Vietnam, US eye stronger trade ties

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Deputy Minister of Industry and Trade Do Thang Hai speaks at the forum. (Photo: VNA)

Vietnam and the US will step up the establishment of production chains and market connectivity to ensure balanced and sustainable development, a forum in HCM City on November 18 heard.

The “Vietnam-US Trade Forum: 25 Years of Economic and Trade Relations, and the Journey Ahead” was jointly held by the Ministry of Industry and Trade, the municipal People’s Committee, and the American Chamber of Commerce in Vietnam (AmCham Vietnam).

Deputy Minister of Industry and Trade Do Thang Hai said the US has become Vietnam’s largest export market and Vietnam is the US’s 12th-largest trade partner.

Figures from the General Department of Vietnam Customs show that two-way trade grew from 450 million USD in 1995 to nearly 75.7 billion USD last year.

In the first nine months of this year, the figure reached 65.1 billion USD, despite the impact of COVID-19, up 17.7 percent year-on-year, of which Vietnam’s exports to the US were worth 54.7 billion USD.

The US is HCM City’s second-largest export market and makes up 18 percent of its export revenue. The southern metropolis has shipped 6.1 billion USD worth of goods to the US so far this year, a rise of 1.1 percent against the same period last year.

Hai attributed the results to coordination between governments and businesses in the two countries when dealing with trade issues, and emphasised that the two economies are reciprocal.

Global trade uncertainties have prompted major companies, including those from the US, to consider investing in Vietnam to develop new supply chains.

Many investors, he said, share the view that Vietnam is an ideal and safe investment destination for global supply chains. 

Marie C. Damour, US Consul General in HCM City, suggested Vietnam and the US bring into full play the growth momentum from cooperation to advance economic ties.

She said Vietnam has significant demand for energy development, infrastructure, and the digital economy, which are all strengths of the US.

Minister Counsellor Bui Huy Son, head of the Vietnam Trade Office in Washington D.C., pledged that his office would help Vietnamese firms study the market, join trade promotion activities, and connect with local partners.