Ample room for growth in US-Vietnam trade relations: PM

Prime Minister Pham Minh Chinh (R) receives US Secretary of Commerce Gina Raimondo in Washington DC. on May 11 (Photo: VNA)

Washington D.C - Prime Minister Pham Minh Chinh received US Secretary of Commerce Gina Raimondo in Washington D.C on May 11 (local time), during his trip to the US.

PM Chinh stressed the visit by Party General Secretary Nguyen Phu Trong seven years ago to the US has laid a solid foundation for the bilateral ties, and he appreciated the US’ policy of supporting a strong, independent and prosperous Vietnam.

The Vietnamese Government leader thanked the support of the US Department of Commerce in general and the Secretary in particular in promoting trade between Vietnam and the US in recent times as well as in promptly handling arising issues without disrupting bilateral trade.

He highly regarded the remarkable developments in the economic-trade relations between the two countries, which has increased from 400 million USD in total value in 1995 to reach 112 billion USD in 2021 despite many challenges caused by the COVID-19 pandemic.

He noted that there is still ample room for growth in trade and commerce between Vietnam and the US.

PM Chinh expressed his wish that the two countries’ trade relations continue to develop in a harmonious and sustainable manner, and that more focus will be centred on diversifying supply chains, digital transformation in commerce and investment, and promoting science and technology.

He said Vietnam is committed to continuing to create a fair and transparent business environment, based on the principles of market economy, fairness, harmonised benefits and shared risks, so that US enterprises and investors can be assured when expanding their business activities in Vietnam.

He noted that Vietnam is still a developing economy after decades of war and it needs cooperation from developed countries, including the US, in green finance, technology, human resources. The country is currently prioritising projects with new, clean technology, high added value, digital transformation value, or ones that help link with the global production and supply chains.

For her part, Gina Raimonda said she was impressed by Vienam’s development strides, especially in the 27 years since the normalisation of ties in 1995.

She also highly valued the country’s economic development vision and plan, especially in the areas of digital economy, green economy, and diversification of supply chains. She stated that the US wants to increase cooperation with Vietnam as the country seeks to carry out its commitment towards net-zero emissions by 2050.

The US official said she was pleased with the progress in relations between the two countries, especially in the field of economy and trade.

Gina congratulated Vietnam on the successful control of the COVID-19 pandemic, affirming that the US will continue to support the nation’s post-pandemic recovery, and expressed her pleasure to see that more and more Vietnamese businesses are interested in investing in the US.

On the occasion, PM Chinh and the US Commerce Secretary witnessed the exchange of cooperation documents between the two countries’ agencies and businesses in many fields such as energy, infrastructure, telecommunications, digital technology, climate change response and those that help Vietnam achieve its commitments made at UN COP26.