Lot more room for Vietnam-US trade to grow PM Chinh
Though trade between Vietnam and US has grown significantly since the normalization of bilateral relations, it has yet to fulfill its potential, Prime Minister Pham Minh Chinh has said.
Speaking Thursday at a meeting with U.S. business executives, he said bilateral trade is up 280 times to $112 billion since relations were normalized 27 years ago. The U.S. is Vietnam's biggest export market and Vietnam is the U.S.'s ninth biggest trade partner.
The U.S. was Vietnam's 11th biggest investor with a total of US$10 billion as of last year.
"However, this does not represent the true potential of the two. There is ample room for growth, and lots of things could be done to benefit the peoples of the two countries."
Vietnam has switched from a zero-Covid to safe adaptation policy after bringing the pandemic under control, resulting in 5-percent GDP growth in the first quarter as against negative growth last year.
Vietnam prioritizes creating favorable conditions for business, infrastructure, mitigating the effects of climate change, and administrative reform, he said.
Its economy is growing and needs international partners, he said.
"I am willing to discuss Vietnam's economy with anyone in this world. We should cooperate on the basis of sincerity, trust and responsibility."
It has also established a national steering committee for its commitments at the 26th UN Climate Change Conference (COP26), but energy transformation remains a challenge, he said.
Ted Osius, a former U.S. ambassador to Vietnam and chairman of the U.S.-ASEAN Business Council, thanked the Vietnamese government and Chinh for supporting U.S. businesses.
Chinh is in the U.S. for the U.S.-ASEAN Summit, which marks 45 years of ties between the two sides and 27 years since the U.S. and Vietnam established diplomatic relations.
