On February 3, 1994, US President Bill Clinton announced the decision to completely lift the 19-year trade embargo against Vietnam, the first step towards normalizing diplomatic relations. After lifting the embargo, the US Department of Commerce also moved Vietnam from Group Z, which was subject to trade restrictions, to Group Y, which was subject to less trade restrictions.
On June 26, 1994, the United States and Vietnam agreed to exchange liaison offices to concretize the establishment of official diplomatic relations between the two countries. And on July 11, 1995, President Bill Clinton announced the "normalization of relations" with Vietnam, marking a new page in the history of diplomatic relations between the two countries. On the morning of July 12, 1995, Prime Minister Vo Van Kiet also read the statement establishing diplomatic relations with the United States.
The event of the US announcing the lifting of the embargo on Vietnam and then announcing the normalization of relations first created an opportunity for Vietnam to normalize relations not only with the US but also connect with all countries in the world, in all fields.
Besides, this is also the premise for Vietnam to achieve other important foreign achievements such as: officially joining the Association of Southeast Asian Nations (ASEAN) in 1995; joining the Asia-Pacific Economic Cooperation Forum (APEC) in 1998...
One of the factors that was mentioned a lot after the normalization of Vietnam-US relations was trade. On October 17, 2001, when President George W. Bush approved the Vietnam-US Trade Agreement, it opened the way for the development of trade relations between the two countries. Vietnam-US economic relations developed rapidly.
At the discussion on the occasion of the 30th anniversary of the lifting of the trade embargo (1994-2024) on the afternoon of February 2, US Ambassador to Vietnam Marc Knapper affirmed that this event has paved the way for all the wonderful developments in the Vietnam-US economic and trade relations.
Since the trade embargo was lifted in 1994 and the two countries normalized relations in 1995, by 2022, US-Vietnam trade turnover had reached 139 billion USD, 300 times higher than in 1995.
Vietnam is the 8th largest trading partner of the US in the world and the largest trading partner of the US in ASEAN. Meanwhile, the US is the second largest trading partner and the largest export market of Vietnam. In particular, the US believes in the importance of Vietnam in global supply chains.
Ambassador Marc Knapper said that during his state visit to Vietnam last year, President Joe Biden pledged to cooperate and help Vietnam develop the semiconductor industry and other high-tech industries; and cooperate with Vietnam to build a workforce for the 21st century.
The US is committed to cooperating and supporting Vietnam and is considering recognizing Vietnam as a market economy.
Dr. Can Van Luc, member of the National Financial and Monetary Policy Advisory Council and member of the Vietnam Pacific Economic Cooperation Committee, said that the decision to lift the US trade embargo on Vietnam was a wise one. After the trade embargo was lifted, banks and businesses rushed to Vietnam.
More importantly, after the US lifted the embargo, investors from other countries felt secure investing in Vietnam.
According to Dr. Can Van Luc, in the context of Vietnam and the US upgrading their relationship to Comprehensive Strategic Partnership last year, the two countries need real projects and programs, a detailed plan for each different field, and also need a common focal point to closely monitor the implementation process and provide information. Some potential fields include startup investment, renewable energy, education, health services, etc.
Mr. Bui Quang Minh (who participated in Shark Tank Vietnam), CEO of the multi-industry service ecosystem Beta Group, shared that when the embargo was lifted, he was only 11 years old, living in a rural area of Vinh Phuc province. He had the opportunity to study for a master's degree at Harvard University in the US, as well as witness the increasingly close Vietnam-US relationship with many great achievements in many fields.
Mr. Minh emphasized that not only Vietnam learns many values from the US, but the US also receives many values from Vietnam, including innovation and price optimization, which will benefit both people of the two countries.
He feels grateful to live in a time when the Vietnam-US partnership brings so much value to people like him and future generations, things that might have been unimaginable many years ago.
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