| Vietnam-US Trade: Remarkable Growth. Economic and trade cooperation between Vietnam and the United States opens up many more avenues. |
The forum is part of the "Connecting International Goods Supply Chains" event series in 2023, organized by the Ministry of Industry and Trade in coordination with the People's Committee of Ho Chi Minh City.
 |
| Deputy Minister of Industry and Trade Do Thang Hai delivered the opening remarks at the Vietnam-US Trade Forum. |
Speaking at the Forum, Deputy Minister Do Thang Hai stated that, nearly 30 years after the normalization of relations between the two countries in 1994, cooperation between Vietnam and the United States has achieved significant and substantial progress in many areas of cooperation, both bilaterally and multilaterally. In the economic field, trade between the two countries has seen important developments. Two-way trade turnover has consistently witnessed high growth rates, increasing more than 275 times, from approximately $450 million to $124 billion (in 2022). For many years, the United States has been a leading important trading partner of Vietnam. In 2022, Vietnam became the eighth largest trading partner of the United States.
Regarding cooperation mechanisms, the two countries have signed numerous agreements, documents, and understandings, and notably, on September 10, 2023, they officially upgraded their relationship to a comprehensive strategic partnership. This is truly a historic milestone in bilateral relations, something no one could have imagined nearly 30 years ago.
According to Deputy Minister Do Thang Hai, the difficult economic situation and high inflation rate in the United States have significantly reduced the purchasing power of consumer goods, which is one of the reasons why Vietnam's exports to the United States decreased in the first few months of the year. However, this decline is considered temporary and not a major trend in the future.
“Vietnam’s exports have rebounded in recent months, showing promising signs for 2023. Traditional and strong export items such as textiles, wood products, footwear, and electronics are expected to continue recovering with positive export growth rates,” Deputy Minister Do Thang Hai assessed.
 |
| Businesses exchanged ideas at a discussion session themed "Strengthening Connections with US Industrial and Energy Corporations". |
According to Deputy Minister Do Thang Hai, the Ministry of Industry and Trade highly appreciates President Joe Biden's historic visit and the upgrading of relations to a comprehensive strategic partnership. This will create unprecedented opportunities to promote new, groundbreaking areas of cooperation, building domestic capacity so that Vietnam can truly participate in global value chains. This will focus on boosting the participation of Vietnamese businesses in supplying raw materials and components for the energy, aviation, digital economy, semiconductor ecosystem, and artificial intelligence applications.
"The forum will provide an important opportunity for managers, experts, and business leaders from both countries to frankly discuss potential areas and opportunities for Vietnamese businesses to participate in the supply chains of raw materials and components for the aviation and energy industries. This will contribute to creating momentum for the business communities of both countries to build strategies for accessing and expanding import and export markets, promoting trade and investment between the two countries in a balanced and sustainable manner," Deputy Minister Do Thang Hai shared.
Representing US businesses, Maxime Dourdan, Director of Supply Chain Development for Boeing in Southeast Asia, Japan, and Korea, highly appreciated the potential and important position of the Vietnamese market for Boeing's business strategy, as well as the opportunities and possibilities for cooperation with domestic businesses, which will help Boeing successfully implement its investment and business development plan in Vietnam.
In the coming period, Boeing will focus on three main directions: deepening trade relations in the aviation sector with airlines in Vietnam; cooperating in specific areas such as helicopters and transport; and investing in developing the supply chain for aviation parts and equipment in Vietnam.
Source link
Comment (0)