Viet Nam and the US have witnessed remarkable strides and historical milestones in bilateral relations over the past 20 years, Deputy Prime Minister Vuong Dinh Hue said on Saturday.

Addressing the AmCham Gala 2017 event organised by the US Chamber of Commerce in Ha Noi, he said, the relationship has particularly flourished in economics as well as education and training.

The elevation of bilateral ties to that of a comprehensive partnership in 2013 has created a firm foundation for the two countries to develop their all-around rapport in the region and beyond, he said.

The two sides have reaped positive outcomes in economic, trade and investment ties, with the bilateral trade enjoying an annual growth of 20 per cent, making Viet Nam one of the biggest trade partners of the US in Southeast Asia, he added.

The US is the seventh largest investor in Viet Nam with a total investment of over US$11 billion.

More than 28,000 Vietnamese students are studying in US universities, the Deputy PM noted, adding that many US students consider Viet Nam a must-see destination to enrich their life experiences.

He also hailed the crucial role of AmCham and the US business community in fostering Viet Nam-US relations over the past two decades.

The operation of US firms in Viet Nam has helped the country integrate more intensively into the global economy and secure a foothold in the global supply chain, he added.

He hoped the US enterprises will continue joining hands with Viet Nam to boost the win-win cooperation in the coming time.

The strong reforms of the Vietnamese Party and State will create favourable business conditions for foreign companies, including those from the US, the Deputy PM said.

He noted that Viet Nam has recorded positive growth in 2016 with the establishment of over 110,000 businesses.

The country is hosting the Asia-Pacific Economic Cooperation (APEC) forum this year, he said, adding that the active support and participation of US leaders in APEC Year 2017 is not only important for Viet Nam, but also for the region as a whole, contributing to peace, stability and mutual development.

Vietnamese leaders have invited US President Donald Trump to attend the APEC Economic Leader’s Meeting and pay an official visit to Viet Nam, Hue said.

Speaking at the event, US Ambassador to Viet Nam, Ted Osius, acknowledged recent reforms undertaken by the Vietnamese Government.

While expressing his regret that the Trans-Pacific Partnership (TPP) agreement was not supported by President Donald Trump, he affirmed there was no trade protectionism in the US. — VNS