Deputy PM calls on the U.S. business community to continue expanding investment and long-term presence in Vietnam
The Vietnam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce in Hanoi (AmCham) and the U.S. Chamber of Commerce in Washington hosted the 8th U.S. -Vietnam Business Summit to deepen commercial and trade ties on November 12.
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Deputy Prime Minister Bui Thanh Son, along with a group of high-ranking ministry officials and United States Ambassador to Vietnam Marc Knapper, participated in the Summit in-person, while U.S. Assistant Secretary of State for East Asia and the Pacific Michael DeSombre joined virtually.
Their participation, along with that of U.S. and Vietnamese business leaders, highlights the growing breadth and importance of the bilateral Comprehensive Strategic Partnership.
The United States is Vietnam’s second largest trading partner, its largest export market, and one of the top drivers of investment here. Viet Nam has risen to become a top ten trading partner of the United States and the economic relationship between the two countries is expected to continue its rapid growth.
Vietnam is an essential link in the global supply chain of goods for the United States. At the same time, U.S. companies and investors have contributed significantly to the transformation and growth of Viet Nam’s economy.
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| Deputy Prime Minister Bùi Thanh Sơn talks to delegates during the 8th U.S. -Vietnam Business Summit. (Photo: AmCham) |
At the summit, Deputy Prime Minister Bui Thanh Son emphasized that 2025 marks the 30th anniversary of the establishment of diplomatic relations between Vietnam and the United States – a journey “from confrontation to partnership, from skepticism to trust, and from a painful past to a future of comprehensive cooperation and shared prosperity.”
H.E. Deputy Prime Minister affirmed that “The Vietnam – U.S. relationship is not one of giving and receiving, or winning and losing, but one where both sides create, grow, and succeed together.”
He called on the U.S. business community to continue expanding investment and long-term presence in Vietnam, and to work closely with Vietnamese partners in key areas such as semiconductors, clean energy, innovation, digital transformation, and high-quality human resource development.
He also urged the U.S. Government to lift export control restrictions under the D1 and D3 lists, accelerate the signing of a reciprocal and balanced trade agreement, and recognize Vietnam as a market economy.
He concluded his speech with a message: “In today’s rapidly changing world, only trust can build cooperation, only cooperation can bring prosperity, and only prosperity can create a sustainable future.”
In his remarks, Assistant Secretary of State Michael DeSombre highlighted that Vietnam continues to hold significant potential for foreign direct investment and that U.S. companies stand ready to maintain their leading role as major investors and partners of Vietnamese enterprises.
He underscored Vietnam’s strategic role in ensuring global economic security and resilient supply chains through diversification and collaboration.
Ambassador Marc Knapper commended the private sector’s contributions to the bilateral relationship, noting that U.S. and Vietnamese businesses have been central to the remarkable growth of the past three decades.
He reaffirmed that the United States remains committed to supporting Vietnam’s ambitious development goals, including cooperation in innovation, clean energy, digital transformation, and high-quality workforce development.
VCCI Chairman Dr. Ho Sy Hung emphasized, “VCCI firmly believes that cooperation between Vietnam and the U.S. is not only about economics and trade, but also about trust and shared strategic vision. That trust has been built over many years of sincere partnership, mutual benefit, and a common commitment to shared prosperity.”
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| VCCI Chairman Dr. Ho Sy Hung emphasized, “VCCI firmly believes that cooperation between Vietnam and the U.S. is not only about economics and trade, but also about trust and shared strategic vision.”. (Photo: AmCham) |
He affirmed: “VCCI will continue to work closely with AmCham and the U.S. Chamber of Commerce, serving as a trusted bridge between the governments and business communities of both countries, advancing new cooperation initiatives and supporting U.S. companies in deepening their partnerships with Vietnamese counterparts, toward a transparent, stable, and socially responsible business ecosystem.”
“For more than three decades, AmCham has stood alongside Vietnam on its journey of economic transformation, and we remain committed to supporting the country’s next phase of development. We now live in a consequential time for geopolitics and its impact on business and the global trading system that has propelled U.S. - Vietnam commercial relations,” said AmCham Chair Michael Nguyen, adding, “Progress on the key issues raised at today’s Summit will improve business conditions that strengthen the private sector, ensure economic and social development, and promote prosperity here in Vietnam.”
Commenting on the success of the business summit, AmCham Executive Director Adam Sitkoff said, “AmCham will continue working with both governments on the principal challenges and opportunities that matter most. Our members are invested in the long-term success of Vietnam and it is incumbent upon the business communities of both countries to unlock higher levels of two-way trade and investment, while working with both governments to break down the challenges and obstacles standing in the way.”
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| Overview of the 8th U.S. -Vietnam Business Summit. (Photo: AmCham) |
The Summit was a timely discussion of the policies and approaches that both governments and private sectors need to pursue to ensure mutually beneficial trade and investment relations between Vietnam and the United States.
Discussions highlighted the importance of fostering an open, dynamic, and innovative economy, building strategic infrastructure to meet development needs, and achieving institutional breakthroughs to drive growth, investment, and innovation.
