Trade ties contribute to deepening Vietnam-US comprehensive partnership: forum

The forum was jointly held by the Vietnamese Ministry of Industry and Trade, the American Chamber of Commerce in Hanoi, and the US-ASEAN Business Council. (Photo: VNA)

Vietnam-US economic and trade ties have reaped great achievements, contributing to practically deepening the comprehensive partnership between the two countries, heard a forum in Hanoi on December 7.

Speaking at the Vietnam-US Trade Forum 2021, Vietnamese Deputy Minister of Industry and Trade Do Thang Hai affirmed that the US is a leading important partner of Vietnam on all cooperation pillars.

The official cited statistics as showing that two-way trade increased from 450 million USD in 1995 when the two countries established their diplomatic relations, to 90.8 billion USD last year.

As of October 2021, the figure reached 89,6 billion USD, and the US has maintained its position as Vietnam’s biggest trade partner and biggest importer, he said.

Meanwhile, Vietnam is now the 9th biggest trade partner of the US, jumping five places from 2020.

For investment, as of October, the US had ranked 11th among 138 countries and territories investing in Vietnam, with 1,134 projects worth 9.72 billion USD.

Most of US giants like Exxon Mobil, Murphy Oil, Chevron, Boeing, Ford, Intel, Wal-Mart, Nike, Amazon and P&G have been present in Vietnam, he said, noting that many of them held that Vietnam would become an ideal, important and safe investment destination of the global supply chain.

Chargé d'Affaires at the US Embassy in Vietnam Marie Damour said the US pledges to help Vietnam achieve its climate change targets and handling issues in this field, thus ensuring the country’s dynamic economic development.

The US also wants to introduce new enterprises to cooperate and invest in the medical sector in Vietnam, she said, adding that the US will partner with the Southeast Asian country in technological development.

Minister Counselor Bui Huy Son, Head of the Vietnam Trade Office in the US, suggested Vietnamese businesses quickly stabilise production to ensure goods supply to the US as the country is facing a disruption in supply chains and goods shortages due to the COVID-19 pandemic.

Participants at the forum proposed solutions to boost trade between the two countries in the new normal.

The forum was jointly held by the Vietnamese Ministry of Industry and Trade, the American Chamber of Commerce in Hanoi, and the US-ASEAN Business Council./.