Promoting Vietnam-U.S trade ties in the new context

Forum: “Promoting Vietnam-U.S trade ties in the new context” 

Over twenty-five years after the establishment of bilateral relations in 1995, the United States and Vietnam are trusted partners with a friendship grounded in mutual respect. U.S.-Vietnam relations have become increasingly cooperative and comprehensive, evolving into a flourishing partnership that spans political, economic, security, and people-to-people ties. The United States supports a strong, prosperous, and independent Vietnam that contributes to international security; engages in mutually beneficial trade relations; and respects human rights and the rule of law. Relations are guided by the 2013 U.S.-Vietnam Comprehensive Partnership, an overarching framework for advancing the bilateral relationship, and Joint Statements issued by our two countries’ leaders in 2015, 2016, and in May and November 2017. In 2020, Vietnam and the United States commemorated 25 years of diplomatic relations between the two countries, renewing their commitment to strengthened cooperation.

Vietnam and the United States belong to a number of the same international organizations, including the United Nations, ASEAN Regional Forum, Asia-Pacific Economic Cooperation (APEC), International Monetary Fund, World Bank, and World Trade Organization.

Since the entry into force of the U.S.-Vietnam bilateral trade agreement in 2001, trade between the two countries and U.S. investment in Vietnam has grown dramatically. The United States and Vietnam have concluded a trade and investment framework agreement; they also have signed textile, air transport, customs, and maritime agreements. U.S. exports to Vietnam include machinery, computers and electronics, yarn/fabric, agricultural products, and vehicles. U.S. imports from Vietnam include apparel, footwear, furniture and bedding, agricultural products, seafood, and electrical machinery. U.S.-Vietnam bilateral trade has grown from $451 million in 1995 to over $90 billion in 2020. U.S. goods exports to Vietnam were worth over $10 billion in 2020, and U.S. goods imports in 2020 were worth $79.6 billion. U.S. investment in Vietnam was $9.7 billion until August 2021.

At the above Forum, representatives of State authorities, experts, businesses… will discuss solutions to promote bilateral trade ties as well as two-way investment in the coming time. 

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