MoIT leader meets with USABC business delegation
On the afternoon of March 18, Minister of Industry and Trade Nguyen Hong Dien held a working session with a business delegation from the US-ASEAN Business Council (USABC).
The delegation was led by Ted Osius, President and CEO of USABC and former US Ambassador to Vietnam.
This activity was part of USABC’s annual activities aimed at engaging with Vietnamese government agencies to understand and update policies related to the business environment, as well as the economic, trade, and industrial development priorities of the Vietnamese Government in 2025. Additionally, it sought to propose measures to leverage the strengths and resources of the US business community.
USABC urged to support Vietnam in policy dialogue
Minister Nguyen Hong Dien emphasized that the working session took place at a significant time, as the two countries approach the second anniversary of upgrading their relationship to a Comprehensive Strategic Partnership (September 2023) and the 30th anniversary of establishing diplomatic relations (1995-2025).
Speaking with the USABC delegation, Minister Nguyen Hong Dien reaffirmed that Vietnam always considers the US a top strategic partner. The economic relationship between the two countries is complementary, leveraging each other’s competitive advantages. In the coming period, Vietnam will continue to implement consistent policies for rapid and sustainable development based on science, technology, innovation, and digital transformation. The country also aims to reform and improve the quality of its market economy institutions, enhance the business and investment environment, strengthen national competitiveness, and build a resilient economy based on technological mastery, proactive international integration, and market diversification.
Minister Nguyen Hong Dien also shared insights into the outcomes of the Vietnamese Government delegation’s meetings in the US, including the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council meeting with US Trade Representative (USTR) Jamieson Greer and discussions with leaders of US ministries, policymakers, and businesses.
The Minister highlighted the positive results of these engagements, noting that both sides discussed various measures to strengthen economic, trade, and investment relations in a balanced and sustainable manner, aligned with the Comprehensive Strategic Partnership between the two nations.
On this occasion, Minister Nguyen Hong Dien called on USABC to continue voicing its support for Vietnam in upcoming policy dialogues with the US. He also encouraged USABC to help disseminate information to the US business community about Vietnam’s economic landscape, fostering consensus and support for Vietnam in economic and trade matters. Additionally, he proposed that both sides enhance cooperation in the energy sector and support Vietnam in developing supply chains in key industries.
USABC committed to being reliable partner and resource
During the meeting, both sides engaged in a detailed and candid exchange in areas of mutual interest, including energy cooperation, industry, digital transformation, green transition, energy transition, and specific projects in energy, supply chains, and logistics.
Representatives of US businesses emphasized the importance and attractiveness of the Vietnamese market, stating their commitment to continuing investment in Vietnam. They also expressed their willingness to support Vietnam’s efforts in maintaining macroeconomic stability, developing sustainable supply chains, and pledged to be a reliable partner and resource in advancing shared economic goals and priorities.
Concluding the meeting, Minister Nguyen Hong Dien affirmed that Vietnam considers the US one of its key partners and hopes that economic and trade cooperation will develop in a stable manner, making substantive and commensurate contributions to the Comprehensive Strategic Partnership established recently between the two countries.
In 2024, Vietnam became the 8th largest trading partner of the US, with the total import-export value reaching nearly US$150 billion. Of this, the value of Vietnam’s exports to the US amounted to US$136.6 billion, while import value from the US totaled US$13.1 billion. The US has become Vietnam’s second largest trading partner and largest export market, with the bilateral trade value exceeding US$100 billion. Over the years, the US has consistently been one of Vietnam’s major investors, with more than 1,150 ongoing projects and the total registered investment capital exceeding US$10.4 billion, ranking 11th out of 139 economies investing in Vietnam. As part of his official visit to the US from March 12-15, 2025, Minister Nguyen Hong Dien attended the signing and announcement of cooperation agreements, procurement contracts for machinery, equipment, raw materials, and services between Vietnamese and US businesses, valued at US$4.15 billion. The value of the contracts and agreements signed, set to be implemented from 2025, amounts to US$50.15 billion. Businesses from both sides are continuing negotiations and are expected to sign agreements worth approximately US$36 billion in the near future. Thus, the total value of economic and trade deals signed between Vietnamese and US businesses, projected for implementation from 2025, is approximately US$90.3 billion, creating hundreds of thousands of jobs for workers in both countries. The signing of these agreements and memorandums of understanding is a concrete step toward strengthening economic, trade, and investment cooperation between the two nations in a more substantive, in-depth, and effective manner. It also contributes to achieving a balanced, sustainable, and mutually-beneficial trade relationship.Minister of Industry and Trade Nguyen Hong Dien |
