US and Vietnam seek to strengthen economic ties at DC summit

US and Vietnam seek to strengthen economic ties at DC summit

The 2025 SelectUSA Investment Summit took place in Washington, DC on May 12, with the Vietnamese Ministry of Finance, the US Department of Commerce, the Vietnamese Embassy in the United States, and the US Embassy in Vietnam jointly organising an event to encourage investment opportunities between the US and Vietnam.

Attending the event were Diane Farrell, Deputy Under Secretary for International Trade of the US Department of Commerce; US Ambassador to Vietnam Marc Knapper; representatives of economic development agencies from across the US; and with law firms, consultants, banks, and other US businesses. On the Vietnamese side, there was the Deputy Minister of Finance Cao Anh Tuan; Vietnamese Ambassador to the US Nguyen Quoc Dung, and representatives from around 100 Vietnamese businesses.

The two sides discussed investment procedures, financial resources, and investment support services to create improvements for Vietnamese investors to seek new investment opportunities in the US.

Speaking to a packed auditorium, Ambassador Nguyen Quoc Dung, said, "With this, the largest-ever Vietnamese business delegation to the US, Vietnamese firms are here today, not just to attract investors, but to explore investment cooperation opportunities in the world's most developed economy. This clearly demonstrates the growth of the comprehensive strategic partnership between our two countries, as well as the dynamism and adaptability of each other's businesses."

US Department of Commerce Representative Diane Farrell said, "The US welcomes all businesses to invest. We should choose industries that have the greatest potential, bring advantages to both countries, and aim to create more jobs."

Deputy Minister of Finance Cao Anh Tuan, said, "We hope that the government and agencies in charge will create better conditions to help Vietnamese businesses invest and do business effectively and successfully."

"I expect US businesses, with their strengths in capital, reputation, management expertise, and high-quality personnel, to partner with Vietnamese firms in high-tech areas such as startups, innovation, electric vehicles, energy, finance, banking, education, tourism, and high-efficiency agriculture. This cooperation will position Vietnam as a pivotal link in America's regional and global value chains," added Tuan.

Many attending the summit saw it as an opportunity for Vietnam to demonstrate its goodwill and commitment to strengthening bilateral investment cooperation with the US.

On the sidelines of the summit, the Vietnamese Ministry of Finance delegation held bilateral meetings with numerous US organisations, banks, and businesses.

According to the Foreign Investment Agency, as of the end of April, Vietnam had 252 ventures in the US with a total investment of $1.36 billion, covering professional, scientific and technological activities, real estate, and the processing and manufacturing industries conducted by Petrovietnam Exploration Production Corporation, T&T Group, Tam Anh Hospital, An Phat, FPT, and Vietcombank.

VIR