Vietnam-US ties to grow more vigorously: Foreign Minister

The multi-faceted Vietnam-U.S. relationship is expected to prosper further following Prime Minister Pham Minh Chinh’s working visit to the U.S. and the U.N. from May 11 to 17.

Vietnam and the U.S. are "important partners of each other, sharing many common interests including the interest in facilitating the central role of ASEAN and solidifying peace, stability, cooperation and development in Asia-Pacific," Minister of Foreign Affairs Bui Thanh Son stated on the government’s portal ahead of the PM’s visit.

Vietnam and the U.S. normalized their relations in 1995, which have developed “by leaps and bounds” as Son described. The two are now "comprehensive partners".

The U.S is Vietnam’s second biggest trading partner and one of the Southeast Asia country’s top investors, with total registered capital of $10 billion.

Vietnam ranked ninth among the U.S.'s top trading partners, with bilateral trade reaching $111 billion in 2021, increasing by 250 times compared to the time before the normalization of relations.

Vietnamese companies have increasingly showed interest in investing in the U.S. Automaker VinFast and the government of North Carolina in late March signed a memorandum of understanding for the establishment of VinFast’s $4 billion manufacturing plant. Production is expected to start in July 2024.

In terms of politics and diplomacy, Son said the pair have maintained regular contacts and exchanges of delegations at all levels that help to solidify "political trust". Cooperation in defense and security has developed "positively, in line with the interests of both countries."

Vietnam is currently leading Southeast Asia in the number of students in the U.S., at about 30,000.

Humanitarian cooperation and dealing with war consequences "remain priorities". The remains of U.S. soldiers have been handed over 157 times, while joint efforts have been made to search for the remains of Vietnamese martyrs. The clean-up project for Da Nang International Airport has been finished, while a similar project for Bien Hoa Air Base is under way.

Bui Huy Son, Minister Counsellor and head of Vietnam's Trade Office in the U.S., said the bilateral trade surpassing $100 billion for the first time in 2021 was a highly important achievement, given the Covid-19 pandemic and disrupted global supply chains.

In the first quarter of this year, bilateral trade reached $29.4 billion, including $25.96 billion in exports to the U.S, and nearly $3.4 billion in the other direction, up 16.7% and down 7.7% year-on-year respectively, according to Vietnam’s Ministry of Industry and Trade.

U.S. Ambassador to Vietnam Marc E. Knapper, in an interview with Vietnam News Agency ahead of the PM's trip, said his country is a solid and committed partner in helping Vietnam realize its ambitious 2021 United Nations Climate Change Conference goals.

Vietnam is a major player on the world stage, as evidenced by its successful two-year term on the U.N. Security Council that just ended, he noted.

"The United States is working closely with Vietnam as we develop our vision of the Indo-Pacific Economic Framework, which seeks to advance resilience, inclusiveness, and competitiveness for our economies."

Knapper added that he sees tremendous opportunities to deepen and expand collaboration between the U.S. Mission and Vietnamese Government. The goals include “rebuilding global supply chains; accelerating the country’s clean energy transition and sustainable growth; developing the digital economy in line with global best practices and bringing world-class U.S. products and services to Vietnam to support its economic development."

John Rockhold, Chairman of AmCham in Vietnam, said Vietnam is considered a "key" for countries that want to open the door to enter the dynamic and potential Southeast Asia market, given its location at the region's center and impressive economic growth.

He predicted bilateral cooperation in the energy industry will reap many successes. Rockhold said he hopes the U.S. administration will actively work with Prime Minister Pham Minh Chinh in ensuring energy security in the transition to green energy.

At 2021 United Nations Climate Change Conference (COP26), PM Chinh promised Vietnam would try to achieve net-zero emissions by 2050.