Trade cooperation provides momentum for Viet Nam-US ties
Trade cooperation provides momentum for Viet Nam-US ties
The relations between Viet Nam and the US would continue to grow stably in the future, with economic and trade cooperation the centre and key momentum of bilateral ties, Vietnamese and US officials said.
Deputy Minister of Industry and Trade Do Thang Hai, also Vice Chairman of the Viet Nam-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 Ha Noi on Thursday.
Hai said Viet Nam always considers the US a leading important partner and hopes the economic and trade ties will develop stably and sustainably, and serve as a pillar of the Viet Nam-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.
Viet Nam supports fair trade and has no intention to impose any measures that would cause discrimination, place a burden on trade activities, or harm the production and labourers in the US, he said.
The Vietnamese Government will continue to cooperate with US partners to address issues of shared concern in a comprehensive manner, thus maintaining 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’ recommendations on Viet Nam’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.
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, Viet Nam’s export value to the US expanded 230 per cent over the past five years, while the US’ exports to the Southeast Asian nation increased more than 175 per cent.
The US has become Viet Nam’s biggest buyer and Viet Nam is also the US’ 10th biggest trade partner.
Statistics from the General Department of Viet Nam Customs show that this year to September, two-way trade reached US$80.6 billion and the figure is expected to hit $100 billion this year.
