US - Vietnam Business Summit 2020 set to open on October 9

The upcoming event will be co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI), along with the US Chamber of Commerce in Hanoi (Amcham Hanoi), with the title, “Trusted Partners Prospering Together”. The occasion serves as an annual advocacy discussion aimed at talking about the future of the bilateral commercial relationship between the two countries, in addition to commemorating 25 years of diplomatic relations between Vietnam and the United States.

According to an announcement made by AmCham Hanoi, Prime Minister Nguyen Xuan Phuc and Adam Boehler, CEO of the U.S. International Development Finance Corporation, will both be present at the event to deliver speeches.

Key points of discussion during the occasion will include the need to promote sustainable and predictable investment policies, how to drive growth and innovation through the digital economy, addressing the country’s energy development needs, and navigating Asia’s supply chain and manufacturing landscape in a post-COVID-19 world. Indeed, other topics include how to work together to help Vietnamese businesses and entrepreneurs reach their full potential, global trade dynamics, the US presidential election, and new opportunities aimed at fueling Vietnam’s economic recovery.

The Vietnam Trade Office in the US cite data provided by the United States Census Bureau as saying that the US remains one of the country’s leading trading partners, with trade exchange enjoying a 130-fold increase since 1994, from a figure of US$450 million in 1994 to US$75.7 billion by late 2019.

Two-way trade between the nations has witnessed strong growth and has been a bright spot in the mutual partnership, especially since the Vietnam-US Trade Agreement (BTA) came into force.

Since the BTA was signed in 2000, the structure of Vietnamese exports has changed significantly, with agricultural and aquatic products making it into the list of important export commodity groups, as opposed to main export items such as textiles and garments, leather and footwear has had been in the past.

In 2019, the five largest export commodity groups to the US, apparel and textiles, and footwear, telephones and components, computers and electronic products, and furniture, all saw impressive growth ranging from 9% to 24%.

Most notably, there are currently 10 commodity groups whose exports to the US market have a value of more than US$1 billion, including garments and textiles at US$14.8 billion, telephones and accessories at US$8.8 billion, and footwear at US$18.3 billion.

Furthermore, the nation also imports a large quantity of goods and materials from the US, such as computers, electronic products and components, cotton, machinery, equipment and spare parts, plastic materials at US$6.6 billion, and wood products at US$5.3 billion.