Vietnam, US sign agreement on customs cooperation
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.
- Vietnam’s businesses urged to stay active in FTA utilization
- Vietnam's master plan needs to stay in line with 2045 development goals: WB
- Hanoi has new transportation and logistics center
- Politburo to review US$59-billion North-South express railway in September
- Hanoi to promote OCOP products from northern mountainous provinces
- PM urges favorable environment for businesses
- Vietnam willing to work with US on emerging issues: Spokeswoman
- OCOP promotion event underway in Hanoi
- Vietnam Manufacturing Expo 2022 to open in Hanoi
- Vietnamese Gov’t halves MFN tariff on petrol products to 10%
Hanoi Best Singing Voice Contest 2022 launched
Vietnam’s businesses urged to stay active in FTA utilization
Hanoi's students participate in fire safety knowledge training
One Year After, One Year Lost
Cultural industry to contribute 5% of Hanoi’s GRDP by 2025
Vietnam is stunning in South Korean artist’s MV
Hanoi focuses on supporting business recovery: Mayor
Construction of Hanoi’s Ring-road No.4 set to begin next June
Dolphin shows fascinate audiences in Hanoi