Deputy-minister of trade and industry Do Thang Hai speaks at a conference to connect Vietnamese firms with trade partners in American countries in Ha Noi. — Photo baodauthau.vn
The Americas remained one of Viet Nam’s largest trade partners despite the adverse effect on commerce caused by the COVID-19 pandemic, heard participants at a conference, organised by the Ministry of Industry and Trade (MoIT), aimed at connecting Vietnamese firms with trade partners in American countries in Ha Noi yesterday.
According to the ministry, two-way trade between Viet Nam and American countries during the first eight months of the year increased 11.8 per cent from the same period last year to US$69.3 billion with the Southeast Asian country’s export increased 15.9 per cent.
Trade between Viet Nam and the Americas have grown 350 per cent in the last decade, from a modest $28 billion in 2011 to $96.8 billion in 2019. Last year, Viet Nam also spent $23.2 billion in the import of goods and services from the continent.
A number of free trade agreements that came into effect in recent time have helped to fuel rapid trade growth such as the bilateral trade agreements between Viet Nam and the US, Chile and Cuba, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which include Canada, Peru and Mexico.
Viet Nam has seen some of the fastest-growing trade ties with the continent in recent years, said deputy-minister of trade and industry Do Thang Hai.
By the end of August 2020, 28 American countries held stakes in 1.530 projects across Viet Nam with a total investment value of $22.8 billion. Viet Nam’s successful campaign in containing the COVID-19 pandemic has made it an attractive destination for American investors, especially against a backdrop of increased trade tension between the US and China.
The conference’s objective was to provide domestic firms with the most up-to-date information regarding changes in economic policies and commerce in American markets. The MoIT urged Vietnamese firms to conduct additional studies on said markets and their demand for Vietnamese products to identify trade opportunities as well as potential issues and challenges. — VNS