Business

Vietnam, US eye stronger trade ties

Vietnam and the US will step up the establishment of production chains and market connectivity to ensure balanced and sustainable development, a forum in HCM City on November 18 heard.
Vietnam, US eye stronger trade ties ảnh 1Deputy Minister of Industry and Trade Do Thang Hai speaks at the forum. (Photo: VNA)

HCM City (VNA) - Vietnam and the US willstep up the establishment of production chains and market connectivity toensure balanced and sustainable development, a forum in HCM City on November 18heard.

The “Vietnam-US Trade Forum: 25 Years of Economic andTrade Relations, and the Journey Ahead” was jointly held by the Ministry ofIndustry and Trade, the municipal People’s Committee, and the American Chamberof Commerce in Vietnam (AmCham Vietnam).

Deputy Minister of Industry and Trade Do Thang Haisaid the US has become Vietnam’s largest export market and Vietnam is the US’s12th-largest trade partner.

Figures from the General Department of Vietnam Customsshow that two-way trade grew from 450 million USD in 1995 to nearly 75.7billion USD last year.

In the first nine months of this year, the figurereached 65.1 billion USD, despite the impact of COVID-19, up 17.7 percentyear-on-year, of which Vietnam’s exports to the US were worth 54.7 billion USD.

The US is HCM City’s second-largest export market and makesup 18 percent of its export revenue. The southern metropolis has shipped 6.1billion USD worth of goods to the US so far this year, a rise of 1.1 percent againstthe same period last year.

Hai attributed the results to coordination betweengovernments and businesses in the two countries when dealing with trade issues,and emphasised that the two economies are reciprocal.

Global trade uncertainties have prompted majorcompanies, including those from the US, to consider investing in Vietnam todevelop new supply chains.

Many investors, he said, share the view that Vietnam isan ideal and safe investment destination for global supply chains. 

Marie C. Damour, US Consul General in HCM City, suggestedVietnam and the US bring into full play the growth momentum from cooperation toadvance economic ties.

She said Vietnam has significant demand for energydevelopment, infrastructure, and the digital economy, which are all strengthsof the US.

Minister Counsellor Bui Huy Son, head of the VietnamTrade Office in Washington D.C., pledged that his office would help Vietnamesefirms study the market, join trade promotion activities, and connect with localpartners./.
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