Vietnam emerges as important pillar in US economy
VOV.VN - The United States has identified Vietnam as an important pillar as part of its economy, especially after both countries recently elevated ties to a comprehensive strategic partnership, said Susan Burns, US Consul General in Ho Chi Minh City, at the Vietnam - US Trade Forum 2023 on November 21.
The US diplomat pointed out that the upgrade in diplomatic relations has create a wealth of opportunities for further economic development between the two countries.
Accordingly, Burns said Vietnamese firms enjoy advantages in attracting direct investment from US businesses, focusing on the fields of semiconductor chip manufacturing and mining, and in increasing its exports to the US.
Furthermore, both sides can work together to remove technical barriers in import-export, and investment activities. Their close economic links play a key role in the resilience of global supply chains and common prosperity across the region.
For his part, Deputy Minister of Industry and Trade Do Thang Hai acknowledged that global economic impacts have somewhat hindered Vietnamese export activities to the US market.
However, these can be viewed as only short-term impacts and they will soon be overcome next year, expected the trade official.
He went on to reveal that Vietnamese exports to the US market has shown positive signs in the last months of the year in the context that many US corporations and distribution channels are not only increasing the purchasing goods, but also seeking opportunities to establish channels for purchasing goods from Vietnam.
Currently, Vietnam makes up the US’ 10th largest trading partner with a trade turnover of about US$90.8 billion, accounting for 2.4% of total US import and export turnover. Of the total value, US$83.7 billion was generated from Vietnamese exports, accounting for 3.6% of total US imports.
At the forum, experts provided the latest information on new US policy trends, putting forward solutions, and orientations for businesses to gradually expand import and export markets and accelerate trade and investment exchanges between the two countries in a balanced and sustainable manner.
Business representatives highly appreciated panel discussions at the forum with the participation of governors of US states, helping to create an additional channel for policy advice, share experiences and market information, and support firms to overcome challenges amid global uncertainties.
