Vietnamese and U.S. economies increasingly complementary to each other: Deputy PM
17:11 | 10/05/2019

VGP – Deputy Prime Minister Trinh Dinh Dung has stated that the Vietnamese and United States economies are increasingly complementary to each other, while delivering his remarks at the 2019 US-Viet Nam Business Summit, themed “Celebrating 25 years of trade and investment”, in Ha Noi on May 10.

The 2019 U.S.-Viet Nam Business Summit

The event, the third of its kind, was jointly held by the Viet Nam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce (AmCham) and the U.S. Chamber of Commerce, focusing on discussing a number of major issues, such as enhancing the digital economy, addressing energy development needs, fueling the innovative economy, global trade dynamics, and competitiveness.

The conference drew the participation of officials from the Vietnamese Foreign Ministry, the Government Office, VCCI and AmCham; the U.S. Ambassador to Viet Nam; and around 200 Vietnamese and U.S. businesses, including renowned companies: Exxon Mobil, Amazon, Cocacola, Google, Facebook, Paypal, and Visa, and many new investors. 

Photo: VGP

In his speech, Deputy PM Dung highly appreciated and sincerely thanked the business communities of the two countries for their active contributions to the development of Viet Nam-U.S. relations in the past 25 years.

He expressed his delight at the rapid and significant developments of ties between the two nations over recent times. For many years, the U.S. has constantly been one of Viet Nam’s leading trading partners, with two-way trade revenues having surged by more than 130 times since 1994 (from US$450 million in 1994 to nearly US$60 billion in 2018). US exports to Viet Nam continue to rise sharply (up nearly 40% last year). During U.S. President Donald Trump's visit to Viet Nam for the second DPRK-USA Summit, the leaders of the two countries witnessed the signing of trade contracts worth more than US$ 21 billion.

The Deputy PM asked VCCI, AmCham and the U.S. Chamber of Commerce to create the most favorable conditions for Vietnamese and U.S. firms to foster business and investment ties.

He also urged the two sides’ businesses to continue making effective use of mechanisms of the Trade and Investment Framework Agreement (TIFA), focusing on implementing and promoting the early warning mechanism so that both can make timely preparations to deal with impacts of new policies and regulations.

By Vien Nhu

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