Vietnam, US strive to bring bilateral trade to 200 billion USD
(VOVWORLD) - Vietnam and the United States foresee a huge potential for cooperation following their upgrade of bilateral ties to a comprehensive strategic partnership last September, Deputy Prime Minister Tran Luu Quang said at the 6th Vietnam‑US Business Summit in Hanoi on Tuesday.
 Deputy Prime Minister Tran Luu Quang speaks at the 6th Vietnam‑US Business Summit in Hanoi on October 31, 2023. (Photo: VGP/Hai Minh) |
“Businesses in the two countries should boost their cooperation in economics trade to bring their two‑way trade to 200 billion USD, making the US one of the 10 biggest foreign investors in Vietnam. They should also raise a strong voice for Vietnam to be recognized as a market economy.”
In her video speech, US Secretary of Commerce Gina Raimondo, said Vietnam and the US share many opportunities to deepen trade and investment cooperation.
“Here at the Commerce Department we're working a multiple frames to seize these opportunities. This includes alleviating supply chains challenges in critical sectors from medical devices to semi conductors, collaborating our clean energy to help Vietnam meet its climate commitments, and we're finalizing the Indo-Pacific economic framework. Vietnam is a crucial partner in this effort,” she said.
High on the agenda of the summit was discussion of how the business community contributes to implementing the recent joint statement on establishing a comprehensive strategic partnership between the two countries.
After nearly 30 years of diplomatic ties, trade revenue between Vietnam and the US increased 300 fold to reach 124 billion USD last year. The US now ranks 11th among foreign investors in Vietnam with more than 1,300 projects worth a total of 11.8 billion USD.