VN – US: Towards fair and sustainable trade

VN – US: Towards fair and sustainable trade

Together with the goal of achieving US$100 billion in two-way trade this year, the two countries are also moving towards fair and sustainable trade.

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.

By Vien Nhu