US, Vietnam pledge to achieve balanced trade

09:07 | 13/10/2018 Cooperation

(VEN) - US exports to Vietnam in the first half of 2018 surged more than 20 percent year-on-year, reflecting efforts by both sides to reach balanced bilateral trade in light of protectionist pressures.

us vietnam pledge to achieve balanced trade

Major fields of investment

The developments in bilateral trade were discussed recently in Hanoi at the 2018 US-Vietnam Business Summit themed “Defining the future of bilateral economic relations”. The event, with the participation of leading businesses of the two countries, was organized by the American Chamber of Commerce (AmCham) in Vietnam, the Vietnam Chamber of Commerce and Industry (VCCI) and the US Chamber of Commerce.

Addressing participants, Deputy Prime Minister Trinh Dinh Dung said Vietnam highly values projects by US investors, especially in renewable, green and sustainable energy, oil and gas, infrastructure, finance-banking, education-training, tourism, agriculture, high technology, along with other traditional areas such as agriculture and aquaculture.

The Deputy PM noted that the governments and businesses of both countries are facing new challenges as they seek to maintain the growth trend of bilateral economic relations.

Vietnam exports to the US seafood, cashew nuts, textiles, garments and footwear, while the US supplies Vietnam with high-tech products, including aircraft and aircraft engines worth billions of US dollars. American firms operating in Vietnam have also imported various types of equipment from the US for use in their projects.

“We will continue creating favorable conditions for foreign investors, including US businesses, to successfully invest in Vietnam, and encourage their long-term operations in the country. Your success is Vietnam’s success,” Dung said.

Balanced free trade

US Under Secretary of Commerce for International Trade Gilbert Kaplan said that Vietnam’s development really impressed him. Many US companies want to invest in Vietnam as they have seen the potential of the Vietnamese market with 93 million consumers and the fastest-growing middle class in the region.

Trade relations between the two countries have grown strongly. Bilateral trade reached US$55 billion in 2017, compared with US$7.8 billion in 2005. In the first half of 2018, import-export revenue between the two nations was estimated at US$27.4 billion. During the last two years, Vietnam sent large business delegations to attend investment conferences in Washington DC.

The US has praised the Vietnamese government’s commitment to increase imports from the US. During President Donald Trump’s visit to Vietnam in late 2017, the two sides signed contracts worth more than US$20 billion, including over US$11 billion worth of US exports to Vietnam.

Emphasizing the necessity of promoting balanced free trade, Gilbert Kaplan said both sides need to resolve problems that hinder US business’ market development efforts. He expressed hope that direct flight service between the two countries would be launched late next year.

Since normalizing diplomatic relations with Vietnam in 1995, the US has become one of Vietnam’s largest trading