Textile-garment is among Vietnam's key export products to the United States. (Photo: VNA)Hanoi (VNA) –The official US visit of PM Nguyen Xuan Phuc from May 29-31 demonstratesVietnam’s consistent policy on enhancing trade relations with the US, which hasbeen Vietnam’s top trade partners for the past 10 consecutive years.
According to theAmerica Market Department under the Ministry of Trade and Industry, Vietnam-UStrade has maintained a high annual growth of about 20 percent since their BilateralTrade Agreement (BTA) took effect in 2001. Last year, the two-way trade hit 47billion USD, 33.5 times higher than the 2001 figure of 1.4 billion USD.
In the first fourmonths of 2017, Vietnam exported 12.4 billion USD worth of commodities to theUS, mostly textile-garment, footwear, computers, seafood, farm products, timberand timber products, electronics and components.
The figure represented20 percent of the country’s total exports and an increase of 8.7 percent fromthe same period last year.
Vietnam is now the US’16th largest trade partner with Vietnam enjoying high trade surplus.
Vietnam has put itsname on the US’s international trade partner map, said Tran Duy Dong, directorgeneral of the America Market Department, adding that in spite of difficultiesposed by the US’s anti-dumping or anti-subsidy duties, Vietnamese exportershave learned from experience to grow stronger, continuing entering the market.
Despite the US’s withdrawalfrom the TPP, the bilateral Vietnam-US trade and investment relationship willcontinue to grow, US Consul General in HCM City Mary Tarnowka confirmed.
She expected the tiesto grow stronger as Vietnam’s recent efforts on international economicintegration reaffirmed its intention to continue its economic reforms andfurther open its economy.
Tarnowka noted thatthose reforms will promote the establishment of a fair and transparentmanagement system, allowing of the prediction of a new wave of trade andinvestment in the future.
Experts believed thatVietnam is yet to become a major market for the US but increasing incomes ofits citizens will stimulate consumption of luxurious brands, including thosefrom the US.
When US PresidentDonald Trump launches a series of plans in Asia, the Vietnam-US ties will be alever for the two countries’ mutual trade and economic benefits. The upcomingmeeting between the two nations’ leaders will be a good opportunity to promote theirshared strategic interests and create more jobs for their people.
Authorities from bothsides are closely working to improve their trade cooperation mechanisms forbetter facilitation of the bilateral trade.
Tami Overby, SeniorVice President for Asia at the USChamber of Commerce said the chamber is making effort to find ways forfurther boosting the Vietnam-US trade, including the possibility of a freetrade agreement. She added that US companies need to be more creative indealing with obstacles when entering the Vietnamese market.
To support localcompanies in gaining access to the US market, Minister of Trade and IndustryTran Tuan Anh said besides programmes to build national competitiveness throughbranding and removals of duties and other technical barriers, the ministry has devisedmaster plans to improve competitive edges for export products with the emphasisplaced on those in manufacturing and processing industry.
At the same time,enterprises must also take an active role in enhancing production capacity,developing market overseas, and becoming part of the global supply chain.-VNA
VNA
