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Int'l Cooperation

Last updated: Wednesday, December 13, 2017

 

US Views Vietnam’s APEC Chairmanship as Key to Promoting Further Economic Cooperation within Asia-Pacific

Posted: Friday, September 29, 2017


“Although we face challenges and are still working to reduce barriers to trade and make our markets more accessible to one another, we look forward to sustaining this type of momentum and unlocking future drivers of economic growth for our economies,” said US Ambassador to Vietnam Ted Osius regarding the trade relationship between Vietnam and the United States. Thu Huyen reports. 

How have you seen Vietnam’s economy change?
In my many years in Vietnam, I have seen this country undergo one of the most transformative growth periods in modern history. It has already become one of the fastest-growing economies in the region, which in part is due to Vietnam’s embrace of global integration and economic reform. It has vastly reduced poverty and joined the ranks of middle-income countries, built a thriving middle class by opening markets, and encouraged a young and entrepreneurial work force.

How has the US-Vietnamese relations evolved?
Twenty-two years ago, the United States and Vietnam embarked on a journey that many doubted could lead to meaningful cooperation and exchange. Today, record numbers of our young people cross oceans to study at each other’s universities and explore each other’s cultures. U.S. businesses are investing more and more capital in Vietnam while Vietnamese producers are sending more of their goods to appreciative American consumers, and the ties we enjoy today would have been unimaginable two decades ago. Our partnership has been a testament to the world that bitter and painful opposition can become real friendship and cooperation, and we ought to be proud of that progress.

What does the future hold for the trade relationship?
Our future is bright, as we are committed to expanding and deepening our economic cooperation. In 2016, Vietnam was our fastest growing export market in the world. Since 1995, our two-way bilateral trade has skyrocketed from virtually nothing (US$451 million) to over US$50 billion, representing an 11,000 per cent increase. Although we face challenges and are still working to reduce barriers to trade and make our markets more accessible to one another, we look forward to sustaining this type of momentum and unlocking future drivers of economic growth for our economies.

How can the US and Vietnam promote further cooperation?
The U.S.-Vietnam economic relationship forms the bedrock of our larger bilateral relationship, and as our business and investment ties have grown, so has our political and diplomatic cooperation. So, the economy will continue to be a driver of our engagement. We can build on past successes to improve livelihoods, protect health and the environment, and strengthen ties between our peoples. This year in particular, the U.S. supports Vietnam’s APEC chairmanship and views it as key to promoting further economic cooperation and engagement within the Asia Pacific region.

What role does the business community play in US-Vietnam relations?
The private sector has been an engine of change in Vietnam’s economy and it will continue to be a measure of its success. Since we normalised relations in 1995, American businesses have helped integrate Vietnam into global supply chains, created quality jobs for Vietnamese workers, and opened new markets in both countries. They will continue to add to the quality and quantity of our trade, as well as the development of human and social capital in Vietnam.








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