Washington D.C. (VNA) - The past 25 years have witnessed strides madein economic and trade cooperation between Vietnam and the US, contributing remarkably to bolstering bilateral relations, Minister Counsellor in charge oftrade affairs Bui Huy Son has said.

Their economicrelations have expanded in scale since the two established diplomatic ties, hetold Vietnam News Agency correspondents in the US.

Economic and tradecooperation has made important contributions to and remains one of the importantpillars of Vietnam-US relations.

According to US figures,two-way trade saw a 333-fold increase in the 25-year period, rising from 233.4million USD in 1994 to 77.5 billion USD in 2019.

Cooperation has alsoseen positive changes in quality, he added, as the structure of Vietnam’sexports to the US has been diversified, with the presence of industrial andprocessing products such as electronic components, iron and steel, rubber, andhome furniture. Vietnam has primarily focused on shipping agriculturalproducts, garments and textiles, and footwear to the US.

Another importantchange is that the two countries are stepping up new cooperative fields such asinvestment, technology research and development (R&D), and services such astransportation, telecommunications, and energy.

According to theMinister Counsellor, the two countries still hold great potential to boost cooperationin the time ahead.

Vietnamesebusinesses can find abundant capital and technologies in the US - the world’slargest import market at more than 2 trillion USD each year.

Vietnam isattractive to US enterprises, meanwhile, thanks to its positive growth,transparent policies, and close links with ASEAN markets and other major marketsin the world, Son said.

Given the negativeimpact of the COVID-19 pandemic, he said both countries are facing major challengesthat will have long-term consequences on the business activities of every enterpriseand the global economy.

He suggested thetwo sides focus on tapping each other’s advantages, expand trade activities,encourage investment, boost production chain links, and develop servicebusiness in such fields of potential as tourism, aviation, education, and R&D.

The twogovernments should maintain their effective policy dialogues and buildfavourable business climates to develop harmonious, sustainable, and mutually-beneficialeconomic and trade relations, he added./.