US Department of State values trade cooperation with Vietnam

People hold the national flags of Vietnam and the US (Source: Twitter of US Department of State)

Hanoi (VNA) – The US-Vietnam trade and investment supports thousands of jobs in the US and has positioned Vietnam as one of the fastest growing economies in Southeast Asia, the US Department of State has said on the occasion of the 25th founding anniversary of diplomatic ties.

In its Twitter account, the department noted that two-way trade between the US and Vietnam exceeded 77 billion USD in goods and services last year, "a remarkable reflection of our expanding ties over the past two decades.”

According to the Department of Commerce, US exports of goods and services to Vietnam supported an estimated 54,000 jobs in the country.

Vietnam is currently the 17th largest goods trading partner of the US.

As of the end of 2019, total investment registered capital of US firms in Vietnam had exceeded 11 billion USD, ranking 11th among the countries and territories investing in the Southeast Asian nation.

Expert at the Hawaii-based Asia-Pacific Center for Security Studies, Dr Alexander Vuving has described the Vietnam-US relationship as “special one”.

In an interview with the Vietnam News Agency, Vuving said it took two decades for the US-Vietnam relationship to fully normalise since the restoration of diplomatic relations between the two countries in 1995.

The greatest achievement in Vietnam-US relations since 1995 is the transformation of the relationship from one between former enemies to comprehensive partnership between the two sides, he added.

He noted that Vietnam is one of the key regional partners of the US both in the “rebalance” strategy of the Obama administration and the “free and open Indo-Pacific” strategy of President Donald Trump's administration.

According to the expert, the relationship between Vietnam and the US is rooted in a bipartisan consensus in the US and a consensus in Vietnam about the importance of diversification of relations with other countries, including the US.

More joint activities and collaboration will deepen mutual understanding and trust, Vuving said./.