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Trade cooperation – momentum of Vietnam-US ties

The relations between Vietnam and the US would continue to grow stably in the time ahead, with economic and trade cooperation the centre and key momentum of the bilateral ties, Vietnamese and US officials said.

Deputy Minister of Industry and Trade Do Thang Hai, also Vice Chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, and Dawn Shackleford, Assistant US Trade Representative (USTR) for the Office of Southeast Asia and the Pacific shared the view during their working session in Hanoi on November 4.

Hai said Vietnam always considers the US a leading important partner and wishes that the economic and trade ties will develop stably and sustainably, and serves as a pillar of the Vietnam-US comprehensive relationship.

The deputy minister highlighted joint efforts in rolling out an action plan towards harmonious and sustainable trade with strong measures, contributing to building strategic trust between the two nations

Vietnam supports fair trade and has no intention to impose any measures that would cause discrimination, put burden on trade activities, or harm the production and labourers in the US, he affirmed.

The Vietnamese Government will continue to cooperate with US partners to address issues of shared concern in a comprehensive manner, thus maintaining the stable trade ties, towards harmonious, sustainable and mutually beneficial trade balance, Hai pledged.

As Vice Chairman of the TIFA Council, Hai called on the US to issue objective and fair assessments in line with WTO rules during investigations into trade remedies. 

He welcomed the US’s recommendations on Vietnam’s legal framework, which he said helped to create an open business environment and bring benefits to both sides.

For her part, Shackleford highly valued the Ministry of Industry and Trade (MoIT)’s views on fair trade and acknowledged results of substantive, effective policy dialogues between the two countries over the past time.

She said issues relating to economy, trade and rights of labourers will be priorities under President Joe Biden's administration, and the USTR will continue to hold working programmes with Vietnamese ministries and agencies within the dialogue framework of the TIFA.

According to the European-American Market Department under the MoIT, Vietnam’s export value to the US expanded 230 percent over the past five years, while the US’s export to the Southeast Asian nation increased more than 175 percent.

The US has become Vietnam’s biggest buyer and Vietnam is also the US’s 10th biggest trade partner.

Statistics by the General Department of Vietnam Customs show that this year to September, the two-way trade reached 80.6 billion USD and the figure is expected to hit 100 billion USD this year./.