Vietnam, U.S. seek to strengthen trade, investment ties

Vietnam, U.S. seek to strengthen trade, investment ties

The Saigon Times Daily

HCMC – U.S. Secretary of Commerce Wilbur Ross met with Vietnam’s Minister of Industry and Trade Tran Tuan Anh in Hanoi on November 8 to discuss forging stronger ties between the United States and Vietnam in a wide variety of fields,.

Secretary Ross praised the Vietnamese Government’s efforts to enhance the investment environment and create conducive conditions for foreign investors, including those from the United States, to start long-term businesses in the country, reported the Vietnam News Agency.

He stated that the purpose of his visit was to strengthen economic, trade and investment ties between the two countries.

The official said that the two countries have great potential for cooperation in the sectors of construction, energy and aviation. He urged the Vietnamese Government to offer further support to American firms to enjoy mutual benefits.

Echoing a similar view, Minister Anh underlined the wish of the Vietnamese Government and especially the Ministry of Industry and Trade to collaborate with the United States to strengthen the bilateral partnership, particularly in the economic, commercial and investment sectors.

The minister said Vietnam has made every effort to resolve complaints from the United States, create an open and transparent business environment and facilitate U.S. projects in Vietnam so that American investors can have peace of mind in pursuing long-term, sustainable business development, in line with Vietnamese laws.

Vietnam is taking various steps to balance its trade with the United States, such as stepping up cooperative ties with the federal government and State administrations to serve mutual interests and encouraging the import of goods and services from the world’s largest economy, the minister stressed.

In an effort to crack down on fraudulent origins of goods and illegal transshipments, he suggested the two sides work together more closely, adding that a customs mutual assistance agreement between the countries would be struck soon, thereby speeding up the prevention and handling of these cases.

He took the occasion to thank the U.S. side for its recent decision to recognize Vietnam’s food safety control system for catfish, particularly tra (pangasius) and basa fish, as equivalent to American regulations.

He also thanked the U.S. official for considering Vietnam the focus of the U.S. Tradewinds trade promotion program in 2020, noting that Vietnam will coordinate closely with the United States to ensure the program’s success.

Anh spoke highly of Ross’ speech at the Indo Pacific Business Forum on the sidelines of the 35th ASEAN Summit in Thailand on November 4, which spotlighted the Blue Dot Network initiative of the United States to promote sustainable infrastructure development with high-quality and reliable standards.

The ministry is keen on promoting this relationship with the goal of building Vietnam as a reliable partner of the United States, he said.

Vietnam and the United States have enjoyed continuous growth in bilateral trade and investment cooperation in recent years.

Last year, the two-way trade hit US$60 billion, and the figure for the first half of this year has reached US$35.4 billion. The United States remains among the largest trade partners of Vietnam for many years.

The U.S. Secretary of Commerce is currently leading a business delegation to the Indo-Pacific Business Forum in Bangkok, Thailand, and subsequently to Indonesia and Vietnam from November 3 to 8.

This mission supports U.S. President Donald J. Trump’s goals of accelerating U.S. commercial activity in the region, supporting job-creating export opportunities for American companies and meeting the region’s needs for economic growth and development.