A tuna processing line at the factory of the Binh Dinh Fishery JSC in Binh Dinh province (Photo: VNA)Hanoi (VNA) – Trade relationsbetween Vietnam and the US will continue expanding but will also be affected bychallenges in the future, heard a seminar in Hanoi on November 14.
Opening the event, Assoc. Prof. Dr. Cu Chi Loi,Director of the Institute of American Studies under the Vietnam Academy ofSocial Sciences, said since Vietnam-US relations were normalised in 1995,bilateral trade ties have been growing.
The US is a major trade partner of Vietnam, henoted, adding that Vietnam’s shipments to the American market are rising, withthe US becoming Vietnam’s biggest importer at present.
Talking about the US foreign policy and itsimpact on Vietnam, Dr. Nguyen Thi Hai Yen from the Institute of AmericanStudies said the US highly values Vietnam’s role in its Indo-Pacific Strategyas Vietnam has an important geographical and strategic location in theconnection of the two oceans.
The administration of US President Donald Trump attachesgreat importance to enhancing cooperation in politics, diplomacy, economy, defenceand security with Vietnam, Yen said.
She added that the Indo-Pacific Strategy willgenerate many opportunities as well as challenges for Vietnam since competitionin the region is entering a new phase that is more complicated, and risks offriction among big countries increases.
Regarding the prospects of Vietnam-US traderelations, Dr. Le Thi Van Nga, another expert from the institute, saidbilateral trade ties will keep developing with both exports and imports rising.However, they will be affected by the US’s trade policythat aims to protect domestic producers, as well as by other challenges in thefuture.
At the seminar, participants stressed the newcontext is posing considerable challenges to Vietnam during its integrationinto the world and promotion of economic ties with the US.
Therefore, Vietnam should perfect legalregulations on foreign trade, improve human resources’ capacity, reformproduction process by importing advanced technologies, and seek new exportdestinations to reduce dependence on certain large markets, they said./.
VNA
