At the signing ceremony (Photo: VietnamPlus)
Hanoi (VNA) - Representatives from the Vietnamese Ministry of Industry and Trade (MoIT) and the US state of West Virginia signed a memorandum of understanding (MoU) on February 25 to accelerate cooperation in economy, trade, and energy.
With the MoU, the two sides aim to form a comprehensive cooperation framework to facilitate bilateral trade and investment ties in industry and energy, while increasing the exchange of information on business opportunities and supporting cooperation projects and business communities from the two sides.
Besides, the MoU laid out specific targets as well as define responsibilities and rights of each side during the implementation. A joint working group would be established under the MoU to bolster their cooperation activities.
Addressing the signing ceremony, Minister of Industry and Trade Tran Tuan Anh highlighted the special Vietnam-US partnership while lauding the role and efforts by Congresswoman Carol Miller and Governor Jim Justice of West Virginia in promoting the US’s economic and trade ties with Vietnam in the US Congress and Government.
This is a suitable time for the two sides to boost the partnership in an intensive manner, to speed up economic recovery and cope with the COVID-19 pandemic, Anh said, stressing that the US is an important and long-term partner of Vietnam in the field of energy. He described the MoU as an important foundation for the two sides to further strengthen cooperation in the long term, especially in term of energy.
According to Vietnamese Ambassador to the US Ha Kim Ngoc, Vietnam-US relations have seen strong progress in all fields since the comprehensive partnership was set up in 2013.
Last year, two-way trade enjoyed strong growth to more than 90 billion USD although the COVID-19 pandemic wreaked havoc on the global economy. The US continued to become the largest export market and the second trade partner of Vietnam. Meanwhile, the Southeast Asian nation was the US’s 10th biggest trade partner.
Particularly, Vietnam has attached much importance to the collaboration between ministries, localities and sectors, seeing it an important pillar to promote the comprehensive cooperation between the two nations. The move contributes to realizing the targets and commitment of the high-level leaders, including the Vietnam – US two-way trade action plan in 2019.
“I do believe that the MoU will help create more cooperation opportunities between the Ministry of Industry and Trade and Vietnamese partners and West Virginia State, particularly across the fields of economy, trade and energy. There is a huge potential for the two sides to promote investment and technology transfer in exports of thermoelectricity, metallurgy and liquefied natural gas. Besides, cooperation in investment and education defined in the MoU will also help the two side bring into play their advantages”, the Ambassador highlighted.
Representatives from the Ministry of Industry and Trade and West Virginia at the online MoU signing ceremony (Photo: VietnamPlus)
For her part, Miller expressed her hope of further boosting bilateral cooperation in industry and trade, especially energy.
Vietnam and the US have seen continuous growth in bilateral trade and investment relations over the years. Two-way trade exceeded 90 billion USD for the first time last year and the figure is expected to reach 100 billion USD this year.
The two nations have designed an action plan featuring a range of specific solutions, towards a harmonious and sustainable trade relationship./.
| Vietnam and the US have seen continuous growth in bilateral trade and investment relations over the years. Two-way trade exceeded 90 billion USD for the first time last year and the figure is expected to reach 100 billion USD this year. The two nations have designed an action plan featuring a range of specific solutions, towards a harmonious and sustainable trade relationship. |
