation with U.S. and Vietnamese partners. In addition, we have advanced cooperation in semiconductor training, leveraging educational and teaching programs to help Vietnam cultivate a highly skilled workforce of engineers, computer scientists and IT professionals.

In the defense sector, the U.S. has also transferred T6 training aircraft to Vietnam and joined the 2nd Vietnam International Defense Expo.

Obviously, the two nations are currently carrying out cooperation in many fields. This is a testament to good and strong bilateral ties since they became comprehensive strategic partners.

Many cooperation initiatives are set to unfold in the coming time, particularly in 2025, as the two countries celebrate the 30th anniversary of Vietnam-U.S. diplomatic relations. We are also looking forward to new achievements in bilateral cooperation ties in the future.


September 25, 2024 - Vietnamese General Secretary and President To Lam and U.S. President Joe Biden hold talks in New York in September 2024 during his visit to the United States for the UN Summit of the Future and the high-level week of the 79th session of the UN General Assembly

It seems that trade and economy are key to bilateral relations. In which areas do you think the two countries will strengthen cooperation in the coming time?

I think education is a great example. Vietnam-U.S. education cooperation is growing, specifically through cooperation programs such as Peace Corps which have supported Americans to teach English in Hanoi.

We witnessed the swearing-in ceremony of the third course of volunteers of the Peace Corps Program in Vietnam. This is also the newest and largest course of volunteers to Vietnam, with 20 volunteers, 12 of whom will work in Ho Chi Minh City and eight will teach in schools in Hanoi.

This not only demonstrates the U.S. commitment to cooperation with Vietnam in education and training but also constitutes a crucial element in Vietnam-U.S. cooperation in this field. I expect that this event will provide an opportunity to bring U.S. educational programs and English teaching experiences to Vietnam.

Peace Corps volunteers will stay in Vietnam for two years. In addition to teaching English, they will build bridges to connect and further enhance mutual understanding between the two countries while promoting relationships with local communities and people in Vietnam.

I fully expect that as the U.S. continues to beef up its efforts to cooperate with Vietnam to build an innovative high-tech economy, we will see more U.S. universities and research institutions coming to Vietnam. That will be a very interesting story in the coming years.


Prime Minister Pham Minh Chinh (third from left) and U.S. President Joe Biden (second from left) attend the Vietnam-U.S. high-level conference on innovation and investment in Hanoi, September 2023

What activities will the U.S. Embassy hold to celebrate the 30th anniversary of Vietnam-U.S. diplomatic relations?

I am very proud of 30-year achievements and development in Vietnam-U.S. bilateral relationship. It seems that everything has just begun, and 2025 will provide an opportunity for both countries to reflect on their accomplishments and chart a promising course for the future.

We are preparing many activities for 2025 and are actively planning initiatives for the year. Many high-level official U.S. delegations and business delegations are expected to visit Vietnam and vice versa.

Additionally, the U.S. Embassy is collaborating with the Vietnam Union of Friendship Organizations, and we will have some activities in Hanoi, Da Nang, Ho Chi Minh City, Can Tho and other cities. The U.S. Embassy in Vietnam expects to have friendship festivals similar to the program organized at the Thang Long Imperial Citadel, and a wide variety of other activities. We will also coordinate with some universities to organize seminars and conferences next year as well as some new investment promotion activities.

In the period ahead, we look forward to cooperating with Vietnam across many sectors, including trade, investment, health, security and education. We look forward to being a long-term partner of Vietnam.

Thank you very much!


VinFast, a member of Vingroup, officially debuted on the Nasdaq Stock Market, the U.S., August 2023

Trade:
- The U.S. is currently Vietnam's second-largest trading partner and its largest export market, accounting for nearly 30% of Vietnam's total exports. Conversely, Vietnam ranks as the 8th largest trading partner of the U.S., the largest partner within the ASEAN region, and the 6th largest merchandise import market for the U.S.
- Bilateral trade value has risen by an average of 16% a year. The two-way trade value hit a record of US$110.8 billion in 2023 and continued to grow strongly in 2024, with US$112 billion in the first 10 months.
- For the first time, the U.S. has become the largest export market for Vietnamese agricultural, forest and aquatic products, with US$12.3 billion in 11 months of 2024.
Investment: 
- The U.S. is the 11th largest foreign investor out of 108 countries investing in Vietnam. As of October 2024, the country had 1,400 valid FDI projects in Vietnam with a total registered capital of nearly US$12 billion
- Vietnam has invested in 230 projects in the United States, with nearly US$1.3 billion in registered capital. The U.S. ranks 7th among the 80 countries and territories where Vietnam has made investments.
- Vietnam is an important link in the U.S. global supply chain while U.S. businesses and investors have made great contributions to Vietnam’s economic development and transformation.
- In 2023 and 2024, many major U.S. companies, including Boeing, Nike, ExxonMobil, Amazon, Marriott, Coca-Cola, Google, Facebook, and Netflix, visited Vietnam and committed to expanding their operations and increasing investments in the country.
- Many Vietnamese companies such as FPT and Vinfast are also expanding their investments in the U.S. and yielding mutual benefits for both sides.
In 2024, high-level contacts and delegation exchanges continued to be actively promoted. Both sides maintained regular dialogues to strengthen cooperation and explore opportunities for expanding collaboration into new areas, all aimed at fostering prosperity for their people.

By: Cam Anh, Vietnam Business Forum

Source: https://vccinews.com/news/59892/shaping-sustainable-and-growing-future-for-vietnam-u-s-cooperation.html

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