Trade plays central role in Vietnam-US relations: PM Phuc
Vietnam is making efforts to balance trade with the US.
Vietnamese Prime Minister Nguyen Xuan Phuc has affirmed that Vietnam regards trade as a key pillar in the relationship with the US.
|US National Security Advisor Robert C. O’Brien at at meeting in Hanoi with Vietnam's Prime Minister Nguyen Xuan Phuc. Photo: Quang Hieu|
Trade would be momentum for the two countries’ development and Vietnam is willing to facilitate the investment of US businesses, Mr. Phuc said at a meeting with US National Security Advisor Robert C. O’Brien in his visit to Hanoi on November 21-22.
The Vietnamese PM emphasized the Vietnamese government facilitates US companies operating in Vietnam and encourages hi-tech firms and cooperation between Vietnamese and US companies.
He noted the need to maintain dialogue that is based on mutual respect for mutual interest.
For his part, O’Brien highly appreciated Vietnam’s efforts to balance the two-way trade and increase import of US goods, taking examples of big commercial deals in infrastructure, oil and gas, industrial equipment, airplanes, IT, among others.
|Vietnam-US trade in 2015-2019. Source: Vietnam Customs. Chart: Asia Briefing Ltd|
According to the Office of the United States Trade Representative (USTR), the US-Vietnam trade totaled an estimated US$81.3 billion in 2019. The US goods and services trade deficit with Vietnam was US$54.5 billion in the same year.
Vietnam was the US’ seventh largest supplier of goods imports in 2019 with US$66.6 billion in 2019, up 35.5% on-year, and up 442.2% from 2009. US imports from Vietnam account for 2.7% of overall US imports in 2019.
In terms of investment, US foreign direct investment (FDI) in Vietnam was US$2.6 billion in 2019, down 8.2% on-year.
In O’Brien's visit to Hanoi, US and Vietnamese firms signed a power deal worth approximate US$1 billion, the fourth of its kind signed between the US and Vietnam’s companies over the past month.
- Danish Crown Prince's visit to Vietnam promotes green solutions
- Penny Wong arrives in Hanoi, affirming new Australian cabinet relations with Vietnam
- Vietnam, Hungary to sign new parliamentary cooperation agreement
- Vietnam entirely justified in exercising self-defense against Khmer Rouge: Carl Thayer
- Australia launches plastics innovation hub in Vietnam
- Vietnam, South Korea eye Comprehensive Strategic Partnership
- UNDP, Netherlands boost circular economy capacity building for Vietnam businesses
- 55th anniversary of Vietnam-Cambodia relations observed
- Vietnam’s 1st Goldman Prize awardee jailed for tax fraud
- South Korea’s biggest airline resumes direct air route to Danang
Vietnam to draft national action plan for circular economy adaptation
Hanoi welcomes over 8.6 million visitors in first half of 2022
Agritech, Greentech, Deeptech and Foodtech - foreign funds interests in Vietnam
Australian Foreign Minister enjoys Pho ga in Hanoi
Hanoi GRDP growth hits 7.79% in first half
Hanoi selects final design of Tran Hung Dao Bridge
Fiercer storms forecast to hit Vietnam towards year-end
Bun cha listed in the British Queen's Platinum Jubilee Cookbook
Hanoi seeks UNESCO’s support in culture, education and tourism