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.
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| The recent Vietnam Economic Outlook 2020 meeting in Ho Chi Minh City |
Speaking at the Vietnam Economic Outlook 2020 meeting in 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-Vietnam bilateral trade agreement entered into force in 2001, trade between the two countries and US investment in Vietnam have both grown dramatically."
“We believe a strong Vietnam will be our partner in promoting regional security and in supporting global peacekeeping operations. We believe an independent Vietnam will choose to work with us and others in the region to ensure a rules-based order, open access to air and sea lanes, and resolution of disputes without coercion.”
Damour said that Ted McKinney, undersecretary for trade and foreign agricultural affairs at the US Department of Agriculture, recently led a delegation of more than 40 US exporters and trade associations, as well as delegates from 11 US state departments of agriculture, to Vietnam to seek agricultural export opportunities.
Twenty-five years ago, bilateral trade between the US and Vietnam was only 200 million USD, but now is 60 billion USD. In 1994, Vietnam was the 95th largest consumer of US goods and services but today ranks 12th.
“Nobody can predict the future, but I believe that by working in partnership with one another, the next 25 years will continue to see the same dynamic growth as the last 25 did,” she said.
The annual Vietnam Economic Outlook, organised by the CEO Club in the city, provides businesses with insights in the financial, banking, construction, and retail and industrial manufacturing industries in Vietnam.
More than 200 CEOs of Vietnamese enterprises and corporations, government representatives, consulates and commercial counselors, and domestic and international business associations participated in the event.