Forum seeks ways to promote Vietnam - US trade in new context

Trade has become a pillar of the growing bilateral relationship between Vietnam and the US, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong said on November 16.

Speaking at a forum on promoting Vietnam-US trade in the new context, jointly organised by the VCCI, Business Forum Magazine and Vietnam Airlines in Hanoi, Phong said that Vietnam 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 Vietnam and the US that was officially established by Vietnam Airlines to promote trade cooperation between the two nations.

Remarkable progress has been made since Vietnam 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 Vietnam and the US has exceeded the 90 billion USD benchmark, reaching 90.8 billion USD.

Vietnam has become the 10th largest trading partner of the US, while the US is also the largest trading partner of Vietnam. Vietnam 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 Vietnam Airlines connecting the two countries, Phong said.

Vietnam's export turnover to the US has increased by 230 percent, while exports from the US to Vietnam 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 Vietnam, handed over a certificate of routine flight licence to Vietnam Airlines, making it the first and only airline of Vietnam permitted to operate regular flights to the US at present./.