Promoting VN-US cooperation to new heights
12:34 | 20/11/2020

VGP – As an important bridge for Viet Nam-US cooperation, the Ministry of Industry and Trade (MoIT) will give high priority to discussing solutions to satisfactorily handle the existing problems, towards new heights in trade and investment collaboration between the two countries.

MOIT Deputy Minister Do Thang Hai speaks at the event

Addressing the Viet Nam-US Trade Forum entitled “25 years of economic and trade relations and the journey ahead” on November 18, MoIT Deputy Minister Do Thang Hai said that over recent years, countries in the Asia-Pacific region, including Viet Nam, have become the largest trading partners of the US, with the combined trade value exceeding US$1.4 trillion annually.

Two-way trade between Viet Nam and the US soared from US$450 million in 1995 to US$75.7 billion by the end of 2019. In particular, the figure stood at US$65.1 billion in the first nine months of 2020, up 17.7% year-on-year, despite the impact of the COVID-19 pandemic.

American investors have invested in more than 20 economic sectors, ranking 11th among the top investors in Viet Nam. Most of the largest American corporations have been present in the Southeast Asian country, such as Exxon Mobil, Murphy Oil, Chevron, Boeing, Ford, Intel, Wal-Mart, Nike, Coca-Cola and P&G.

According to the Deputy Minister, this success is attributed to the joint efforts of the two countries’ governments and business communities to ensure the timely and effective settlement of priority trade issues. Viet Nam and the US have also effectively implemented cooperation activities through the dialogue mechanism of the Trade and Investment Framework Agreement (TIFA) to handle existing issues in the spirit of cooperation, construction, fairness, and meeting the legitimate interests of each side.

Sharing Thang’s points, US Consul General in Ho Chi Minh City Marie Christine Damour affirmed that Viet Nam and the US need to take advantage of the growth momentum attained in recent times to move towards a new height in the near future.

Viet Nam is in great demand for the development of energy, infrastructure, digital economy and manufacturing, which are all the areas that the US could accelerate cooperation with Vietnamese enterprises, thus deepening relations between the two countries, she said.

In the context of global trade witnessing many fluctuations and the pandemic yet to be put under control, the US Consul General hailed the forum as an important platform for the Vietnamese and US business communities to seek business cooperation opportunities through trade connection activities.

By Vien Nhu

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