Prime Minister Pham Minh Chinh addresses the US-Vietnam Business Summit 2022.

The US-Vietnam Business Summit 2022, with the topic "Defining the Future of Bilateral Economic Relations," was held in Hanoi on March 8 with Prime Minister Pham Minh Chinh in attendance.

The 5th US-Vietnam Business Summit, according to Ms. Virginia Foote, Vice President of the American Chamber of Commerce in Hanoi (AmCham), is a celebration of the bilateral collaboration over the past 25 years, as well as cooperative efforts of both nations' enterprises.

"We will contribute to the normalization of bilateral relations by promoting Vietnam's development and growth through production and economic activity. At the same time, I want to promote hundreds of billions of dollars in both countries' trade growth. " AmCham Vice President said.

Ms. Virginia Foote expressed her thoughts as follows: "Vietnam's climate promises at the 26th COP26 UN Climate Change Conference have been welcomed by US businesses. We are excited to see how clean energy and renewable energy evolve in Vietnam. We've also worked with Vietnamese organizations to make recommendations for the draft Power Master Plan VIII in Vietnam ".

Ms. Virginia Foote, Vice President of the American Chamber of Commerce in Hanoi (AmCham)

"US enterprises also expressed interest in boosting digital transformation and educational development in Vietnam," said AmCham Vice President.

Prime Minister Pham Minh Chinh stressed at the conference that, in the face of challenging epidemic trends, Vietnam has greater experience and better conditions to cope with the epidemic and promote economic opening in a new framework.

Vietnam, according to the Prime Minister, will be a developed country with a high middle income by 2030. Vietnam will celebrate its 100th anniversary of independence in 2045. Vietnam would be a developed country with a modern industry at that period. Institutional improvement, infrastructural breakthrough, human resource quality breakthrough, and administrative reform were selected as Vietnam's three strategic breakthroughs at the same time. 

"The relationship between Vietnam and the United States has evolved at a rapid pace in tandem with Vietnam's development. The bilateral trade turnover was less than 500 million USD per year when the two nations did not have a free trade agreement. Despite the COVID-19 outbreak, two-way trade between the two countries reached 110 billion dollars by 2021. With a two-way trade turnover of more than 100 billion dollars, the United States became Vietnam's second largest trading partner", Vietnam Prime Minister stated.

Vietnam's exports to the United States totaled 96.29 billion dollars in 2021, up 24.9 percent from 2020. The United States remained Vietnam's top export market, accounting for 28.6% of the country's export sales. There are 13 groups of items exported to the United States with a turnover of one billion dollars or more, with three of them having a turnover of more than ten billion dollars. Pham Minh Chinh, the Prime Minister of Vietnam, believes that the two countries' import and export turnover will grow even faster in 2022.

Prime Minister Pham Minh Chinh was particularly pleased when Amcham's survey revealed that more than 80% of US enterprises viewed the Vietnamese market favorably, confirming the favorable relationship between the two countries.

Vietnam has established a National Steering Committee to combat climate change, according to Prime Minister Pham Minh Chinh, and is actively working on perfecting institutions, public-private partnerships, focusing on training green human resources, and coordinating with partners such as the United States...

"In the current development trend, especially in light of the COVID-19 epidemic, digital transformation is an absolute necessity. Vietnam was concentrating on mobilizing financial resources, advancing technology, and strengthening public administration in order to create a digital society and digital citizens. The entire economy's digital transformation will be accelerated, particularly in the spheres of banking, finance, and land management ", said the Vietnam Prime Minister.