Vietnam, US eye $100 billion trade turnover this year

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.
April 05, 2021 | 08:35
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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 Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, and US Trade Representative Katherine Tai.

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Tran Tuan Anh, Chairman of the Party Central Committee’s Economic Commission, Minister of Industry and Trade and Chairman of the Vietnam-US Trade and Investment Framework Agreement Council (TIFA). Photo: VNA

The two sides shared the view that after more than 25 years of the normalisation of the 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, according to Vietnamplus.

The Vietnam-US relationship has experienced strongf development across spheres, Anh said, expressing his belief that the bilateral relationship will remain stable in the time ahead, and be driven by the economic and trade ties.

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

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Vietnam’s Minister of Industry and Trade Tran Tuan Anh and the US Trade Representative Katherine Tai. Photo: Baocongthuong.vn

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

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

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

Permanent Deputy Minister of Foreign Affairs Bui Thanh Son on March 22 also talked over the phone with the Coordinator for Indo-Pacific Affairs at the US National Security Council, Kurt Campbell.

Son reiterated Vietnam’s foreign policy of independence, self-reliance, and multilateralisation and diversification of external relations, and that the country attaches importance to the development of cooperation with the US.

He appreciated Campbell’s contributions to the growth of the US – Vietnam relations over the past many years, expressing Vietnam’s readiness for close cooperation to further promote their comprehensive partnership for the sake of the two countries' people, thus helping to consolidate regional and global peace, security, development, and prosperity.

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Permanent Deputy Minister of Foreign Affairs Bui Thanh Son. Photo: VNA

For his part, Campbell affirmed that the US continues treasuring its relations with Vietnam and also highly values the latter’s role when the Southeast Asian nation successfully served as Chair of ASEAN in 2020 and a non-permanent member of the UN Security Council for 2020 – 2021.

He expressed his wish that the two countries will work together more closely on issues of common concern at regional and international mechanisms.

The two officials shared the view that the Vietnam – US ties have attained many important strides in all aspects and kept developing stably and substantively.

On the basis of the relations that both sides have made efforts to build up over the past years and the principles of “respecting each other’s independence, sovereignty, territorial integrity, and political regimes” and "mutual benefit”, bilateral ties will develop more strongly in the time ahead, they added.

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