Deputy Minister of Trade and Industry Do Thang Hai speaks at a conference to connect Vietnamese firms with trade partners in American countries in Hanoi. (Photo baodauthau.vn) Hanoi (VNS/VNA) - The Americas remained some of Vietnam’s largesttrade partners despite the adverse effect on commerce caused by the COVID-19pandemic, heard participants at a conference organised by the Ministry ofIndustry and Trade (MoIT), aimed at connecting Vietnamese firms with tradepartners in American countries in Hanoi on September 25.
According to the ministry, two-way trade between Vietnam and American countriesduring the first eight months of the year increased 11.8 percent from the sameperiod last year to 69.3 billion USD, with the Southeast Asian country’sexports increasing 15.9 percent.
Trade between Vietnam and the Americas has grown 350 percent in the lastdecade, from a modest 28 billion USD in 2011 to 96.8 billion USD in 2019. Lastyear, Vietnam also spent 23.2 billion USD on the import of goods and servicesfrom the continent.
A number of free trade agreements that came into effect in recent times havehelped to fuel rapid trade growth such as the bilateral trade agreementsbetween Vietnam and the US, Chile and Cuba, and the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) which includesCanada, Peru and Mexico.
Vietnam had seen some of the fastest-growing trade ties with the continent inrecent years, said Deputy Minister of Industry and Trade Do Thang Hai.
By the end of August 2020, 28 American countries held stakes in 1.530 projectsacross Vietnam with a total investment value of 22.8 billion USD. Vietnam’ssuccessful campaign to contain the COVID-19 pandemic has made it an attractivedestination for American investors, especially against the backdrop ofincreased trade tensions between the US and China.
The conference’s objective was to provide domestic firms with the mostup-to-date information regarding changes in economic policies and commerce inAmerican markets. The MoIT urged Vietnamese firms to conduct additional studieson said markets and their demand for Vietnamese products to identify tradeopportunities as well as potential issues and challenges./.
VNA
