There is still a lot of untapped potential in the Vietnam-US business relations, heard participants at the Vietnam-US Business Summit yesterday in Hà Nội.

Speaking at the event, Deputy Prime Minister Trần Lưu Quang said the recent upgrade to a comprehensive strategic partnership between the two countries opened the door to economic and investment opportunities for businesses from both sides.

He said the partnership would play a major role in bilateral partnerships in the years to come, especially as an economic driving force.

He stressed the importance of new initiatives and ideas to foster closer links among Vietnamese and international economic partners, including US businesses in Vietnam, and that the Vietnamese Government would be committed to exchanging dialogues with all businesses to bolster ties and create a favourable environment for all.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Phạm Tấn Công said the summit, this year in its 6th iteration, had become one of the most anticipated gatherings for businesses from both sides and strong evidence of the willingness to improve connectivity and to build a conducive environment for attracting new investments and promoting innovation and sustainable growth in Vietnam.

The US remains the second-largest of Vietnam's trading partners, the largest export market and one of the largest investors. Meanwhile, the Southeast Asian country has made it into the US' top 10 trading partners and an increasingly important link in the global supply chain for US businesses. Since the normalisation of bilateral relationships, US companies and investors have significantly contributed to Vietnam's socioeconomic development and the growth of its economy.