Vietnam, US continue working towards harmonious, sustainable trade ties

Prime Minister Pham Minh Chinh’s working visit to the US and the United Nations from May 11 to 17 will be an occasion for the two countries to discuss ways for obtaining harmonious and sustainable trade relations.
Vietnam, US continue working towards harmonious, sustainable trade ties ảnh 1A fishery processing factory in Vietnam. The US is a highly potential market for Vietnamese goods. (Photo: VNA)
Hanoi (VNA) – PrimeMinister Pham Minh Chinh’s working visit to the US and the United Nations fromMay 11 to 17 will be an occasion for the two countries to discuss ways for obtainingharmonious and sustainable trade relations.

Bui Huy Son, MinisterCounsellor and head of Vietnam’s Trade Office in the US, said bilateral tradesurpassed 100 billion USD for the first time in 2021, which was a highlyimportant achievement amid the COVID-19 pandemic and disrupted global supplychains.

This result is also partlyattributable to the two sides’ effective exchange of policy information,especially consultations to avoid the US’ imposition of high duties onVietnamese exports.

In particular, he noted, theeconomies of Vietnam and the US are complementary to each other. Vietnam mainlyships electronic components and devices, apparel, footwear, and agro-fisheryproducts to the US, which in turn sells production materials to the SoutheastAsian nation such as cotton and timber.

Bilateral trade reached 29.4billion USD in the first quarter of 2022, including 25.96 billion USD inexports to the US and nearly 3.4 billion USD in imports from this country, respectivelyrising 16.7 percent and falling 7.7 percent year on year, according to the European- American Market Department under the Ministry of Industry and Trade.

Trade experts shared the viewthat aside from the economic complementarity, the tensions in global trade since2018 has triggered a shift of supply chains to Vietnam, helping spur thecountry’s shipments to the US.

Vietnam, US continue working towards harmonious, sustainable trade ties ảnh 2Apparel is among Vietnam's main exports to the US. (Photo: VNA)
Meanwhile, the US is alsorecording good signs of economic recovery and effectively conducting alarge-scale vaccination campaign, helping boost economic rebound and consumer demandwhich has subsequently created more opportunities for Vietnamese goods toenter this market.

However, despite high demandand strong purchasing power, the US remains one of the most demanding marketsin the world, experts noted, pointing out that one of the first challenges toexporters is its strict food safety requirements.

Son recommended businessesthoroughly study the US’ food safety standards to meet requirements, addingthat they also have to overcome other challenges posed by consumers tighteningtheir purse strings due to high inflation, competition with other countries,and trade remedies, among others.

Enterprises should graspopportunities brought about by the US’ strong economic recovery, according tothe official.

Deputy Minister of Industryand Trade Do Thang Hai said the US is one of the leading partners of Vietnam inall fields. In particular, the two countries have reaped enormous achievementsin economic and trade ties, helping develop their comprehensive partnership ina substantive manner.

Besides, the economies’complementarity is also important to Vietnam’s amendment of its policies so asto achieve harmonious and sustainable economic and trade links with the US,thus maintaining national interests in bilateral cooperation and turning theNorth American country into a leading trade partner of Vietnam, he added./.
VNA

See more

A high-tech corn, sorghum and grass farm in Nghe An province (Photo: VNA)

Realising circular economy to achieve sustainable development goals

Developing a circular economy has been recognised as one of the priority directions to achieve overarching goals such as waste management, efficient resources utilisation, environmental protection, disaster prevention, and climate change adaptation in the country's next development phase.

National Highway 61C (Photo; baohaugiang.com.vn)

Hau Giang, JICA to upgrade national highway

National Highway 61C linking Can Tho city with Hau Giang province will feature four lanes for motor vehicles and two for non-motorized traffic, with an estimated cost of over 5.17 trillion VND (206.8 million USD).

At the ceremony (Photo: nhandan.vn)

Ha Nam grants investment certificates for two key projects

Ha Nam province on February 13 licenced the high-precision circuit board manufacturing plant of Red Board Technology (Vietnam) Co., Ltd., and the kitchenware and related metal products manufacturing plant of Casla Kitchenware JSC.

A total of 18,893 cars were sold in Vietnam in January, a drop of 40% compared to the previous month (Photo: VietnamPlus)

Car sales in Vietnam down 40% in January

Experts attributed a sharp decline in car sales to the Lunar New Year (Tet) holidays, impacting consumers' purchasing power. Consumers tend to wait for new models and releases at this time of year, contributing to lower sales during this period.

Illustrative image (Photo: VNA)

Retail fuel prices in latest adjustment

According to the new pricing, E5 RON92 bio-fuel is now priced at 20,598 VND per litre, up 156 VND, while RON95-III costs 21,074 VND per litre, an increase of 146 VND.

NA Chairman Tran Thanh Man speaks at the session on February 13. (Photo: VNA)

NA weighs new policies to boost science, technology, innovation

The resolution, presented at the February 13 session of the NA Standing Committee, seeks to establish a legal framework that would effectively boost national scientific-technological advancement and digital transformation, making them driving forces for socio-economic development to deliver on the dual targets by 2030 and 2045 as outlined at the 13th National Party Congress.

CPI in January 2025 rose by 0.98% compared to December 2024 (Photo: thoibaotaichinhvietnam.com)

Fiscal, monetary policies support demand stimulation, price stabilisation

These efforts, in conjunction with the implementation of monetary policies and other macroeconomic policies, aim to solve difficulties for businesses and the public, stabilise the macroeconomy, control inflation, ensure the balance of the economy, promote economic growth, and secure social welfare and people's livelihoods.

People line up to register for land auctions in Hoai Duc district, Hanoi. (Photo: VNA)

Affordable housing for young buyers a win-win: HoREA

Most young people are ambitious and have a long career path ahead of them to generate income and repay loans. Typically, within 10-15 years, their earnings will double or triple, making such loans low-risk for banks, said HoREA