Business

Vietnam, US share supplementary strengths for development

As members of the Asia-Pacific Economic Cooperation (APEC) Forum, Vietnam and the US have complementary strengths for mutual development, bringing benefits to the two economies.
Vietnam, US share supplementary strengths for development ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – As members of the Asia-Pacific Economic Cooperation (APEC) Forum,Vietnam and the US have complementary strengths for mutual development,bringing benefits to the two economies.

Since thenormalisation of ties on July 12, 1995, Vietnam and the US have becomecomprehensive partners, ranging from politics, economy, diplomacy, education,science-technology to national defence-security. Economic cooperation is a foundationand increasingly important driving force for bilateral ties.

Two-waytrade, which was a mere 450 million USD in 1995, surged to 21.8 billion USD in2001 when a bilateral trade agreement took effect on December 10.

Since 2005,the US has become Vietnam’s largest importer with two-way trade growing 20percent in recent years, surpassing 45 billion USD in 2015 and nearing 47.2billion USD in 2016, with Vietnam enjoying a trade surplus. The AmericanChamber of Commerce in Vietnam estimated the total value of bilateral trade at80 billion USD by 2020.

Ininvestment, the US is among the top 10 countries and territories investing inVietnam with total registered capital of more than 11 billion USD, not tomention its capital flows via third countries, mostly in hospitality andrestaurant services, processing and manufacturing industries, among others. Anumber of US businesses have been operating for a long time in Vietnam such asIntel, Microsoft, GE, Chevron and Exxon Mobil.

About officialdevelopment assistance, the US has provided more than 100 million USD toVietnam each year.

Accordingto experts, Vietnam-US economic ties are driven by Vietnamese political and economicstability, abundant workforce and natural resources, sound renovation andintegration policies and incentives for foreign investors.

Vietnam hasalso made considerable progress in information and law transparency, foreigninvestment facilitation and creating a pro-business environment.

Overall,Vietnam-US ties will see new positive prospects and further develop for thecommon interests of the two peoples, as well as for peace, stability anddevelopment.-VNA

source
#Asia-Pacific Economic Cooperation #two-way trade #official development assistance #Vietnam-US ties #American Chamber of Commerce in Vietnam United States Vietnam
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