Viet Nam Human Rights
VN – US: Towards fair and sustainable trade
The United States was the leading export market of Viet Nam in the first quarter of 2021 with the revenue of US$21.2 billion.
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Creating trade balance
Viet Nam-US relations have been vigorously growing in all fields, with economic and trade cooperation being the focus and the main driver of bilateral ties.
Executive Director of AmCham Viet Nam Mary Tarnowka said that through the mechanism of the Trade and Investment Framework Agreement (TIFA), the two countries have recently discussed and worked satisfactory solutions to many economic and trade problems.
Also, Vietnamese ministries and sectors have actively coordinated with the US to resolve many issues and bring about specific results, contributing to strongly promoting bilateral trade activities and maintaining stable trade relations, towards creating a harmonious, sustainable and mutually beneficial trade balance.
Viet Nam is planning to import more US goods such as liquefied natural gas (LNG), agricultural products, aquatic products, automobiles, aircraft, machinery and equipment, as well as reducing tariffs on the US’s strength imports to promptly restore the trade balance between the two countries.
In the medium term, Viet Nam and the US may seek a bilateral or multilateral trade agreement to which both are signatories in order to pave the way for fair and sustainable trade.
In addition to export activities, Vietnamese enterprises need to learn about and accelerate the imports of raw materials and goods from the US to serve the production and consumption needs, and re-export commodities with higher added value, towards achieving fair and sustainable Viet Nam-US trade relations.
Impressive growth of bilateral trade ties
The economic and trade relations between Viet Nam and the US have recorded great progress with many substantial results, meeting the interests of the two countries’ governments, people and businesses.
According to statistics from the Ministry of Industry and Trade, bilateral trade turnover exceeded US$90 billion (reaching US$90.8 billion) for the first time in history last year, towards the value of US$100 billion in 2021.
Over the past five years, Viet Nam's exports to the US have increased by 230%, while the US’s exports to the Southeast Asian country have also grown by more than 175%.
In particular, the US has become Viet Nam's largest export market, while Viet Nam has become the US's 10th largest trading partner.
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All comments [ 20 ]
Vietnamese and US agencies will continue their coordination in order to maintain trade ties between the two countries, towards harmonious, sustainable, and mutually beneficial trade balance.
The Việt Nam-US relationship had experienced strong development across spheres
the bilateral relationship would remain stable and be driven by the economic and trade ties.
The two sides could seek satisfactory solutions to many economic and commercial issues for a short period of time, contributing to enhancing two-way trade.
trade between Việt Nam and the US hit a record of US$90.8 billion last year, and they are working hard to raise the figure to $100 billion this year.
Over the past five years, Việt Nam’s export revenue to the US surged 230 per cent, while its import value was up more than 175 per cent.
The US has become Việt Nam’s biggest buyer and the Southeast Asian nation has emerged as the 10th largest trade partner of the US.
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 and Vietnam hold regular dialogues on labor, security, energy, science & technology, and human rights.
U.S.-Vietnam people-to-people ties have flourished.
Since entry into force of the U.S.-Vietnam bilateral trade agreement in 2001, trade between the two countries and U.S. investment in Vietnam have 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.-Vietnam bilateral trade has grown from $451 million in 1995 to over $90 billion in 2020.
In an effort to build Vietnam’s self-reliance, the United States works to spur further growth and trade competitiveness, combat pandemic threats, promote renewable energy, address war legacy issues, and conserve Vietnam’s forests and biodiversity.
The United States also assists the Government of Vietnam to bring its laws and practices into compliance with international labor standards and effectively enforce labor laws and uphold workers’ rights.
Tens of thousands of Vietnamese study in the United States, contributing nearly $1 billion to the U.S. economy.
The United States reaffirmed its support for Vietnam’s peacekeeping efforts through assistance to Vietnam’s first deployment of UN peacekeeping forces
Vietnam remains heavily contaminated by explosive remnants of war, primarily in the form of unexploded ordnance (UXO) including extensive contamination by cluster munitions dating from the war with the United States.
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.
In 2020, Vietnam and the United States commemorated 25 years of diplomatic relations between the two countries, renewing their commitment to strengthened cooperation.
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