US-funded firms hoped to take lead in connecting with VN peers
US-funded firms hoped to take lead in connecting with Vietnamese peers
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has said he hopes US-invested firms will pioneer in generating links between the foreign direct investment (FDI) and domestic sectors in Vietnam.
Scene at the Vietnam-US business summit (Photo: baodautu.vn)
Hanoi (VNA) – Chairman of theVietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has said he hopesUS-invested firms will pioneer in generating links between the foreign directinvestment (FDI) and domestic sectors in Vietnam.
According to Loc, FDI enterprises invest inproduction in Vietnam, but import most of their materials and spare partsrather than purchasing from domestic firms. They use Vietnamese labourers andtake advantage of the country’s available resources.
Vietnam is at the threshold of newinvestment structure and trade development toward sustainability as well ashigher quality and value added. The US is one of the top partners of Vietnam insuch progress, Loc stressed.
The bilateral trade increased by 133 timesfrom 450 million USD in 1994, when the US lifted its trade embargo againstVietnam, to more than 60 billion USD in 2018. Last year, Vietnamese exports andimports to the US were recorded at 47.52 billion USD and 12.75 billion USD, up fiveand eight times annually, respectively.
As of March 31, the US invested a total of9.15 billion USD in Vietnam, ranking 11th among the foreigninvestors in the country. Vietnamese and US enterprises have so far workedtogether to launch projects in processing – manufacturing, clean energy,aviation, health and medicine.
Charles Freeman, senior vice president forAsia at the US Chamber of Commerce, said the agency has drafted a series ofrecommendations to boosting Vietnam – US trade based on their Trade andInvestment Framework Agreement (TIFA) and other specific agreements in digitaleconomy, customs – trade facilitation, and infrastructure, among others.
Earlier, the Vietnam-US business summit, thethird of its kind, took place on May 10, attracting representatives of 250businesses from both countries, including Exxon Mobil, Amazon, Coca-Cola,Google, Facebook, Paypal, and Visa. The event marked 25 years of bilateraltrade-investment relations.-VNA
Prime Minister Nguyen Xuan Phuc expressed his wish that US enterprises strong in digital economy will enhance cooperation and transfer technology to Vietnam during a reception in Hanoi on September 10 for Executive Director of the American Chamber of Commerce in Vietnam Adam Sitkoff.
Deputy Prime Minister Trinh Dinh Dung appreciated the contributions made by Vietnamese and US businesses to their countries’ relations over the last 25 years, while attending a business summit in Hanoi on May 10.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Scene at the Vietnam-US business summit (Photo: baodautu.vn) 
