Scene at the conference (Photo: VNA)HCMCity (VNA) - With or without the Trans Pacific Partnershipagreement, trade between Vietnam and the US would continue to rise, aconference heard in HCM City on December 20.
Speakingat “Vietnam-US Trade Interaction after 2016,” Le Thanh Liem, deputy chairman ofthe municipal People’s Committee, said the two countries enjoyed average tradegrowth of more than 19 percent a year for the past 10 years.
TheUS is Vietnam’s largest export market, he said.
Accordingto Mary Tarnowka, the US consul general in the city, bilateral trade nearlytripled in the last eight years and now tops 45 billion USD.
USexports to Vietnam surged 44 percent in the first half of this year, making Vietnamthe fastest growing export market for the US.
“TheUS is encouraged by Vietnam’s recent resolution on international economicintegration, reaffirming Vietnam’s intention to continue its economic reformsand further open its economy, with or without TPP.
“Thisresolution is an important signal to trading partners that Vietnam is moving toestablish a level playing field for US companies looking to invest and competein Vietnam.”
Thesereforms will promote fair, transparent and predictable regulatory systems thatenable innovation, attract trade and investment and promote Vietnam’s continuedintegration into the regional and global supply chains, she said.
"Vietnamis already the 11th largest export market for US agricultural products,"she said.
“Wecan continue to promote these exports. We can also take steps to meet Vietnam’sgrowing demand for state of the art agricultural technology and equipment, asthe country strives to improve food safety and develop its food processingindustry.”
Shealso spoke about co-operation between the two countries in other sectors likeeducation and travel as well as US support for Vietnam’s preparations for theWTO Trade Facilitation Agreement and others.
LeQuoc An, former president of the Vietnam Textile and Apparel Association, saidthe TPP would enable Vietnamese firms to boost exports to the US.
“However,there is no problem if there is no TPP. Our exports to the US were still verygood [in the past] without the TPP.”
Healso urged businesses to make more efforts to offer products and services ofthe best quality to global consumers, especially those in the US, to boosttheir exports.
Delegatesagreed that whoever is president of the US, Vietnam would continue to developand integrate.
TranNgoc Chau, Vice President of the Vietnam-US Friendship Association’s HCM Citychapter, said: “We believe trade between Vietnam and US will reach 57 billion USDin the next five years, with exports from the US doubling from now, whether theTPP comes into being or not.”
Liemsaid HCM City has welcomed many large US companies seeking opportunitiesarising from the country’s deeper integration.
“TheUS currently ranks 11th among countries and territories investing in Vietnam,and I hope the US will soon become the city’s largest foreign investor.”
LeHoai Quoc, Director of the Saigon Hi-Tech Park, the largest technology clusterin Vietnam, was optimistic that US tech companies like Intel would continue togrow their business in Vietnam irrespective of the TPP.
“Intelis increasing its products and volumes of productions in the high-tech zone. In2016 its exports from Vietnam will reach 4 billion USD.”
Organisedby the Vietnam-US Friendship Association, the conference attracted around 200delegates, including diplomats, policy makers, entrepreneurs and economists.-VNA
VNA
