Prime Minister Pham Minh Chinh addresses the U.S.-Viet Nam Business Summit in Ha Noi, November 27, 2024 - Photo: VGP/Nhat Bac

Addressing the event, Pham expressed thanks to the U.S. for supporting a strong, indepedent, self-reliant and prosperous Viet Nam, hailing both sides' active efforts in formulating legal frameworks to boost trade and investment.

He said trade is the most successful area of cooperation between Viet Nam and the U.S. but investments from the U.S. remains modest.

Appreciating the role and contributions of the American business community in promoting the relations between the two countries, Pham called on American bussinesses to increase investments in Viet Nam, particularly in such fields like digital economy, circular economy, sharing economy, knowledge economy, innovation, cloud computing, artificial intelligence, and Internet of Things.

He also called for investments in major projects on nuclear power and infrastructure developments.

The Vietnamese Prime Minister took the occasion to urge the U.S. to early recognize Viet Nam's market economy status and abolish limitations on high-tech exports to Viet Nam.

Speaking virtually from the U.S., Secretary of State Antony Blinken highlighted Viet Nam's growing importance in the region.

He spoke highly of dynamic and robust cooperation between the two economies, including their business partnerships, bringing mutual benefits to their citizens.

Viet Nam is playing an increasingly significant role and is becoming a key partner of the U.S., said Blinken.

President of the Viet Nam Chamber of Commerce and Industry (VCCI) Pham Tan Cong hoped that the two countries could spur the bilateral trade relations toward the goal of achieving a balanced, sustainable, and mutually beneficial trade.

The VCCI leader recommended that businesses from both countries continue to strengthen cooperation, expand partnerships, share information, and jointly explore the development of cooperation projects, particularly in areas such as high technology, digital technology, circular economy, and green energy.

As of October 2024, the U.S. had 1,400 active FDI projects in Viet Nam, with a total registered capital of nearly US$12 billion, ranking 11th out of 148 countries and territories investing in the Southeast Asian nation.

The U.S. is currently Viet Nam's second largest trading partner, with two-way trade turnover reaching US$110.8 billion in 2023 and US$110.9 billion in the first ten months of 2024./.