Vietnam, US create opportunities to boost economic growth

Minister and Head of the Government Office Mai Tien Dung has said that Vietnam and the US are determined to work together to boost bilateral trade and investment.

Speaking at a government press conference on Saturday in Hanoi, Mr. Dung said two-way trade between Vietnam and the US is approximately 50 billion USD with Vietnam's import from and export to the US valuing 19 billion USD and 32 billion USD respectively. In his talks with US President Donald Trump, Prime Minister Nguyen Xuan Phuc said Vietnam would not compete with the US but work with the US to create opportunities. Mr. Dung said: American businesses have potential in technological and scientific advances. Vietnam buys engines of Boeing air craft and equipment of wind power plants. But Vietnam exports to the US agricultural products like vegetables, fruits, cat fish and shrimps which are its strength. Mentioning interests of both sides, the Prime Minister showed a picture of a pair of shoes made in Vietnam. At the price of 100 USD, Vietnam only earns 22 USD and the remaining 78 USD cover transportation fees, taxes, and retail costs of 55 USD that the Americans earn. This shows that interests of both sides are ensured.

Concerning the promotion of Vietnam-US trade and investment, Deputy Minister of Industry and Trade Do Thang Hai said: It's important that agreements signed during the visit are realized. We will do our best to support businesses of both countries to realize signed agreements to contribute to the development of Vietnamese and US businesses and the two countries' economies.

Nearly 100 Vietnamese businesses accompanied Prime Minister Nguyen Xuan Phuc during his visit to the US from May 29th to May 31st. The two sides signed contracts worth more than 10 billion USD.

Source: VOV5