US President Joe Biden's visit to Vietnam this time (from September 10-11 - PV) will open up unprecedented opportunities for Vietnam to truly participate in the global supply chain.
That was the assessment of Minister of Industry and Trade Nguyen Hong Dien about President Joe Biden's state visit to Vietnam and the event of the US - Vietnam upgrading relations to the level of comprehensive strategic partnership.
The visit of US President Joe Biden and the event of Vietnam - US upgrading relations to comprehensive partnership level opens up many opportunities for trade and economic development between businesses of the two countries.
PV
Trade turnover increased more than 275 times
Minister Nguyen Hong Dien said that since 1994 when the US officially lifted the trade embargo against Vietnam, after 30 years, Vietnam - US trade turnover has increased more than 275 times, from 450 million USD to 124 billion USD (2022).
For many years, the US has been Vietnam's leading trade partner and largest export market, accounting for nearly 30% of Vietnam's total export turnover. By 2022, Vietnam will become the US's 8th largest trade partner.
The Minister of Industry and Trade analyzed that the bilateral economic and trade relationship between Vietnam and the US is complementary. The US has a large demand for importing agricultural products that Vietnam has strengths in; Vietnamese products have advantages in labor in many fields such as textiles, footwear, machinery, electronic equipment, etc.
On the contrary, the US is one of the important import markets for raw materials for Vietnam's production, providing source products such as cotton, animal feed, corn, soybeans, chemicals, machinery, technology, etc. to meet Vietnam's high export growth rate. The US has an average trade growth rate of over 20%/year and will continue to be one of Vietnam's largest export markets at present and in the coming years.
In particular, US businesses are currently aiming to diversify their supply chains to minimize the risk of disruption and dependence on certain markets. This will be an opportunity for Vietnamese businesses to expand their production activities and participate more deeply in the global value chain. Currently, large US corporations such as Intel, Apple, Google, Boeing, Walmart, etc. have researched and invested in expanding their supply chains in Vietnam to ensure long-term stability of the entire chain.
Proposing specific US support to help with efficient energy transition
Mr. Nguyen Hong Dien emphasized that the policy of energy transition, environmental protection and sustainable development has become the main trend of cooperation and development. The US strengthening cooperation in this field will help Vietnam build and invest in a more efficient national energy system, while creating opportunities to attract direct investment and high technology in this field.
In the energy sector, Vietnam has asked the US to provide specific support to help Vietnam effectively implement the energy transition process, such as consulting and developing policies to develop renewable energy and clean energy suitable for the future.
Vietnam also requested the US to support human resource training for new energy and new industry sectors with specific, partial training cooperation programs in Vietnam and abroad. This is the foundation for building high-quality human resources with the capacity to implement energy transition ideas in Vietnam, ready to receive new technologies from developed countries that can be transferred.
Vietnam has asked the US to support or cooperate with Vietnamese enterprises in receiving new technology, mastering technology, and manufacturing equipment for the energy transition, including wind power equipment such as propellers, turbines, and electric motors; producing new, cleaner fuels for the energy transition such as hydrogen and green ammonia; and supporting Vietnam in building a smart grid.
"Vietnam needs real support to ensure self-sufficiency in new energy sources, bringing the cost of renewable energy to a reasonable level, suitable for the people, not simply needing support in borrowing capital, purchasing equipment, and hiring experts," said Mr. Dien.
According to Minister Nguyen Hong Dien , in addition to the Vietnam-US Energy Security Dialogue mechanism that is currently being maintained annually, in the coming time, the US will continue to have new cooperation frameworks such as the Just Energy Transition Partnership (JETP) to support Vietnam in accelerating the process of peaking greenhouse gas emissions and transitioning from fossil fuels to clean energy.
Thanhnien.vn
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