VN-U.S. Trade Expected To Reach US$100 bln In 2021
06:03 | 03/04/2021
VGP – Viet Nam-U.S. trade value set a new record of US$90.8 billion in 2020 and the figure is expected to reach US$100 billion this year.

Viet Nam's imports from the U.S. grows 175% over the last five years

The information was released at the phone talks between Chairman of the Party Central Committee’s Economic Commission, Minister of Industry and Trade Tran Tuan Anh and U.S. Trade Representative Katherine Tai on April 2.

During the phone talks, both sides discussed on economic and trade cooperation between the two countries.

Anh, who is also Chairman of the Viet Nam-US Trade and Investment Framework Agreement (TIFA) Council, extended congratulations to Katherine Tai who has been confirmed by the Senate as President Joe Biden’s U.S. Trade Representative.

The two officials agreed that after 25 years of normalization of diplomatic ties, thanks to the efforts of the two nations’ leaders and the close and effective cooperation between the Ministry of Industry and Trade and the Office of U.S. Trade Representative, the bilateral economic and trade ties has gained substaintial achievements, as evidenced by the record trade volume of US$90.8 billion in 2020 and the figure is expected to reach US$100 billion this year.

Over the past five years, Viet Nam’s exports to and imports from the U.S. witnessed remarkable growth rates of 230% and 175%, respectively, making the Southeast Asian country the 10th largest trade partner of the U.S.

Both sides agreed that in the upcoming time Vietnamese and U.S. agencies will continue joining hands to handle issues of common concerns, thereby maintaining sustainable trade, heading to harmonious and stable trade balance for mutual interests.

By Thuy Dung

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