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Vietnam, US eye balanced, sustainable trade

Vietnam and the US have recorded impressive growth in their relations over the past years but they are also facing many challenges, so their state agencies and enterprises should actively exchange views and cooperate to help bilateral partnerships achieve balance and sustainability, heard a trade forum in Ho Chi Minh City on November 17.
Vietnam, US eye balanced, sustainable trade ảnh 1The Vietnam - US trade forum in HCM City on November 17 (Photo: VNA)
HCM City (VNA) – Vietnamand the US have recorded impressive growth in their relations over the pastyears but they are also facing many challenges, so their state agencies andenterprises should actively exchange views and cooperate to help bilateralpartnerships achieve balance and sustainability, heard a trade forum in Ho ChiMinh City on November 17.

Highlighting bilateral trade growth, DeputyMinister of Industry and Trade Do Thang Hai said the trade shot up 248-fold tonearly 113 billion USD in 2021, from 450 million USD in 1995 – when thecountries normalised diplomatic ties, despite the prolonged and complex COVID-19pandemic and disrupted supply chains. The US has become the second largesttrading partner of Vietnam and the biggest importer of goods from the SoutheastAsian nation.

Meanwhile, the North American countryhas continually been one of the top foreign investors in Vietnam for manyyears. With nearly 1,150 operational projects worth over 10.3 billion USD, itnow ranks 11th among the 141 economies investing here.

Over the past years, the enhancement of ties with such US states as Oregon,West Virginia, Maryland, Virginia, and California has helped set up comprehensivecooperation frameworks, facilitate trade and investment activities, increasesharing information about business opportunities, and assist projects andoperations of the two countries’ enterprises, he added.

Vietnam, US eye balanced, sustainable trade ảnh 2Deputy Minister of Industry and Trade Do Thang Hai (Photo: VNA)
Echoing the view, Pamela Phan, Deputy Assistant Secretary for Asia at the USDepartment of Trade, said the two countries’ relations are enjoying vigorousgrowth in all spheres, with economy - trade playing the central role. Both publicand private sectors of the US are ready to strengthen ties with Vietnam in newinitiatives and potential areas that match the current sustainable developmenttrend like digital economy, clean energy, climate change fight, health care,education, and financial services.

However, Haialso noted considerable challenges to Vietnam, pointing out an increase in theUS’s trade remedy investigations into Vietnamese goods and the US yet torecognise Vietnam as a market economy, which has caused great losses to thecountry in trade remedy probes.

The Ministry of Industry and Trade hopes that aside from traditionalcooperation areas, the two countries will actively discuss ways for adapting tothe shift of global supply chains, new policy orientations of the US, potentialfields, and opportunities for promoting bilateral economic and trade links,thereby helping create momentum for the two business circles to expand exportand import markets, and boost balanced and sustainable trade and investment, hewent on.

According toUS Consul General in HCM City Susan Burns, Vietnam has become a key link insupply chains and important to the US economy.

Aside from traditional chain connectivityin electronics, cotton, wood, and agricultural products, the countries alsohold numerous chances for expanding partnerships to new areas like cleanenergy, infrastructure, health care, and especially digital economy, sheadded./.
VNA
#Vietnam - US trade #exports to the US #trade remedy investigations #Ministry of Industry and Trade #supply chains #US Consul General in HCM City #Susan Burns #updated Vietnam news #Vietnamplus #Vietnam News Agency United States Vietnam
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