Việt Nam identifies five priority areas for cooperation with the US

Việt Nam identifies five priority areas for cooperation with the US

Bilateral trade between Việt Nam and the US reached US$157.83 billion in the first nine months of 2026, up 24.5 per cent from a year earlier. The US ranks 11th among 153 countries and territories investing in Việt Nam.

Deputy Prime Minister Phạm Gia Túc (centre) at the US-Việt Nam Business Summit 2026 in Hà Nội on Wednesday. — VNA/VNS Photos

 Việt Nam has identified five priority areas for cooperation with the US, Deputy Prime Minister Phạm Gia Túc said on Wednesday. They include high technology, particularly semiconductors, artificial intelligence and data; clean energy; sustainable supply chains; finance and innovation; and education and training.

The sectors are expected to create business opportunities in both countries while helping Vietnam strengthen its production capacity, technological capabilities and integration into global supply chains, Túc told the US-Việt Nam Business Summit 2026 in Hà Nội.

After 30 years of diplomatic relations and more than three years since the two countries established a Comprehensive Strategic Partnership, bilateral ties have made significant progress, laying the groundwork for expanded economic, trade and investment cooperation, he said.

Achievements include stronger dialogue and mutual trust, improved cooperation frameworks, closer trade and investment ties and advances in technology cooperation.

The two countries are working to conclude negotiations on a reciprocal trade agreement aimed at ensuring fairness and balance, which would provide businesses with a stable, transparent and predictable framework for investment and long-term cooperation, Túc said.

Economic ties are increasingly extending beyond goods trade to business partnerships, production linkages and deeper integration into each other's supply chains. Stronger connections would help increase local value and foster long-term partnerships between the two countries' business communities, he added. 

Expanding cooperation with the US aligns with Việt Nam's long-term development strategy, which focuses not only on boosting trade and investment but also on improving growth quality, increasing domestic value-added commerce and strengthening business ties in technology, manufacturing and innovation, Túc said. 

Deputy Prime Minister Phạm Gia Túc (centre) at the US-Việt Nam Business Summit 2026 in Hà Nội on Wednesday. — VNA/VNS Photos

Scope to deepen investment ties

Bilateral trade between Việt Nam and the US reached US$157.83 billion in the first nine months of 2026, up 24.5 per cent from a year earlier. The US ranks 11th among 153 countries and territories investing in Việt Nam. 

The growing presence and investment of major US companies in Việt Nam, such as HP, NVIDIA,  FedEx and Excelerate Energy, brings capital, technology and management expertise while creating opportunities for Vietnamese firms to join supply chains and strengthen their capabilities, said vice chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyễn Quang Vinh. 

However, US investment in Việt Nam still fails to reflect American businesses' potential fully, Vinh said, calling on both governments to maintain a stable, transparent, and predictable policy environment and strengthen public-private dialogue to address obstacles to trade and investment.

He also urged the two countries to promote balanced, mutually beneficial trade by improving access for Vietnamese goods to the US market while expanding opportunities for Việt Nam to import US products, technology, equipment, and services.

US companies, particularly those with advanced technological capabilities and substantial investment resources, should expand their investment in Việt Nam in both scale and quality, with a long-term focus on high value-added activities, he said.

Vinh called for stronger bilateral cooperation between the two countries' business communities in artificial intelligence, digital technology, semiconductors, energy, and the green transition, as well as more opportunities for Vietnamese companies to participate in supply chains, joint production, and research and development.

Vietnamese businesses, meanwhile, should improve their competitiveness, adopt international standards, upgrade technology and management capabilities and seek more trade and investment opportunities in the US, he said.

VCCI said it would continue working with the American Chamber of Commerce in Việt Nam (AmCham Vietnam) and the US Chamber of Commerce to identify cooperation opportunities, help businesses address challenges and promote balanced and sustainable economic relations.

During the event, US Ambassador to Việt Nam Jennifer Wicks said American companies are willing to support Việt Nam's development goals and are seeking opportunities to increase investment and expand their operations in the country.

Attracting investment depends partly on a favourable legal framework with clear, predictable regulations developed through consultation with affected stakeholders, she said, adding that policy stability and transparency are essential to long-term business decisions.

Mark Gillin, chairman of the National Board of Governors of AmCham Vietnam, said the next phase of bilateral relations would depend on implementation and tangible results.

US businesses want to invest, expand operations and build long-term partnerships in Việt Nam. Still, the country needs to improve regulatory predictability, develop reliable infrastructure, ensure access to energy and skilled workers, and translate policy commitments into concrete outcomes, Gillin said.

For his part, John Goyer, executive director of Southeast Asia at the US Chamber of Commerce, said Việt Nam is becoming an increasingly important partner for American businesses and a key participant in the next phase of economic cooperation in Southeast Asia. 

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