During his official visit to the United States, Prime Minister Pham Minh Chinh proposed to U.S. Treasury Secretary Janet Yellen to limit trade remedy measures on Vietnam’s major products, including textiles, footwear, wood products, and agricultural goods, based on the newly established comprehensive strategic partnership and the decades-long history of cooperation between the two nations.
According to the Prime Minister’s declaration, Vietnam regards the United States as one of its top strategic partners. In this regard, Vietnam, as an independent and free nation, and Vietnamese enterprises with strong development potential, are always ready to work with the United States to promote deep, stable, and substantial development in their relationship.
The strong ties between the two nations are evident in their trade activities. Vietnam imports various high-tech products, machinery, and equipment from the United States while exporting textile products, footwear, wood products, and agricultural goods to the United States.
As part of the establishment of this new relationship, both countries will enhance investment in Vietnam’s infrastructure with the goal of turning Vietnam into an efficient semiconductor supply partner for the U.S. In this collaboration, the United States has pledged to provide financial support, workforce training, technology sharing, and more to Vietnamese businesses.
Vietnam-U.S. Trade Relations
The trade relationship between Vietnam and the United States has seen several positive developments in recent years:
- Increased bilateral trade: The trade relationship between Vietnam and the United States has significantly expanded, with a substantial increase in the value of goods and services exchanged between the two countries. Vietnam has become one of the United States’ important trade partners in the Southeast Asian region.
- Increased foreign direct investment (FDI): The strong trade relationship has encouraged increased foreign direct investment by U.S. enterprises in Vietnam. Major U.S. corporations and companies have invested in various sectors in Vietnam, including technology, manufacturing, and services.