The establishment of communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, said Deputy Minister of Finance Vu Thi Mai.

Vietnam and US on December 6 signed an agreement to boost customs cooperation, creating a legal basis for efficient and smooth relations between the two countries’ customs authorities, stated Vietnam’s Ministry of Finance (MoF) in a statement.
The signing ceremony. Source: MoF. |
The agreement reiterated Vietnam’s stance on actively integrating in the world economy, and is part of the efforts to realize its commitments in various free trade agreements (FTAs) for trade facilitation, added the MoF.
US Deputy Chief of Mission in Vietnam Caryn R. McCelland said after 25 years of diplomatic relations, Vietnam and the US have now become “reliable and responsible partners”.
US Deputy Chief of Mission in Vietnam Caryn R. McCelland. Source: MoF. |
Deputy Minister of Finance Vu Thi Mai expected the agreement to help customs authorities in the two countries timely identify trade fraud activities, which is a significant issue amid growing trade relations between the two countries.
More importantly, the agreement would protect lawful rights of the business communities in Vietnam and the US, promoting greater trade relations.
Mai added the establishment of communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, preventing losses to state benefits and ensuring fair and safe business environments.
Following the signing, Vietnam and the US would proceed with respective procedures to ratify the agreement.
Deputy Minister of Finance Vu Thi Mai. Source: MoF. |
Deputy Minister of Finance Vu Thi Mai added Vietnam and the US are scheduled to celebrate the 25th anniversary of establishment of diplomatic ties in 2020, marking achievements in bilateral relations a wide range of fields from economy, culture, to security.
According to Mai, trade between the two countries in the 2010 – 2019 period grew by an average of 16.3% annually, in which Vietnam’s export growth to the US was over 16% per year and imports rose 16.5%.
The US continues to be Vietnam’s largest export market and the third largest trading partner, Mai said.
Vietnam gives top priority to its comprehensive partnership with the US, which is evident through the former’s efforts to address shortcomings in the economic and investment relations with the US, creating favorable conditions for US companies to access the Vietnamese market.
Other News
- Vietnam spends US$9 billion on oil imports in 2022
- Vietnam set for robust economic growth in 2023: Experts
- Vietnam calls for int’l support in green development
- Switzerland to support Vietnam’s transition to green economy
- Vietnamese Govt to restructure real estate, bond markets in 2023
- Vietnam strives to become developed country by 2050
- Vietnam targets GDP per capita at US$32,000 by 2050
- Fresh Vietnamese longan to land in Japan this week
- Vietnam to benefit from China’s reopening
- Vietnam’s GDP growth hits 12-year high of 8.02% in 2022
Trending
-
Vietnam spends US$9 billion on oil imports in 2022
-
Hanoi makes people and businesses the center of digitalization
-
Tet in the eyes of foreigners in Hanoi
-
Hanoians show passion for flowers
-
Vietnam’s tourism forecast to strongly rebound in five years
-
Admiring 2,023 feline statuettes made by Hanoi artist
-
Overseas Vietnamese eagerly await Tet and spring
-
Switzerland to support Vietnam’s transition to green economy
-
Foreign ambassadors experience Vietnamese Tet in Duong Lam Village