Forum promotes Viet Nam – US trade, investment relations

Friday, Nov 18, 2022 14:38

A panel discussion at the Viet Nam-US Trade Forum in HCM City on November 17. — VNS Photo

The annual Viet Nam-US Trade Forum has heard that clean energy, infrastructure, healthcare, and digital economy are among the areas in which the two nations can expand trade ties in future.

Speaking at the forum in HCM City on Thursday, Deputy Minister of Industry and Trade Do Thang Hai said Viet Nam has always considered the US one of its most important partners.

The official cited statistics as showing that two-way trade increased from US$450 million in 1995 when the two countries established diplomatic relations to $113 billion last year.

The US has been Viet Nam’s second biggest trading partner and the largest and most important export market for many years, while Viet Nam is the eight largest trading partner of the US, he said.

For many years the US has also been one of the largest investment partners, and now ranks 11th out of 141 countries and territories with a presence in Viet Nam with $10.3 billion, he said.

“Along with the traditional fields of co-operation, the two sides need to look forward to the fields of … the future. I especially want to emphasise three important areas with great potential for co-operation between the two countries -- digital transformation and supply chain diversification, energy transformation and technological innovation and environmental protection.”

Digital transformation would be the main driving force of the global economy, and Viet Nam is trying to catch up to narrow the development gap, he said.

It is also making efforts to participate in the global production network and value chain, especially diversification of supply chains, to meet the urgent global requirements of today, he said.

“Viet Nam has been and will continue to be a reliable destination for businesses, including American, in an effort to ensure a clean and stable supply chain in a volatile world.”

The Ministry of Industry and Trade and the US’s Oregon State sign an MOU for cooperation in trade and investment at the Viet Nam-US Trade Forum in HCM City on November 17. — VNS Photo

Susan Burns, consul general of the US in HCM City, said, “Viet Nam is now our 10th largest trading partner globally, and more than that, it is a key node in supply chains that are vital to the US economy, from the semiconductors that power everything from our phones to our cars to the solar panels driving the clean energy revolution.

“Viet Nam is the eight largest market for US agricultural products, while the US is the largest market for Viet Nam’s agricultural exports,” she said.

She highlighted areas in which the two countries could expand trade ties, including clean energy, infrastructure, healthcare and digital economy.

Pamela Phan, deputy assistant secretary for Asia in the US Department of Commerce, said the US is ready to strengthen co-operation with Viet Nam in new initiatives, potential areas and areas in line with current sustainable development trends such as digital economy, clean energy, healthcare, education, and financial services.

Phan Thi Thang, vice chairwoman of the HCM City People's Committee, said the city is developing many important projects to maximise its potential including in logistics, exports, smart city, developing Thu Duc City into an innovative and highly interactive hub, and an international financial centre, and they need the participation of US businesses.

She sought US agencies’ support to carry out a pre-feasibility study on the establishment of an irradiation centre for export goods, and their technical and personnel assistance to the city and Mekong Delta provinces to maximise their agricultural resources.

Viet Nam has faced challenges in its economic and trade relations with the US, including an increase in the frequency of trade remedy investigations against its goods, Hai said.

The forum will offer a good opportunity for officials, experts, and businesses of the two countries to exchange information and seek measures to promote investment and trade ties, he said.

At the forum, the Ministry of Industry and Trade and the US’s Oregon State signed an MOU for cooperation in trade and investment with a focus on renewable energy, economic development and commerce.

The forum was organised by the ministry, the American Chamber of Commerce in Viet Nam and the US-ASEAN Business Council both offline and online. — VNS

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