Forum seeks ways to promote Viet Nam-US trade in new context
Trade has become a pillar of the growing bilateral relationship between Viet Nam and the US, Vice Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong said on November 16.
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| At the forum. (Photo: VNA) |
Speaking at a forum on promoting Viet Nam-US trade in the new context, jointly organised by the VCCI, Business Forum Magazine and Viet Nam Airlines in Ha Noi, Phong said that Viet Nam has been attractive to US businesses with a market of nearly 100 million consumers, positive growth, open policies, close connection with the Association of Southeast Asian Nations (ASEAN) market and other major markets in the world thanks to a network of free trade agreements.
The forum was held on the occasion of a regular commercial flight route between Viet Nam and the US that was officially established by Viet Nam Airlines to promote trade cooperation between the two nations.
Remarkable progress has been made since Viet Nam and the US normalised their relations, meeting the interests of the governments, people and business communities of the two countries, Phong said.
He said that despite the prolonged COVID-19 pandemic and its complicated developments which disrupted the supply chains, 2020 was the first year that the total trade turnover between Viet Nam and the US has exceeded the 90 billion USD benchmark, reaching 90.8 billion USD.
Viet Nam has become the 10th largest trading partner of the US, while the US is also the largest trading partner of Viet Nam. Viet Nam is one of the first countries in Asia to sign a trade agreement with the US.
Many commercial investment opportunities between the two countries will be opened up when there is a regular direct flight of Viet Nam Airlines connecting the two countries, Phong said.
Viet Nam's export turnover to the US has increased by 230 percent, while exports from the US to Viet Nam have also grown by more than 175 percent over the past five years. Key Vietnamese products exported to the US are machinery, equipment, tools, and spare parts.
Participants at the forum exchanged views on issues related to the ways businesses can adopt to ensure their interests and tariff preferences when exporting to the US as well as matters that they should pay attention to meet high standards of product quality and dealing with technical barriers.
At the forum, Charles Ranado, Commercial Counselor of the US Embassy in Viet Nam, handed over a certificate of routine flight license to Viet Nam Airlines, making it the first and only airline of Viet Nam permitted to operate regular flights to the US at present.
(Source: VNA)
