The two nations are hailing an arrangement granting one-year, multiple-entry visas for short-term business and tourism travelers from both countries.
In another development, the U.S. is welcoming the Vietnamese government's approval of the Peace Corps to teach English in Vietnam.
The two nations also reaffirmed efforts to ratify and implement the Trans-Pacific Partnership, a 12-nation trade pact that has struggled to gain traction in Congress during an election year.
The two nations are also stressing efforts to address issues stemming from the Vietnam War with the U.S. investing nearly $90 million in dioxin remediation at the Da Nang International Airport, a project that will finish next year.
U.S. lifts Vietnam arms ban
President Barack Obama says the decision to lift an arm embargo on Vietnam is not based on relations with China, but on a desire to complete what has been a lengthy process of normalizing relations between the United States and Vietnam.
Obama says the U.S. will continue to analyze weapons sales case-by-case, but it won't have a ban based on an ideological division between the two countries.
Obama says the U.S. expects greater cooperation between each nation's militaries, often in response to humanitarian disasters. He also says there is a mutual concern with respect to maritime issues.