Vietnam-US trade and investment thriving since normalisation
Monday, 2017-11-13 03:44:59
NDO - The trade and investment relationship between Vietnam and the US has been thriving since normalisation in 1995 with the US having been the largest importer of Vietnamese goods.
According to the General Department of Customs, bilateral trade reached US$42.13 billion in the first ten months of 2017, of which Vietnam’s exports to the world’s largest economy were worth US$34.53 billion.
Among the 37 categories of Vietnamese exports to the US, nine have revenues of at least US$1 billion, notably garments and footwear.
Vietnam’s imports from the US also include animal feed, raw materials, computers, electronic products and machinery.
Besides trade, US foreign direct investment has also been a considerable contribution to Vietnam’s economic growth.
Data released by the Foreign Investment Agency shows that US companies have invested an estimated US$10 billion in Vietnam, ranking 9th out of 128 countries and territories investing in Vietnam.
According to James W. Fatheree, a vice president of the US Chamber of Commerce, Vietnam-US cooperation will further prosper in the time ahead and the US business community is very interested in Vietnam’s market because of its young population, rapid growth and progresses in economic reform.
In the Vietnam-US joint statement on November 12, President Tran Dai Quang and President Donald Trump pledged to deepen and expand the bilateral trade and investment relationship through formal mechanisms.
The two leaders also welcomed the announcement of more than US$12 billion in new commercial agreements during President Trump’s visit.