Trade between Vietnam and the U.S. jumped 250 times to over US$111 billion in 2021 from $450 million in 1995, Vietnamese Prime Minister Pham Minh Chinh highlighted during the U.S.-Vietnam Business Summit 2022 in Hanoi on Tuesday.

The event was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), America Chamber of Commerce in Vietnam (AmCham Vietnam), and U.S. Chamber of Commerce, the Vietnam Government Portal reported.

Attendees discussed measures to promote bilateral economic ties and sketched out new orientations for post-pandemic economic recovery.

In his speech, PM Chinh lauded U.S. businesses and officials for their plans to expand investment in Vietnam, which showed their great confidence in the Southeast Asian country.

He highlighted the positive outcomes in the Vietnam-U.S. relations after normalizing their relationship 27 years ago, with economic-trade-investment cooperation being a key pillar.

The two-way trade increased 250 times to upwards of $111 billion last year from $450 million in 1995.

The U.S. is the largest importer of Vietnamese goods, while Hanoi is the ninth-biggest trade partner of Washington, the premier continued.

The U.S. is also one of the major investors in Vietnam, with nearly 1,150 projects worth $10.3 billion.

Vietnamese Prime Minister Pham Minh Chinh (C) and delegates at the U.S.-Vietnam Business Summit 2022 in Hanoi, March 8, 2022. Photo: Vietnam Government Portal

PM Chinh called on businesses of both nations to strengthen their partnerships to promote the practical and effective relationship between the two countries.

Vietnam wishes to further deepen its comprehensive partnership with the U.S. and to elevate it to a higher level on the basis of mutual respect and benefit, contributing to peace, prosperity, stability, cooperation, and development in the region and in the world, he continued.

The country aims to build an effective digital transformation system, develop an energy transition ecosystem that proactively adapts to global climate change, become a logistics center of the world, and boost the capacity of its healthcare system.

The head of government asked the U.S. to create favorable conditions for Vietnamese agricultural products to access its market and provide more support in terms of medicines, vaccines, and medical capacity improvement.

He was pleased to learn that nearly 80 percent of AmCham Vietnam member businesses are optimistic about Vietnam's medium and long-term market prospects.

The leader took the occasion to thank the U.S. for having shared 29 million doses of COVID-19 vaccines with Vietnam.

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