Vietnam, West Virginia ink trade, energy cooperation deal

06:00 | 31/03/2021 Cooperation

(VEN) - The Vietnamese Ministry of Industry and Trade and the state of West Virginia recently signed a memorandum of understanding (MoU) to promote trade, industry and energy cooperation. 

vietnam west virginia ink trade energy cooperation deal
The signing ceremony of the memorandum of understanding on advancing bilateral energy, economic and commercial cooperation between the Vietnamese Ministry of Industry and Trade and the US state of West Virginia, Hanoi, February 25

The MoU sets out specific targets for bilateral cooperation and clear responsibilities of each side during the implementation process. A joint working group will be established to coordinate cooperation activities.

Politburo member and Head of the Central Economics Committee, Minister of Industry and Trade Tran Tuan Anh affirmed that the MoU has upgraded bilateral cooperation between Vietnam and the US to a new high. He believes the signing of the MoU in 2021 - the year that marks the 25th anniversary of Vietnam-US bilateral relations - will help deepen not only cooperation between the two governments, but also Vietnamese ministries and sectors’ cooperation with US states.

“From a long-term point of view, this is a suitable time for the two sides to boost in-depth cooperation for economic recovery and to cope with the Covid-19 pandemic,” Minister Tran Tuan Anh said.

Vietnam is a member of 16 free trade agreements (FTAs) with 54 partner countries - most of them members of the G20, providing opportunities for US companies in general and those from West Virginia in particular to access an open market when investing in Vietnam. “Improving the business environment to facilitate foreign investment projects, including those of the US, is a priority of the Vietnamese government,” Minister Tran Tuan Anh affirmed. Coal production and export

Trade and investment cooperation between Vietnam and the US has grown continuously in recent years. Bilateral trade reached US$90.8 billion in 2020 and is expected to increase to US$100 billion this year. Over the past five years, Vietnam’s exports to the US have grown 230 percent, while US exports to Vietnam also grew more than 175 percent. The two countries have built an action plan with specific measures to achieve balanced and sustainable bilateral trade, including promoting Vietnam’s cooperation with the federal US government and individual states.

In coal production and export, fields in which West Virginia has advantages, the Vietnam National Coal and Mineral Industries Group (Vinacomin) and the Dong Bac Corporation are negotiating with Xcoal and Grimmerstones to import coal and mining equipment from the US.

Congresswoman Carol Miller affirmed that the MoU between her home state of West Virginia and the Vietnamese Ministry of Industry and Trade marks the beginning of a tight friendship, which will benefit both sides and contribute to the harmony and balance of bilateral trade relations between Vietnam and the US.

Miller pledged to contribute to boosting the relations between the two countries and to mutual understanding and respect between West Virginia and Vietnam.

West Virginia Governor Jim Justice said the signing of the MoU marked a historical event of great significance to international cooperation and trade activities by his state. Justice believes the agreement will create opportunities for the two sides, especially in fields where West Virginia has advantages, such as energy, agriculture and aviation. Notably, West Virginia’s high-quality coal and hardwood products will meet all requirements of Vietnamese manufacturers.

The MoU between the Ministry of Industry and Trade and West Virginia aims to set up a comprehensive cooperation framework to facilitate trade exchange and investment in industry and energy, increasing the exchange of information about potential business opportunities, supporting projects and company operations.

Thu Phuong