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Vietnam- US trade turnover reached over US$ 38 billion in the first half of 2020

09:45 | 26/08/2020

In the first six months of this year, two-way trade turnover between Vietnam and the US reached more than US$ 38 billion.

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On August 25, Ho Chi Minh City's People Committee coordinated with the Consulate General of the United States and the American Chamber of Commerce (Amcham) in Ho Chi Minh City to organize the Ho Chi Minh City - US Business Summit with the theme "Driving Partnerships and Innovation for the future”. Member of the Politburo, Secretary of the HCM City’s Party Committee Nguyen Thien Nhan attended the forum, according to VOV.

vietnam us trade turnover reached over us 38 billion in the first half of 2020
Member of the Politburo, Secretary of the HCM City’s Party Committee Nguyen Thien Nhan speaks at the event Photo: VOV

This is the event celebrating the 25th anniversary of diplomatic relations between Vietnam and the US (1995-2020). It also aims to propose specific cooperation directions between Ho Chi Minh City and the US in the period 2020-2025, with a vision to 2030, focusing on promoting US investment in the supply chain of science and technology services, stimulating innovation as well as developing southern metropolis into an international financial hub.

Speaking at the event, the Secretary of the HCM City’s Party Committee Nguyen Thien Nhan affirmed that the 25-year cooperation relationship between Vietnam and the US is extremely meaningful. Vietnam is ranked 44th in the world economy in terms of GDP, but it is the 13th trading partner in the list of US’s.

Two-way trade turnover of the two countries reached more than US$77 billion in 2019 and over US$ 38 billion in the first six months of 2020.

vietnam us trade turnover reached over us 38 billion in the first half of 2020

Ho Chi Minh City, an economic hub Photo: Vietnamplus

Ho Chi Minh City is considered as the bridge in the relationship between Vietnam and the US. As an economic hub with more than 10 million people, the labor productivity of Ho Chi Minh is three times higher than the national average and has contributed 25% to GDP, 30% to the country’s budget revenue, he added.

Ho Chi Minh City also owns the Hi-Tech Park with more than 160 enterprises, developed information technology, and modern infrastructure which bring potential development for technology or artificial intelligence (AI) investment, VOV added.

vietnam us trade turnover reached over us 38 billion in the first half of 2020
HCM City Department of Information and Communication and the US Trade and Development Agency (USTDA) signed the sponsorship agreement Photo: VOV

On this occasion, Ho Chi Minh City Department of Information and Communication and the US Trade and Development Agency (USTDA) also signed the sponsorship agreement of the project "Technical Assistance in Constructing Smart Urban Operation Center” with the value of nearly US$ 1.5 million.

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Vietnam has 26 products with export turnover exceeding US$1 billion

Of these, five items posted the export turnover of over $10 billion.

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