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Int'l Cooperation

Last updated: Monday, July 24, 2017

 

Vietnam-US Trade and Investment Exchange: On the Rise

Posted: Tuesday, May 30, 2017

There are many multinational corporations doing business in Vietnam, including US corporations. The United States ranks 8th among foreign countries and territories directly investing in Vietnam. US-Vietnam trade relations have been growing steadily, from US$15 billion in 2008 to US$52 billion in 2016. In 2016, US exports to Vietnam reached US$10 billion, up 43 percent year on year.

This is information announced by President Tran Dai Quang at the conference: "Vietnam and the United States in 2017 and Beyond: A Conference on the Future of Bilateral Economic Relations". The event was recently held by Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the American Chamber of Commerce in Hanoi (AmCham) and the US Chamber of Commerce (US Chamber).

According to President Tran Dai Quang, Vietnam-US relations have progressed rapidly, practically and comprehensively in the direction of the Vietnam-US Partnership in 2013, Joint Vision Statement at the visit of General Secretary Nguyen Phu Trong to the United States in July 2015 and Vietnam-US Joint Statement at the visit of US President Barack Obama to Vietnam in May 2016. US President Donald Trump has officially accepted the invitation to attend the APEC Summit in 2017, expressing US interest in promoting cooperation with Vietnam.

The President said that development cooperation continues to be a driving force of the bilateral relationship for the two countries to promote trade and investment. The two sides should focus on promoting economic cooperation, including trade, investment, science and technology, human resources training and response to climate change. This is the origin of the platform, creating new opportunities for businesses in Vietnam and the United States to increase investment, business and sustainable development through which to promote investment and trade between the two countries.

Notably, the Vietnam National Oil and Gas Group and ExxonMobil have signed a framework agreement for the development of the project and a framework agreement for the sale of Blue Whale gas with a total of US$10 billion, which is expected to make the US one of the top investors in Vietnam.

For Vietnam-US trade and investment relations to develop commensurate with the cooperation as well as the desire of both sides, President Tran Dai Quang urged businesses of the two countries to play their role in promoting cooperation between the two countries.

Accordingly, Vietnam encourages American businesses to invest in areas where the United States has strength and Vietnam has the need, and creates conditions for US businesses to cooperate with Vietnamese businesses in the areas such as energy-petroleum, infrastructure, finance - banking, education – training and tourism.
"In terms of trade, we have large room for that so we want to export more agricultural, fishery, wood, garment, electronics, consumer products to the United States and import high-tech products for Vietnam's economic needs," the President said.

According to Ms Tami Overby, Senior Vice President for Asia of the US Chamber, with the United States withdrawing from the TPP, Vietnam and the United States need to find new and innovative ways to solve market access problems and other challenges that US businesses are currently facing in Vietnam.

“We are working to find concrete ways to strengthen the bilateral trading relationship, including the possibility of a bilateral free trade agreement, in order to support economic growth in both countries," she said.

Mr Adam Sitkoff, CEO of AmCham, also asserted that the US believed that the growth trend in trade and investment relations between the United States and Vietnam will continue and may be strengthened. AmCham is moving towards a free trade agreement (FTA) between the United States and Vietnam. This will increase bilateral trade and investment, and raise the ensuing economic values for the two peoples.

Quynh Chi

 








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