Vietnam, US sign agreement on customs cooperation

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.

In 2018, bilateral trade reached US$60 billion, along with growing investment activities by US investors in Vietnam.

Deputy Minister of Finance Vu Thi Mai added Vietnam and the US are scheduled to celebrate the 25^th 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.