Vietnam and West Virginia sign memorandum for commerce, economy, and energy

The Mou between Vietnam and West Virginia will facilitate the $100 billion bilateral trade turnover target with the US in 2021

With this MoU, the MoIT of Vietnam and West Virginia provide a comprehensive cooperation framework to facilitate trade and investment exchanges in the sectors of export-import, trade, industry, and energy. At the same time, the two countries also aim to increase information sharing about potential business opportunities, supporting projects and activities of businesses from both sides.

Tran Tuan Anh, Minister of Industry and Trade said that it is the priority of the Vietnamese government to improve the business and investment environment, and facilitate US projects.

“Vietnam, together with the US, has developed an action plan with particular solutions, towards sustainable and harmonious trade balance between the two countries,” Minister Tuan Anh said.

He believed that this is an appropriate time for the two countries to enhance in-depth cooperation, promote economic recovery, and cope with the COVID-19 pandemic.

Vietnam has joined several free trade agreements with 54 country partners, including most of the G20 countries. Thus, businesses of West Virginia or the US have a chance to access a broad market of Vietnam.

Congresswoman Carol Miller affirmed the signing of the MoU marked a beginning of a strong friendship between Vietnam and West Virginia. It brings practical economic benefit for both sides, promoting balance and harmony in the bilateral trade relationship between Vietnam and the US.

Trade and investment cooperation between Vietnam and the US has continuously grown year-over-year.

According to the MoIT, 2020 marked the first year that the total trade turnover between the two countries reached $90.8 billion, surpassing $90 billion, and looking for $100 billion in 2021.

Over five years, Vietnam’s export turnover to the US rose by 230 per cent, while export from the US to Vietnam has also increased by over 175 per cent.