Trade, economic cooperation continues to be key pillar in Vietnam-US relations

Trade, investment, and economic cooperation between Vietnam and the US continue to be a major pillar for the bilateral comprehensive partnership.

Chairman of the National Assembly Vuong Dinh Hue at the meeting. Source: quochoi.vn

Chairman of the National Assembly Vuong Dinh Hue gave the remarks in a meeting with President and General Director of the US-ASEAN Business Council (USABC) Ted Osius and delegates of US businesses on March 9.

Hue said the meeting showcased the strong US-Vietnam comprehensive partnership, as well as the confidence of the US companies in Vietnam’s business environment.

On this occasion, Hue thanked the US business community especially members of the USABC, for accompanying Vietnam to overcome Covid-19 impacts, highlighting the support of over 29 million doses of Covid-19 vaccines.

Hue stressed Vietnam remains steadfast in creating favorable conditions for investors and businesses, including those from the US.

“Vietnam gives priority to its relations with the US, and aims to further bolster the partnership for mutual benefits,” Hue said, adding this would contribute to peace, stability, and development in the region and the world.

President of USABC Ted Osius.

He underscored the bilateral trade turnover between Vietnam and the US which surpassed the US$111-billion-mark in 2021 despite the difficult economic environment from disrupted supply chains and pandemic impacts.

This has resulted in Vietnam becoming  US’s ninth-largest trading partner.

Hue expected the two sides to continue strengthening cooperation in the Covid-19 response and economic recovery in the post-pandemic period.

According to the NA Chairman, climate change has become a strategic cooperation field for Vietnam and the US, with the recent visit of US Special Presidential Envoy for Climate John Kerry to Vietnam and expressing the strong support for the country to realize its commitments in the COP26.

“The National Assembly of Vietnam is committed to ensuring a favorable business environment for all economic components to be a success in the country,” he said.

Delegates at the meeting.

At the meeting, USABC President Ted Osius said US businesses are proud to cooperate with Vietnam not only in business operation but also in the country’s economic recovery efforts and vaccination drive.

Osius pledged  US companies will further cooperate with Vietnam in digital economy development and expected Vietnam to realize its COP26 goals for better climate resilience.

He called for the National Assembly to support members of the USABC to expand business and investment in the fields of liquified natural gas, logistics, and energy development.