Vietnamese Ambassador to the US Pham Quang Vinh attended and delivered aspeech at the 48 th session of the Emergency Committee for AmericanTrade (ECAT).
In his speech, the ambassador reviewedthe milestones and important achievements in the two nations’ relationssince the normalisation of bilateral diplomatic ties 20 years ago.
He underlined that from two enemies at war, Vietnam and the US havenow become comprehensive partners, with trade and investment ties beingone of the main driving forces for bilateral relations. eHe underline
Within just two decades (1995-2015), two-way trade betweenVietnam and the US surged 70-fold to hit 36 billion USD. Currently, theUS is the biggest export market of Vietnam and the seventh biggestforeign investor in the Southeast Asian country.
Thediplomat highlighted the historic visit of Party General SecretaryNguyen Phu Trong to the US and the talks between him and PresidentBarack Obama at the White House.
He stressed that theoutcomes of the visit demonstrated the vitality and growing trend ofbilateral trade and investment ties.
Regarding theTrans-Pacific Partnership (TPP) which was of special concern of the ECATmeeting, Ambassador Pham Quang Vinh underlined the strategicsignificance of the pact to TPP member states and the entire region,which goes beyond the economic and trade scope as it will helpstrengthen the US relations with the Asia-Pacific, including Vietnam onthe basis of a mutually-beneficiary partnership for the sake of peace,security and prosperity in the region.
The ambassadoraffirmed that Vietnam has, and will continue with efforts to wrap upTPP negotiations as early as possible, while committing itself toseriously implement the agreement after its approval.
In response to a comment that Vietnam would be the country thatbenefits the most from the TPP, Ambassador Vinh emphasised that the pactbrings benefits and opportunities to all its members and to the entirePacific Basin region as well.
As a country with thelowest per capita income among 12 stake holders, joining the TPP wouldgive Vietnam the chance to expand markets for its exports, draw overseascapital, create additional jobs and boost local incomes, shared thediplomat.
At the same time, he pointed out that thepact would also bring not a few challenges, first of all Vietnameseenterprises would be at risk of losing the domestic market in competingwith foreign businesses.
Thus, mechanisms to ensure commitments and mutual benefits from the treaty are necessary, he said.
Fielding a question on difficulties faced by Vietnam in amendingdomestic laws to align with the TTP, the ambassador made it clear thatthe country has implemented its legal reform for almost 30 years as partof its international integration process. The country has joined freetrade mechanisms with around 50 partners, including 15 members of G20.The nation is also working hard to complete its legal environment inaccordance with the 2013 Constitution.
The ambassadorsaid as such, joining the TPP and revising domestic laws in accordancewith the pact is a part of the country’s reform and integration roadmap,adding that the specific adjustments of institutions and laws should bemade in a correct manner suitable with Vietnam’s situation.
He went on to laud the ECAT’s role in and support for free and fairinternational trade, especially the negotiations for the TPP andVietnam-US cooperation.
The ambassador urgedgreater involvement of the ECAT and its business members in promotingbilateral commercial and investment ties, thus contributing to Vietnam’sgrowth and the development of the comprehensive partnership betweenVietnam and the US.
Founded in 1967, ECAT is anorganization of the heads of leading US-based international businessenterprises representing all major sectors of the American economy.ECAT's purpose is to promote economic growth through the expansion ofinternational trade and investment.-VNA
In his speech, the ambassador reviewedthe milestones and important achievements in the two nations’ relationssince the normalisation of bilateral diplomatic ties 20 years ago.
He underlined that from two enemies at war, Vietnam and the US havenow become comprehensive partners, with trade and investment ties beingone of the main driving forces for bilateral relations. eHe underline
Within just two decades (1995-2015), two-way trade betweenVietnam and the US surged 70-fold to hit 36 billion USD. Currently, theUS is the biggest export market of Vietnam and the seventh biggestforeign investor in the Southeast Asian country.
Thediplomat highlighted the historic visit of Party General SecretaryNguyen Phu Trong to the US and the talks between him and PresidentBarack Obama at the White House.
He stressed that theoutcomes of the visit demonstrated the vitality and growing trend ofbilateral trade and investment ties.
Regarding theTrans-Pacific Partnership (TPP) which was of special concern of the ECATmeeting, Ambassador Pham Quang Vinh underlined the strategicsignificance of the pact to TPP member states and the entire region,which goes beyond the economic and trade scope as it will helpstrengthen the US relations with the Asia-Pacific, including Vietnam onthe basis of a mutually-beneficiary partnership for the sake of peace,security and prosperity in the region.
The ambassadoraffirmed that Vietnam has, and will continue with efforts to wrap upTPP negotiations as early as possible, while committing itself toseriously implement the agreement after its approval.
In response to a comment that Vietnam would be the country thatbenefits the most from the TPP, Ambassador Vinh emphasised that the pactbrings benefits and opportunities to all its members and to the entirePacific Basin region as well.
As a country with thelowest per capita income among 12 stake holders, joining the TPP wouldgive Vietnam the chance to expand markets for its exports, draw overseascapital, create additional jobs and boost local incomes, shared thediplomat.
At the same time, he pointed out that thepact would also bring not a few challenges, first of all Vietnameseenterprises would be at risk of losing the domestic market in competingwith foreign businesses.
Thus, mechanisms to ensure commitments and mutual benefits from the treaty are necessary, he said.
Fielding a question on difficulties faced by Vietnam in amendingdomestic laws to align with the TTP, the ambassador made it clear thatthe country has implemented its legal reform for almost 30 years as partof its international integration process. The country has joined freetrade mechanisms with around 50 partners, including 15 members of G20.The nation is also working hard to complete its legal environment inaccordance with the 2013 Constitution.
The ambassadorsaid as such, joining the TPP and revising domestic laws in accordancewith the pact is a part of the country’s reform and integration roadmap,adding that the specific adjustments of institutions and laws should bemade in a correct manner suitable with Vietnam’s situation.
He went on to laud the ECAT’s role in and support for free and fairinternational trade, especially the negotiations for the TPP andVietnam-US cooperation.
The ambassador urgedgreater involvement of the ECAT and its business members in promotingbilateral commercial and investment ties, thus contributing to Vietnam’sgrowth and the development of the comprehensive partnership betweenVietnam and the US.
Founded in 1967, ECAT is anorganization of the heads of leading US-based international businessenterprises representing all major sectors of the American economy.ECAT's purpose is to promote economic growth through the expansion ofinternational trade and investment.-VNA
