Prime Minister Pham Minh Chinh received the USABC business delegation

Expanding investment in green transformation and digital transformation fields

That was the affirmation of the US-ASEAN Business Council (USABC) business delegation led by USABC President and CEO Ted Osius, former US Ambassador to Vietnam, during a trip to seek investment and business opportunities as well as business partners in Vietnam from March 18 to 20. The delegation included senior executives from 64 major US companies, including leading corporations such as Boeing, Apple, Intel, Coca-Cola, Nike, Amazon and Bell Textron, Excelerate Energy... This is the largest US business delegation ever to come to Vietnam to "explore great opportunities".

According to USABC President and CEO Ted Osius, this year’s delegation is particularly significant as the United States and Vietnam celebrate 30 years of normalized relations (1995-2025). Over the past three decades, the partnership between the United States and Vietnam has evolved from a burgeoning trade relationship to a thriving, multi-dimensional partnership spanning diplomacy, security, education, and most notably, business and investment.

According to the former US Ambassador to Vietnam, the delegation brings together representatives of the world's leading US businesses in the fields of information technology, financial services, logistics, manufacturing, energy, aerospace and defense, healthcare, consumer products, food and agriculture. This record level of participation reflects the strong confidence of US businesses in Vietnam's future and the commitment of USABC members to expand trade and investment in this dynamic market. "As Vietnam enters a new chapter with a reformed and streamlined political system, the US business community looks forward to the positive impacts of these changes and exploring the opportunities ahead," said Mr. Ted Osius.

Amid global trade uncertainties, including the threat of tariffs on Vietnam, there are still great opportunities ahead for cooperation between the two countries. The US business community remains steadfastly committed to promoting a stable, mutually beneficial trade relationship between the US and Vietnam. This record-breaking delegation affirms the long-standing partnership between the US and Vietnam. "Building on the achievements of the past 30 years, we are excited to explore new opportunities, promote sustainable growth, and build the next chapter in our economic relationship," said USABC President and CEO Ted Osius.

During the visit, US business leaders highly appreciated Vietnam's achievements and great development potential, investment and business environment, especially the Vietnamese Government's attention, facilitation, support, listening, and removing difficulties for businesses, including US businesses, to invest and develop effectively in Vietnam. Highly appreciating Vietnam's socio-economic development strategy, especially the development of science, technology, innovation, and digital transformation when Resolution 57-NQ/TW was just issued, US businesses expressed their desire and readiness to invest and expand investment in Vietnam in the fields of green transformation, digital transformation, and circular economy, including energy, high technology, semiconductors, digital transformation, artificial intelligence, data, aviation, logistics, finance, telecommunications, health care, food processing, consumer goods production, tourism, education, agriculture, etc.

The US business delegation had discussions with leaders of Vietnamese ministries and sectors to discuss and respond to specific proposals and recommendations from USABC and US businesses. Leading US businesses hope that Vietnam will continue to reform administrative procedures; shorten decision-making time; ensure consistency and stability of legal regulations; have preferential policies to encourage investment in a number of specific projects and products that the US has strengths in, Vietnam has needs for, and prioritize attracting and developing... to further attract investment and business projects from the US.

Economy is the foundation and driving force behind Vietnam - US relations.

After establishing the Comprehensive Strategic Partnership in September 2023, economic and trade cooperation between Vietnam and the US has become increasingly effective and has become an important driving force for promoting bilateral relations. Economic, trade and investment cooperation is a bright spot in the relationship between the two countries, in which bilateral trade turnover has grown very positively, US investment in Vietnam is on the rise as more and more leading corporations come to Vietnam to seek business opportunities and implement investment projects.

In terms of trade, the bilateral trade turnover between Vietnam and the US in 2024 will reach nearly 150 billion USD, an increase of 20.5% over the same period last year. The US has become the second largest trading partner and one of the most important export markets of Vietnam and is gradually becoming a source of machinery, equipment, science and technology, and energy products for Vietnam.

In terms of investment, the US continues to be one of Vietnam's leading investment partners, with most major US corporations having a presence and effectively investing in Vietnam. By the end of 2024, US direct investment in Vietnam is estimated to reach 11.94 billion USD with over 1,400 projects, ranking 11th among countries and territories with foreign investment in Vietnam.

Trade and investment cooperation between Vietnam and the US will certainly be even brighter with visits like this one by a large US business delegation. As affirmed by General Secretary To Lam during the reception of the USABC business delegation, Vietnam considers the US a partner of strategic importance, in which economic, trade, investment and scientific and technological cooperation continue to be the foundation and driving force for promoting bilateral relations; wishes to continue to work with the US to develop an increasingly substantive and in-depth Comprehensive Strategic Partnership, in which economic - trade - investment cooperation continues to develop stably, for the benefit of the people and businesses of the two countries, contributing to peace, stability, cooperation and prosperous development in the region and the world. After emphasizing the importance of science and technology for Vietnam's development, the Party's top leader asked US businesses to continue to pay attention, increase and expand investment in Vietnam, especially in areas where the US has strengths and Vietnam has needs such as emerging technology, digital economy, green transformation, renewable energy, logistics, etc.

Prime Minister Pham Minh Chinh, when receiving the USABC business delegation, also emphasized that with a longer vision, larger scale, deeper level of engagement, higher quality and efficiency, Vietnam always considers the US as a leading important partner, of strategic significance, especially in economics, trade and investment. The head of our Government hopes that US investors will continue to increase new investment, expand investment in Vietnam, especially in important areas such as energy, high technology, semiconductors, artificial intelligence (AI), aviation, aerospace, climate change response, etc. Along with that, promoting connections between the business communities of the two countries, promoting dialogue mechanisms between the Government and the business community, creating conditions for Vietnamese businesses to participate more deeply in the global supply chain of US businesses; making Vietnam a US production and business base in Southeast Asia.

Emphasizing that there is still a lot of room for economic, trade and investment cooperation between Vietnam and the US, the Prime Minister hopes that after the visit to Vietnam by USABC and US businesses this time, the connection between businesses of the two countries will be strengthened and become more effective, for the benefit of both sides; contributing to fostering the Vietnam - US Comprehensive Strategic Partnership to become increasingly stronger, more effective and better in the coming time.