Deputy Prime Minister Trần Lưu Quang gives a speech at the 2023 Việt Nam-US Business Summit in Hà Nội. VNA/VNS Photo Lâm Khánh

HÀ NỘI - There is still a lot of untapped potential in the Việt Nam-US business relations, heard participants at the Việt Nam-US Business Summit yesterday in Hà Nội.

Speaking at the event, Deputy Prime Minister Trần Lưu Quang said the recent upgrade to a comprehensive strategic partnership between the two countries opened the door to economic and investment opportunities for businesses from both sides. 

He said the partnership would play a major role in bilateral partnerships in the years to come, especially as an economic driving force. 

He stressed the importance of new initiatives and ideas to foster closer links among Vietnamese and international economic partners, including US businesses in Việt Nam, and that the Vietnamese Government would be committed to exchanging dialogues with all businesses to bolster ties and create a favourable environment for all.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Phạm Tấn Công said the summit, this year in its 6th iteration, had become one of the most anticipated gatherings for businesses from both sides and strong evidence of the willingness to improve connectivity and to build a conducive environment for attracting new investments and promoting innovation and sustainable growth in Việt Nam.

John Rockhold, chairman of the American Chamber of Commerce Việt Nam (AmCham), said the comprehensive strategic partnership marked a milestone in Việt Nam-US bilateral relations, which would allow for greater cooperation in the improvement of economic policies and environment as a foundation for new investments and businesses. 

He highlighted the successes and achievements of Việt Nam-US economic cooperation in recent years, including the promotion of the private sector, socioeconomic development and prosperity.

John Goyer, Southeast Asia Regional Managing Director of the US Chamber of Commerce, said President Joe Biden's recent visit marked a major change for the Việt Nam-US economic relationship and had created momentum to advance two-way trade and investment, as well as to identify and address current shortcomings and challenges. 

The US remains the second-largest of Việt Nam's trading partners, the largest export market and one of the largest investors. Meanwhile, the Southeast Asian country has made it into the US' top 10 trading partners and an increasingly important link in the global supply chain for US businesses. Since the normalisation of bilateral relationships, US companies and investors have significantly contributed to Việt Nam's socioeconomic development and the growth of its economy. 

The summit, organised by the VCCI and AmCham, is an annual event that aims to boost trade and commerce activities between the two countries. This year's summit focused on Việt Nam's priority goals, including removing barriers in resource mobilisation, production, and business; meeting the needs for energy development and promoting the transition to clean and renewable energy; ensuring access, affordability, and innovation in the healthcare sector; unlocking the full potential of the digital economy; upgrading from a near-border market to an emerging market; promoting sustainable investment and integrating the supply chain in preparation for opportunities in the semiconductor industry.