The “Vietnam – United States Innovation Forum: Advancing Sustainable Development,” organized by the University of Economics and Business (UEB) in collaboration with Vietnam National University (VNU), the Vietnam Union of Friendship Organizations, and Troy University, is set to take place in Hanoi on November 15, with Vietnam Economic Times / VnEconomy serving as its media sponsor.
This forum is a highlight among a series of commemorative activities marking the 50th anniversary of the University of Economics and Business – VNU’s establishment (1974-2024).
Vietnam and the United States have come a long way since establishing diplomatic relations in 1995. In September 2023, during President Joe Biden’s visit to Vietnam, the relationship was elevated to a Comprehensive Strategic Partnership for Peace, Cooperation, and Sustainable Development. This upgrade opened new avenues for expanded collaboration across sectors, building on the strong foundation of the Vietnam-US Comprehensive Partnership formed in 2015.
The United States has consistently been Vietnam’s largest export market, and in recent years, Vietnam has become the former’s 8th largest trading partner and the most significant within ASEAN. Bilateral trade has thrived, averaging a remarkable 16% annual growth rate. As of the first ten months of 2024, bilateral trade value stood at nearly $111 billion, mirroring the figures achieved in 2023. Vietnam’s exports to the United States reached $98.5 billion, reflecting a 24.2% increase, while imports from the United States totaled $12.3 billion, an 8.2% uptick.
A notable milestone was achieved in 2024, with the United States becoming the largest market for Vietnam’s agricultural, forestry, and fisheries products for the first time. During the first eight months of the year, export turnover in this sector totaled $8.58 billion, accounting for 21.4% of the total export turnover. The United States is now the 11th largest foreign investor in Vietnam, with over 1,340 projects and more than $11.8 billion in registered capital.
Leading American corporations, including Boeing, Nike, ExxonMobil, Amazon, Marriott, Coca-Cola, Google, Facebook, and Netflix, have not only strengthened their presence in Vietnam but also committed to expanding their operations. Similarly, prominent Vietnamese companies such as FPT and VinFast are increasing their investments in the United States, fostering intertwined economic benefits for both nations.
The “Vietnam – United States Innovation Forum: Advancing Sustainable Development” aims to have a global impact by directly connecting scholars, researchers, policymakers, and businesses from both countries. It seeks to intensify trade, services, and investment flows between Vietnam and the United States. The forum will delve into various fields of cooperation, including the chip and semiconductor industry, high-quality workforce training, scientific and technological advancements, energy efficiency, and environmental protection, to name a few.
The forum will encompass a plenary session featuring presentations by esteemed Vietnamese and American speakers, followed by two insightful roundtable discussions.
– Roundtable 1: “Vietnam – US Investment and Trade Cooperation: Unlocking Mutual Growth”
This session will delve into the bilateral trade growth, exploring opportunities and challenges within supply chains, foreign direct investment, renewable energy, and sustainable development. It aims to identify tangible measures to enhance business cooperation, facilitate technology transfer, and discuss ESG (environmental, social, and governance) strategies.
– Roundtable 2: “Innovation and Education: Building a Foundation for Sustainable Development”
The second roundtable will focus on promoting innovation in education, developing a high-quality workforce, fostering entrepreneurship, and advancing STEM education and digital skills. It will also discuss the crucial role of universities in applied research and the integration of digital and AI applications in education to enhance sustainability and environmental awareness.
The forum will bring together a diverse range of attendees, including representatives from government agencies, prominent organizations, and businesses from both Vietnam and the United States. Additionally, delegates from ministries, organizations, associations, research institutes, universities, and both domestic and international press agencies are expected to participate.
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