In a policy address at Columbia University in September 2024, General Secretary of the Communist Party of Vietnam To Lam emphasized that the 2023 Vietnam - U.S. Joint Statement outlined 10 pillars of comprehensive and important cooperation, including core areas such as trade, investment, inclusive economic growth driven by innovation, science - technology and digital innovation.
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General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam (left) and U.S. President Joe Biden hold talks in New York on September 25, 2024 during the former's trip to the U.S. to attend the United Nations Summit of the Future and the High-Level General Debate of the 79th session of the U.N. General Assembly. |
Efforts to realize contents of cooperative ties
Amid complicated changes of the world situation, frequent high-level exchanges are crucial for maintaining trust and mutual understanding. Over the past three months, General Secretary To Lam and U.S. President Donald Trump have held two important phone talks, drawing significant attention from international observers.
Notably, after the U.S. announced new tariff policies, on April 4, General Secretary To Lam held phone talks with President Donald Trump, becoming one of the first foreign leaders to directly engage with the U.S. leader on the issue. Just a week later, Vietnamese Deputy Prime Minister Ho Duc Phoc led a working delegation to Washington to work with U.S. partners.
Another call between the two leaders on July 2 focused on the bilateral relations and reciprocal tariff negotiations between the two countries. Both leaders expressed satisfaction with the strong and fruitful development of the bilateral relations and welcomed the outcome of negotiations that led to a joint statement on a fair and balanced reciprocal trade framework.
U.S. Ambassador to Vietnam Marc Knapper said these frequent exchanges reflect not only the strong quality of the bilateral relationship but also the U.S.’s deep respect for Vietnam as well as the two sides’ strong desire to ensure that the bilateral relations will continue to develop well, benefiting the people of both countries.
Such exchanges also show the depth of the relationship based on strategic trust between the two nations, Knapper said, adding that during their discussions, the two leaders emphasized the role of the Vietnam-U.S. cooperation in not only bilateral aspects but also in ensuring peace and stability in the region and the world.
In the coming time, maintaining the momentum of high-level contacts, together with practical bilateral cooperation mechanisms, will continue to be an important driving force for the two countries to overcome differences, build strategic trust and realize the specific contents of the Vietnam-U.S. Comprehensive Strategic Partnership for the benefit of the people of the two countries, and for peace, stability and cooperation in the region and the world.
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Workers process shrimp for export. Shrimp products are among leading export items that Vietnam exports to the U.S. market. |
Trade and investment: Key cooperation pillar
Trade and investment ties have become one of the most important and practical pillars in the Vietnam-U.S. Comprehensive Strategic Partnership.
In 1995, bilateral trade stood at below 500 million USD. It soared to 124 billion USD in 2023. In 2024, the figure climbed even higher to nearly 150 billion USD - an astonishing 300-fold increase in just three decades. Vietnam’s top exports to the U.S. include garments, wooden furniture, electronics, machinery, footwear and agricultural products. Meanwhile, Vietnam imports aircraft, machinery, chemicals, and plastics from the U.S..
The U.S.'s investment to Vietnam has also been rising steadily. As of mid-2024, the U.S. had over 1,300 valid direct investment projects in Vietnam, with total registered capital exceeding 11.8 billion USD, ranking it 11th among foreign investors. Major American corporations like Intel, Apple, Boeing, Google, GE, Amkor and AES are expanding their operations in Vietnam, further integrating the country into global supply chains.
Dr. Vu Hoang Linh, a senior lecturer at the University of Economics under Vietnam National University, Hanoi said Vietnam in standing in front of a “strategic window of opportunity” to deepen its role in global supply chains. The ongoing reconfiguration of global trade flows, along with multinational corporations’ efforts to diversify their manufacturing bases, offers Vietnam unprecedented opportunities.
Ambassador Pham Quang Vinh, former Vietnamese Ambassador to the U.S. and former Deputy Minister of Foreign Affairs, noted that the potential for bilateral trade and investment cooperation remains vast. Vietnamese products have become more competitive, and the expanding trade relationship brings mutual benefits to both countries and their people, he said.
Dr. Can Van Luc, a member of the Prime Minister’s Economic Advisory Group, emphasized that maintaining an open and transparent investment environment, along with effective economic dialogue mechanisms, will be crucial to fully realizing the partnership’s potential. He added that Vietnam’s domestic reforms and growing market of over 100 million people position it well for continued economic success.
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A man visits the exhibition "30 years of Vietnam - US diplomatic relations". |
Expanding cooperation areas
Based on the Comprehensive Strategic Partnership, Vietnam and the U.S. are expanding cooperation to new strategic areas such as high-tech industries and clean energy.
Ambassador Pham Quang Vinh stressed the importance of leveraging U.S. expertise in innovation and technology. Vietnam must enhance its legal frameworks, infrastructure, and human resources to better integrate into the supply chains of leading U.S. companies, he said.
Meanwhile, U.S. Ambassador Marc Knapper said that the U.S. wants to help Vietnam realize its potential to become a regional and global semiconductor hub, where Vietnam’s spirit of innovation and entrepreneurship will be fully developed. This is what U.S. businesses see and why leaders of technology firms visited Vietnam. Last year, Apple CEO Tim Cook visited Vietnam and Nvidia’s Jensen Huang has visited Vietnam regularly.
Energy is another area of promising cooperation between the two countries. Olivier Marquette, President of AES Vietnam, said the company has invested over 2 billion USD in Mong Duong 2 thermal power plant and is now developing liquefied natural gas (LNG) power projects in Vietnam. These projects, he said, can also help balance the trade relationship between the two nations.
As of July 2025, 30 years since the normalization of relations, the two countries have established a comprehensive framework for cooperation in all spheres from politics, economy, security, education, science and technology, and people-to-people exchanges.
General Secretary To Lam, in a meeting with U.S. Senator Steven David Daines in March, described the Vietnam-U.S. relationship as a model in international relations. The guiding principle - putting the past behind and looking to the future - is not just a slogan but a foundation for action, he said.
With trust and mutual respect, Vietnam and the U.S. are writing a new chapter of long-term cooperation, for the benefit of the people of the two countries and for peace and prosperity in the region and the world.
Source: VNA