Vietnam is the 8th largest trading partner of the US and is the ASEAN member country that exports the most to the US. (Illustration photo: Hong Dat/VNA)

On the occasion of the 10th anniversary of the establishment of the Comprehensive Partnership between Vietnam and the US (July 2013 - July 2023), VNA correspondent in Washington had an interview with Mr. Ted Ausius , former US Ambassador to Vietnam and currently President and CEO of the US-ASEAN Business Council (USABC), about the achievements in Vietnam-US bilateral cooperation in recent times, as well as an assessment of the prospects for bilateral cooperation in the coming time.

During the discussion, Mr. Ted Ausius highlighted some key features of bilateral cooperation in various fields, in which trade and investment play a major role in the Vietnam-US Comprehensive Partnership, with the highlight being the largest ever US business delegation visiting Vietnam.

The US is currently Vietnam's second largest trading partner and largest export market. In 2022, two-way trade between the two countries reached 123.86 billion USD.

Vietnam is the 8th largest trading partner of the US and is the ASEAN member country that exports the most to the US. Meanwhile, the US is Vietnam's largest export market. Over the past 10 years, Vietnam's annual export turnover to the US has grown by an average of nearly 20% per year.

Assessing the results of the US business delegation’s visit to Vietnam last March, the President and CEO of USABC emphasized that this was the largest US business delegation to visit Vietnam in decades, with a total of 52 companies looking for sales, supply and investment opportunities. Notably, the visit coincided with the 10th anniversary of the establishment of the Vietnam-US comprehensive partnership.

The delegation was received by senior Vietnamese leaders, including the Prime Minister, Chairman of the National Assembly, Head of the Central Economic Commission, and key leaders of several ministries, departments and agencies.

Vietnamese leaders gave the delegation a warm and respectful welcome, patiently listened to the concerns of American businesses, and provided detailed and satisfactory answers, especially clearly identifying the Vietnamese contacts responsible for implementing the next steps.

For its part, USABC reaffirmed its commitment to supporting Vietnam's efforts to maintain macroeconomic stability and resilience, as well as supporting its digital transformation and green energy transition strategies.

In addition, the delegation members highlighted ongoing initiatives in various sectors in Vietnam, including agriculture, aerospace, energy, healthcare, logistics, tourism, digital economy, financial services, defense, innovation and creative economy, and proposed new areas of cooperation.

Regarding cooperation in the health sector, Mr. Ted Ausius said that the US has supported Vietnam in treating tuberculosis since 2004. During the COVID-19 pandemic, the US provided 40 million doses of vaccine to Vietnam. Meanwhile, Vietnam has supported the US with masks and personal protective equipment. This is an important area of ​​cooperation for both countries and needs to be further promoted in the coming time.

Regarding science and technology, the two countries recently held a joint committee meeting to discuss major issues such as space cooperation, cooperation in high-tech fields such as artificial intelligence (AI), biotechnology, etc.

In terms of education, Vietnam has risen to become the country with the fifth largest number of international students in the US. This is a remarkable signal of the commitment of Vietnamese students and parents to their children receiving an education in the US and it speaks to the sentiment of people-to-people and cultural exchanges between the two countries. This is of real significance, along with the travel between the two countries of students, students and their families, as well as investors.

Meanwhile, the fields of aerospace, defense and security have received renewed attention from both sides, and negotiations and exchanges between the US and Vietnamese partners have taken place more frequently.

Processing tra fish for export. (Photo: Vu Sinh/VNA)

Mr. Ted Ausius frankly stated that there is still much work to be done for both sides to understand each other's processes. For example, the US has worked with the Vietnam Coast Guard to provide this force with the ability to protect maritime interests, including territory and fishing grounds, to prevent piracy and illegal, unreported and unregulated fishing.

Regarding the prospects for economic and trade cooperation between Vietnam and the US in the face of complicated developments in the world economy, the President and CEO of USABC commented that the fact that a large number of companies participated in the US business delegation visiting Vietnam shows that US companies have confidence in the growth prospects and leadership of the Vietnamese government, despite the difficulties that the Vietnamese economy and the global economy have faced this year due to the Ukraine conflict and Western sanctions against Russia.

In addition, the coming time will continue to witness a strong trend in expanding manufacturing centers and supply chains in Vietnam in the fields of semiconductors, FMCG (fast-moving consumer goods), toys, furniture, food and agricultural products, digital economy, banking and financial services and healthcare.

Currently, we are starting to see a wave of Vietnamese companies investing in the US such as Vinfast, An Phat, Sovico... these companies are also major customers of US companies.

According to Mr. Ted Osius, all these trends ensure strong growth in two-way trade and investment between Vietnam and the US in the next 10 years and ensure the elevation of the partnership to a strategic level.

With the prospect of upgrading bilateral relations, along with other areas of cooperation, the two sides will continue to expand government procurement activities for companies in both countries and promote the development of key areas such as energy, digital economy, healthcare, defense, etc../.

Kieu Trang-Doan Hung (Vietnam News Agency/Vietnam+)