June 15, 2021 03:18 | About us
Language: Tiếng Việt | ພາ​ສາ​ລາວ | ខ្មែរ | русский | 中文

Vietnam, US work towards sustainable trade ties

Valerie Mai Valerie Mai

mnghonganh@gmail.com

April 03, 2021 | 08:59

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

vietnam us explore ways to raise export and import turnover of farm produce Vietnam, US explore ways to raise export and import turnover of farm produce
vietnam us mark 25th anniversary of diplomatic ties in hcmc Vietnam, US mark 25th anniversary of diplomatic ties in HCMC
leaders of vietnam us exchange congratulations on diplomatic ties Leaders of Vietnam, US exchange congratulations on diplomatic ties
4051-capture
Tran Tuan Anh, Minister of Industry and Trade, and Chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council. (Photo: VOV)

This agreement was reached during recent phone talks between the Minister of Industry and Trade Tran Tuan Anh and Katherine Tai, chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council and US Trade Representative (USTR). These discussions largely focused on a host of issues relating to bilateral economic and trade ties between both sides.

Minister Anh congratulated Tai on being granted official approval by the US Senate to take up the post of US Trade Representative in the administration of newly-elected President Joe Biden.

The pair went on to affirm that bilateral trade relations have achieved substantial results following over 25 years of normalized relations. This is greatly due to the tireless efforts made by the leaders of both countries along with effective co-operation between the Vietnamese Ministry of Industry and Trade and the USTR in the co-chair role of the TIFA, according to VOV.

4820-capture
Katherine Tai, chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council and US Trade Representative (USTR). (Photo: Communist Party of Vietnam Online Newspaper)

Minister Anh outlined that mutual ties are currently witnessing strong development across a variety of fields, therefore expressing confidence that through the right development orientation, there remains ample room to expand trade ties. Indeed, both nations will continue to maintain stable growth momentum during which economic and trade cooperation will be the primary focus, with the ultimate goal to further promote bilateral relations moving forward.

For her part, Tai lauded the 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.

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

vietnam us explore ways to raise export and import turnover of farm produce Vietnam, US explore ways to raise export and import turnover of farm produce

The Ministry of Agriculture and Rural Development (MARD) held a meeting with businesses in Hanoi on September 14 to promote the import of agricultural products ...

leaders of vietnam us exchange congratulations on diplomatic ties Leaders of Vietnam, US exchange congratulations on diplomatic ties

Leaders of Vietnam and the US have exchanged congratulations on the occasion of the 25th anniversary of the diplomatic relations between the two countries (July ...

vietnam us intensify exchange of experience in peacekeeping activities Vietnam, US intensify exchange of experience in peacekeeping activities

Following the phone talks with partners to continue implementing activities for the ASEAN Chairmanship Year 2020 and the non-permanent membership of the United Nations Security ...

Valerie Mai