Ample space and many opportunities remain to further boost trade and investment cooperation between businesses from Vietnam and the US, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong has said.

Addressing the US-Vietnam Business Summit 2023 in Hanoi on October 31, Mr. Cong said businesses from the two countries have acknowledged the strong commitment of the governments of Vietnam and the US in promoting bilateral trade, particularly in the context of the two sides elevating relations to a Comprehensive Strategic Partnership.

Vietnam has been ranked among the top five countries with the highest GDP growth. It was also listed among the world's top 37 countries in terms of GDP scale, and top 20 countries with the largest global trade, of some $730 billion, in 2022, according to Mr. Cong.

It targets becoming a high-income country by 2045, and the scale of its economy is expected to reach $1 trillion in the next 20 years. If it can maintain annual economic growth of 6-6.5 per cent, GDP is estimated to exceed $1.5 trillion by 2045, he said.

Such prospects show that there is much space and great opportunities for business and investment cooperation between enterprises from the two countries to develop, he added.

Addressing the meeting, Deputy Prime Minister Tran Luu Quang said both sides hold huge potential in economic, trade, and investment cooperation following the upgrade of bilateral relations to a Comprehensive Strategic Partnership.

He hopes that businesses from the two countries can boost economic and trade cooperation, enhance the trade of products where the other holds strengths, and support each other in engaging in new value chains.

US Secretary of Commerce Gina Raimondo, meanwhile, told the Summit that the two countries are seeing unprecedented opportunities to tighten trade and investment relations.

Chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam), Mr. John Rockhold, stressed that the recent upgrade to bilateral ties provide a wonderful opportunity for bilateral cooperation to attract new investors for development.

Cooperation progress in key areas mentioned at the Summit will help fine-tune the business environment and enhance the role of the private sector, helping ensure socio-economic development and fostering prosperity in Vietnam, he added.

The US is currently Vietnam’s second-largest trade partner, while Vietnam has become one of the ten biggest trade partners of the US and an important link in its global supply chain.