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May 23, 2016 / 09:37

Vietnam - US economic ties: More momentum from TPP

By 2016, the US has become Vietnam`s biggest export partner, with the turnover reached 33.48 billion US dollars, especially, this figure always rises year over year.

Vietnam and the US become the strategic economic partners. And Agreement on the Trans-Pacific Partnership (TPP) was signed to add motivation to develop sustainable economic relations, opening up optimistic prospects.
 
Some Vietnam's products are sold in the US supermarkets
Some Vietnam's products are sold in the US supermarkets
US President Barack Obama’s official visit to Vietnam from May 23-25 is expected to usher in a new period of more rapid and stronger development in relations between the two countries. Obama is the third consecutive US President to visit Vietnam. Through the trip, he will enter his name in the history of bilateral ties. Bilaterally, the visit is hoped to increase meetings between the two countries’ leaders and high-ranking officials. Apart from underscoring the US’s commitments to its Rebalance to Asia-Pacific, President Obama’s visit aims to seek measures to step up the strategic economic links with Vietnam.

This is an occasion for Vietnam to show its policy of multilateralisation and diversification of relations in the context of intensive and comprehensive international integration. During his trip, the US leader will, for sure, witness great and all-round achievements brought about by the Doi Moi (Reform) process, as well as political, economic, cultural and educational activities in Hanoi and Ho Chi Minh City.

He and Vietnamese leaders will assess attainments of the bilateral relationship, which experienced a 20-year war, 30 years of economic and military embargoes and 20 years of normalisation before being elevated to a comprehensive partnership in 2013. In recent years, the two countries have faced an urgent need to have stronger steps to lift their partnership to a new level. Therefore, during the trip, the two sides are expected to compare notes on a large number of issues.

Vietnam and the US see huge potential for cooperation in numerous fields, ranging from politics, national defence, maritime security and safety to education-training, people-to-people exchange, the settlement of humanitarian issues and post-war consequences, climate change response, environmental protection and coping with other global challenges.

Outcomes to be reached during the visit will lay a foundation and create a momentum for the two countries’ ties, helping them overcome remaining challenges and obstacles in the spirit of putting aside the past, surmounting difficulties, promoting similarities and heading towards the future. With their resolve and enhanced mutual political trust, the two countries will advance their comprehensive partnership to a new level, serving the interests of their people and contributing to peace, stability and development cooperation in the region and the world at large.

The US as a world's major countries should recognize the market economy of Vietnam, since both have committed to be strategic economic partners, focusing more on the transition patterns from extensive to intensive, implementing strategic breakthrough of Vietnam, frequently refreshing bilateral economic relations or other related fields that are interested by both parties to form the basis of development the real economy, towards optimistic economic relations picture of the two nations.