VN, U.S. promote trade and investment ties

The Viet Nam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce (AmCham) jointly hosted a conference on future trade and investment relations between Viet Nam and the U.S..

Under the theme Future of bilateral relations between Viet Nam and the U.S. in 2017 and following years, the event drew the attendance of State President Tran Dai Quang.

At the conference, Vietnamese and American businesses discussed ways to beef up trade and investment; renovate healthcare, financial technology, market development, infrastructure development, IT service, as well as development of SMEs.

Addressing the event, State President Tran Dai Quang stressed that Viet Nam attained immense achievements after 30 years of renovation and became a medium-income country. The nation is focusing on implementing the five-year socio-economic development plan in the 2016-2020 period; renewing the growth model for productivity, competitiveness, and sustainable development. By 2020, an average GDP per capita would touch around US$ 3,200-3,500 with US$ 350 billion of GDP scale.

Mr. Quang stated that Viet Nam signed 12 FTAs and is negotiating for the other four. The country is determined to negotiate Trans-Pacific Partnership Agreement (TPP) - a new trade agreement generation.

He underscored that the country was determined to implement three breakthroughs, including perfecting the socialist-oriented market economy; developing high-quality human resources; and building synchronous and modern infrastructure.

The Head of State acknowledged contributions of foreign investors, including those from the U.S.

So far, the U.S. ranked eighth among countries and territories doing business in Viet Nam. The two-way trade turnover increased unceasingly from US$ 15 billion in 2008 to US$ 52 billion in 2016.

Last year, the U.S. shipped over US$ 10 billion of goods to Viet Nam, representing a year-on-year 43% surge.

ExxonMobil, PetroVietnam, and PVEP on January 13 signed two agreements on the Blue Whale gas project worth around US$ 10 billion, which is expected to make the U.S. one of leading investors in Viet Nam.

The bilateral ties have made big leaps forward in a practical and comprehensive manner.

He was convinced that U.S. President Donald Trump's acceptance to attend the APEC Summit 2017 presents the U.S.'s interest in deepening ties with Viet Nam.

The Vietnamese State encourages U.S. enterprises to investment in Viet Nam and promises to create favorable ways for them to join in such areas as energy-petroleum, infrastructure, finance-banking, education-training, and tourism.

There remains wide door for further trade relations between the two countries, said Mr. Quang. Thus, Viet Nam hoped to export aqua-agricultural produce, furniture, garments and textiles, electronics, consumption utensils and import high-tech products.

U.S. Ambassador to Viet Nam Ted Osius highlighted that American enterprises are interested in accessing the Vietnamese market. The diplomat was upbeat about the countries' development prospects in economics, trade, and investment.

Ambassador Ted Osius said that the conference offered an opportunity for the business communities to talk and settle remaining issues and share investment and business experience./.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam