US forecasts bright outlook for trade with Vietnam
Vietnam has become central to the US policy in the Asia-Pacific region as ties between the two countries have strengthened in recent years, Marie Damour, the US consul general in HCM City, said at a recent conference.
The recent Vietnam Economic Outlook 2020 meeting in Ho Chi Minh City (Photo: VNA)
HCM City (VNS/VNA) — Vietnam hasbecome central to the US policy in the Asia-Pacific region as ties between thetwo countries have strengthened in recent years, Marie Damour, theUS consul general in HCM City, said at a recent conference.
Speaking at the Vietnam Economic Outlook 2020 meetingin Ho Chi Minh City, Damour said: “Dedicating our support to assist a strong, prosperous,independent Vietnam is one of our highest priorities. Since the US-Vietnambilateral trade agreement entered into force in 2001, trade between the twocountries and US investment in Vietnam have both growndramatically."
“We believe a strong Vietnam will be our partner inpromoting regional security and in supporting global peacekeeping operations.We believe an independent Vietnam will choose to work with us and others in theregion to ensure a rules-based order, open access to air and sea lanes, andresolution of disputes without coercion.”
Damour said that Ted McKinney, undersecretary fortrade and foreign agricultural affairs at the US Department ofAgriculture, recently led a delegation of more than 40 US exporters andtrade associations, as well as delegates from 11 US state departments ofagriculture, to Vietnam to seek agricultural export opportunities.
Twenty-five years ago, bilateral trade betweenthe US and Vietnam was only 200 million USD, but now is 60billion USD. In 1994, Vietnam was the 95th largest consumerof US goods and services but today ranks 12th.
“Nobody can predict the future, but I believe that byworking in partnership with one another, the next 25 years will continue to seethe same dynamic growth as the last 25 did,” she said.
The annual Vietnam Economic Outlook, organised by theCEO Club in the city, providesbusinesses with insights in the financial, banking, construction, andretail and industrial manufacturing industries in Vietnam.
More than 200 CEOs of Vietnamese enterprises andcorporations, government representatives, consulates and commercial counselors,and domestic and international business associations participated in the event./.
Vietnam considers economy-trade a pillar in its cooperation with the US, stated head of the Party Central Committee’s Economic Commission Nguyen Van Binh.
The Vietnamese Party and State attach importance to the relations with the US, Head of the Party Central Committee’s Economic Commission Nguyen Van Binh said on October 28.
The Vietnamese Government always welcomes and works to remove bottlenecks for foreign investors, including those from the US, Deputy Prime Minister and Foreign Minister Pham Binh Minh said on October 28.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
The recent Vietnam Economic Outlook 2020 meeting in Ho Chi Minh City (Photo: VNA) 
