Vietnam, US eye balanced, sustainable trade

The Vietnam - US trade forum in HCM City on November 17 (Photo: VNA)

HCM City (VNA) – 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.

Highlighting bilateral trade growth, Deputy Minister of Industry and Trade Do Thang Hai said the trade shot up 248-fold to nearly 113 billion USD in 2021, from 450 million USD in 1995 – when the countries normalised diplomatic ties, despite the prolonged and complex COVID-19 pandemic and disrupted supply chains. The US has become the second largest trading partner of Vietnam and the biggest importer of goods from the Southeast Asian nation.

Meanwhile, the North American country has continually been one of the top foreign investors in Vietnam for many years. With nearly 1,150 operational projects worth over 10.3 billion USD, it now 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 comprehensive cooperation frameworks, facilitate trade and investment activities, increase sharing information about business opportunities, and assist projects and operations of the two countries’ enterprises, he added.

Deputy Minister of Industry and Trade Do Thang Hai (Photo: VNA)

Echoing the view, Pamela Phan, Deputy Assistant Secretary for Asia at the US Department of Trade, said the two countries’ relations are enjoying vigorous growth in all spheres, with economy - trade playing the central role. Both public and private sectors of the US are ready to strengthen ties with Vietnam in new initiatives and potential areas that match the current sustainable development trend like digital economy, clean energy, climate change fight, health care, education, and financial services.

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

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

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

Aside from traditional chain connectivity in electronics, cotton, wood, and agricultural products, the countries also hold numerous chances for expanding partnerships to new areas like clean energy, infrastructure, health care, and especially digital economy, she added./.

VNA