The consensus was reached during recent phone talks between Tran Tuan Anh, Chairman of the Party Central Committee’s Economic Commission, Minister of Industry and Trade and Chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, and US Trade Representative Katherine Tai.
The two sides shared the view that after more than 25 years of the normalisation of the bilateral relations, thanks to efforts of the two countries’ leaders, the close and effective collaboration between the Vietnamese Ministry of Industry and Trade (MoIT) and the Office of US Trade Representative, in their capacity as co-chairs of the TIFA Council, as well as partnerships between other ministries, agencies and businesses, the economic and trade ties have reaped practical outcomes.
The Vietnam-US relationship has experienced strong development across spheres, Anh said, expressing his belief that the bilateral relationship will remain stable in the time ahead, and be driven by the economic and trade ties.
For her part, Tai lauded results of policy dialogues between the two countries through the TIFA, saying the two sides could seek satisfactory solutions to many economic and commercial issues for a short period of time, contributing to enhancing the two-way trade.
According to the MoIT, trade between Vietnam and the US hit a record of 90.8 billion USD last year, and they are working hard to raise the figure to 100 billion USD this year.
Over the past five years, Vietnam’s export revenue to the US surged 230 percent, while its import value was up more than 175 percent.
The US has become Vietnam’s biggest buyer and the Southeast Asian nation has emerged as the 10th largest trade partner of the US.
