Vietnam-US trade ties have enjoyed impressive growth (Source: laodong.com.vn)Looking back at the past 20 years in international trade, there is norelationship which has such a fast growth rate like that of the Vietnam-US traderelationship, said Nguyen Xuan Thanh, senior lecturer at Fulbright School ofPublic Policy and Management in Vietnam.
Prof. David Dapice, leading expert on development economicsin Southeast Asia, Harvard Kennedy School, Harvard University, used the word “spectacular”to describe the development of economic cooperation between Vietnam and the US.
Two-way trade rose from over 400 million USD in 1995 to morethan 90 billion USD in 2020.
Vietnam’s total export turnover to the US from 1 billion USDin 2000 increased to 10 billion USD in 2007, mainly thanks to the bilateraltrade agreement taking effect in 2001. After 2007, Vietnam's exports continuedto increase, partly due to the shift in the global supply chain, as foreigninvestors entered Vietnam to take advantage of cheap labour, David Dapicestated.
Over the last five years, Vietnam’s export value to the UShas increased by 230 percent, while exports from the US to Vietnam have alsojumped 175 percent. The US has become Vietnam's largest importer, while thelatter has become the former’s 10th largest trading partner.
Deputy Foreign Minister Nguyen Quoc Dung emphasized that theVietnam – US relations have made significant strides since 1995, with the mostsalient aspect being the economic cooperation. With a comprehensivepartnership, trade and investment flows from the US have paved the way forVietnam to further its international economic integration and gradually boostgrowth, thereby moving away from the status of a less developed to amiddle-income country.
For US businesses, Vietnam’s fast-growing market of 100million people with a young, industrious workforce seems to be highlypromising. The country’s increasing demands for development and its beingsituated in one of the most dynamically growing areas of the world also offergreat opportunities likewise.
Meanwhile, the US, as the biggest importer in the world with abundant capitaland technology, is a potential destination for Vietnamese exporters.
What is more important is that the governments and businesscommunities of both countries want to promote economic and trade cooperation./.
VNA
