This information was released at the annual Vietnam - US Trade forum, as organised by the Ministry of Industry and Trade in collaboration with the American Chamber of Commerce in Vietnam and the ASEAN - US Business Council.

As part of his opening speech at the forum, Deputy Minister of Industry and Trade Do Thang Hai said that bilateral trade turnover between the two sides has increased by roughly 248 times, climbing from US$450 million in 1995 to nearly US$113 billion in 2021. This statistic has been recorded despite the prolonged impact of the COVID-19 pandemic and complicated developments which caused the supply chain disruption, with this figure expected to increase even more by the end of the year.

The US has been the country’s largest and most important export market for many years, while the nation has developed into the eighth largest trading partner of the US.

For many years, the North American country has consistently been one of the largest investment partners in the Vietnamese market, with nearly 1,150 operational projects with total registered investment capital of more than US$10.3 billion, ranking 11th out of 141 investment economies in the country.

Agreeing upon this issue, Phan Thi Thang, vice chairwoman of the Ho Chi Minh City People's Committee, shared that there are currently 533 direct US investment projects throughout the southern city, with a total investment value of more than US$1.36 billion and 1,109 indirect investors. This is in the form of capital contribution, share purchases, and capital acquisition of domestic enterprises with the value of contributed capital reaching nearly US$635 million.

Capital from US investors therefore plays an important role in the southern metropolis’s socio-economic development, creating favourable conditions for the city as it seeks to strengthen international economic ties and improve capacity in scientific and high technological development activities.

Along with investors, there are 116 representative offices of US traders which are also operating very effectively in the city, as well as serving as an important bridge to boost investment, trade promotion, and the enhancement of export and import development between the two sides.

In terms of trade, the total import and export turnover between the southern city and the US grew from US$5.1 billion in 2013 to US$8.9 billion in 2021.

The first 10 months of the year witnessed import and export turnover between the city and the US hit US$7.99 billion, up 11.1% on-year.

Currently, Ho Chi Minh City is in the process of implementing many important projects, with a strong determination to maximise the potential and advantages for the city to develop in the new period. This is being done with a logistics industry development project, an export development project, policy proposals to promote the development of the digital economy, the sharing economy and the circular economy, and a project to build the southern metropolis into a smart city.

Therefore, it remains necessary for the investment participation of businesses from the US, Thang went on to say.

On the other hand, many argue that co-operation between Vietnamese provinces and state governments is an important focus as part of efforts to step up extensive co-operation between Vietnam and the US, thereby contributing to the implementation of the goals and commitments of both nations’ senior leaders.

Over the years, the enhancement of ties and cohesion at a state level, such as with Oregon, West Virginia, Maryland, Virginia, and California, has helped to establish comprehensive co-operation frameworks and facilitate trade and investment exchange activities. These primarily focuses on imports and exports, trade, industry and energy, the enhancement of information sharing on potential business opportunities, support projects, and activities of enterprises of the two countries.

Therefore, it can be considered essential to deal with this issue to help businesses increase their ability to co-operate and trade with each other.

Source: VOV