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Oct 29, 2020 / 12:07

Vietnam welcomes US role in Indo-Pacific region for economic development

Vietnam and the US have become major economic partners for each other, with bilateral trade growing strongly over the years.

A strong, united and dynamic ASEAN would benefit all member countries and the United States, said Mr. Minh at the Indo – Pacific Business Forum on October 28.

 Deputy Prime Minister Pham Binh Minh speaks at the forum. Source: VGP. 

The forum was first held in Washington in 2018 as an initiative of the US, which aims to create a platform for policy dialogue and boost cooperation between governments and business communities in the region.

According to Mr. Minh, Vietnam and the US have become major economic partners for each other, with bilateral trade growing strongly over the years.

During the process, many issues have been timely addressed by both parties, as well as the signing of economic contracts worth billions of US dollars, Mr. Minh noted, adding this helps to ensure a sustainable and balanced trade relations between the two sides.

 Overview of the forum. Source: VGP. 

To date, US investors have made their presence in 20 economic fields in Vietnam, making the US the 11th largest investor in the Southeast Asian country, with major names such as Murphy Oil, Chevron, Intel, Nike, Coca Cola, Procter and Gamble, among others.

At this forum, economic contracts worth billions of US dollars have been signed between Vietnam and the US, including a joint-venture agreement for the Son My Liquefied Natural Gas terminal between AES Corporation and PetroVietnam Gas.

In his speech, Mr. Minh said the Asia – Pacific region is home to one of the world’s most dynamic and fastest economies and strategic sea routes, making the region a driving force for global growth and integration.

By 2050, the region is set to make up 70% of global GDP, in which some of the countries in the region are the US’s biggest trading partners with a combined turnover of over US$1,400 trillion per year.

Mr. Minh said Vietnam remains steadfast in pursuing global integration and is actively contributing to regional and international forums for the prosperity and stability of the region and the world.

Vietnam, along with ASEAN countries, supports a peaceful, prosperous and developed Indo – Pacific region on the basis of cooperation and integration, Mr. Minh stressed.

As an economy with high level of openness, Vietnam is more and more integrated into the Asia – Pacific region, in which many economies are and would continue to be Vietnam’s biggest trading partners, Mr. Minh stated.

This year’s forum focused on four major topics which are cooperation in infrastructure, health, digital economy and market connectivity.

Notably, during the two-day event, there would be a special discussion on the occasion of 25th anniversary of the Vietnam – US relations.