| Vietnam – US Trade: Remarkable Growth Vietnam – US Economic and Trade Cooperation Adds More Open Corridors |
The forum is part of the event series "Connecting international supply chains" in 2023 organized by the Ministry of Industry and Trade in coordination with the People's Committee of Ho Chi Minh City.
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| Deputy Minister of Industry and Trade Do Thang Hai delivered the opening speech at the Vietnam - US Trade Forum. |
Speaking at the Forum, Deputy Minister Do Thang Hai said that after nearly 30 years since the two countries normalized relations in 1994, cooperation between Vietnam and the United States has achieved many strong and substantial developments in many areas of cooperation both bilaterally and multilaterally. In the economic field, trade between the two countries has made important developments. Two-way trade turnover has continuously witnessed high growth rates, increasing more than 275 times, from about 450 million USD to 124 billion USD (in 2022). The United States has been Vietnam's leading important trade partner for many consecutive years. In 2022, Vietnam became the 8th largest trade partner of the United States.
Regarding the cooperation mechanism, the two countries have signed many agreements, documents, and arrangements, and especially, recently on September 10, 2023, the two countries officially upgraded their relationship to the level of comprehensive strategic partnership. This is truly a historic milestone in bilateral relations, something that no one could have imagined nearly 30 years ago.
According to Deputy Minister Do Thang Hai, the recent economic difficulties and high inflation in the United States have significantly reduced the purchasing power of consumer goods, which is also one of the reasons why Vietnam's exports to the United States have decreased in the first months of the year. However, this decline is considered to be temporary and not a major trend in the coming time.
“Vietnam's exports have grown again in recent months, showing an expected improvement for 2023. Vietnam's traditional and strong export products such as textiles, wooden products, footwear, electronics, etc. are expected to continue to recover with positive export growth rates,” Deputy Minister Do Thang Hai assessed.
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| Businesses exchange at the discussion session with the topic "Enhancing connections with US industrial and energy corporations" |
According to Deputy Minister Do Thang Hai, the Ministry of Industry and Trade highly appreciated the historic visit of President Joe Biden and the event of upgrading the relationship to a comprehensive strategic partnership. This will create unprecedented opportunities to promote new and breakthrough areas of cooperation, building internal strength so that Vietnam can truly be present in global value chains. In particular, focusing on promoting the participation of Vietnamese enterprises in the field of supplying raw materials and components for the energy, aviation, digital economy, semiconductor ecosystem, and artificial intelligence applications.
"The forum will provide an important opportunity for managers, experts and business leaders of the two countries to frankly discuss potential areas and opportunities for Vietnamese enterprises to participate in the supply chain of raw materials and components of the aviation and energy supply chain. Thereby, contributing to creating motivation for the business communities of the two countries to build strategies to approach and expand import-export markets, promote trade and investment activities between the two countries in a balanced and sustainable manner," Deputy Minister Do Thang Hai shared.
Representing US businesses, Mr. Maxime Dourdan, Director of Supply Chain Development of Boeing in Southeast Asia, Japan and Korea, highly appreciated the potential and important position of the Vietnamese market for Boeing's business strategy as well as the opportunities and possibilities of cooperation with domestic businesses, which will help Boeing successfully implement its investment and business development plan effectively in Vietnam.
In the coming time, Boeing will focus on three main directions, including: deepening commercial relations in the aviation sector with airlines in Vietnam; cooperating in some specific fields such as helicopters and transportation; investing in developing the supply chain of aviation spare parts and equipment in Vietnam.
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