Speaking at the Vietnam – U.S. Trade Forum 2021, Vietnamese Deputy Minister of Industry and Trade Do Thang Hai affirmed that the U.S. is a leading important partner of Vietnam on all cooperation pillars.
The official cited statistics as showing that two-way trade increased from 450 million USD in 1995 when the two countries established their diplomatic relations, to 90.8 billion USD last year.
As of October 2021, the figure reached 89,6 billion USD, and the U.S. has maintained its position as Vietnam's biggest trade partner and biggest importer, he said.
Meanwhile, Vietnam is now the 9th biggest trade partner of the U.S., jumping five places from 2020.
For investment, as of October, the U.S. had ranked 11th among 138 countries and territories investing in Vietnam, with 1,134 projects worth 9.72 billion USD.
Most of U.S. giants like Exxon Mobil, Murphy Oil, Chevron, Boeing, Ford, Intel, Wal-Mart, Nike, Amazon and P&G have been present in Vietnam, he said, noting that many of them held that Vietnam would become an ideal, important and safe investment destination of the global supply chain.
Chargé d’Affaires at the U.S. Embassy in Vietnam Marie Damour said the U.S. pledges to help Vietnam achieve its climate change targets and handling issues in this field, thus ensuring the country's dynamic economic development.
The U.S. also wants to introduce new enterprises to cooperate and invest in the medical sector in Vietnam, she said, adding that the U.S. will partner with the Southeast Asian country in technological development.
Minister Counselor Bui Huy Son, Head of the Vietnam Trade Office in the U.S., suggested Vietnamese businesses quickly stabilise production to ensure goods supply to the U.S. as the country is facing a disruption in supply chains and goods shortage due to the COVID-19 pandemic.
Participants at the forum proposed solutions to boost trade between the two countries in the new normal.
The forum was jointly held by the Vietnamese Ministry of Industry and Trade, the American Chamber of Commerce in Hanoi, and the U.S. – ASEAN Business Council.
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