Viet Nam, US target sustainable trade ties

Saturday, Apr 03, 2021 07:20

Electronics components are manufactured at 4P Limited Company in the northern province of Hung Yen. Its export markets include the US. The Viet Nam-US relationship has experienced strong development across spheres. — VNA/VNS Photo Pham Kien

Vietnamese and US agencies will continue their coordination in order to maintain trade ties between the two countries, towards harmonious, sustainable, and mutually beneficial trade balance.

The consensus was reached during recent phone talks between Tran Tuan Anh, Chairman of the Party Central Committee’s Economic Commission, Minister of Industry and Trade and Chairman of the Viet Nam-US Trade and Investment Framework Agreement (TIFA) Council, and US Trade Representative Katherine Tai.

The two sides shared the view that after more than 25 years of the normalisation of bilateral relations, thanks to efforts of the two countries’ leaders, the close and effective collaboration between the Vietnamese Ministry of Industry and Trade (MoIT) and the Office of US Trade Representative, in their capacity as co-chairs of the TIFA Council, as well as partnerships between other ministries, agencies and businesses, the economic and trade ties have reaped practical outcomes.

The Viet Nam-US relationship had experienced strong development across spheres, Anh said, expressing his belief that the bilateral relationship would remain stable and be driven by the economic and trade ties.

Tai lauded results of policy dialogues between the two countries through TIFA, saying the two sides could seek satisfactory solutions to many economic and commercial issues for a short period of time, contributing to enhancing two-way trade.

According to the MoIT, trade between Viet Nam and the US hit a record of US$90.8 billion last year, and they are working hard to raise the figure to $100 billion this year.

Over the past five years, Viet Nam’s export revenue to the US surged 230 per cent, while its import value was up more than 175 per cent.

The US has become Viet Nam’s biggest buyer and the Southeast Asian nation has emerged as the 10th largest trade partner of the US. — VNS


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