Ample room for growth in US-Việt Nam trade relations: PM

Prime Minister Phạm Minh Chính (right) and US Secretary of Commerce Gina Raimondo in Washington DC on May 11. — VNA/- VnExpress News Photo Dương Giang

WASHINGTON DC — Prime Minister Phạm Minh Chính has met and held talks with US Secretary of Commerce Gina Raimondo on Wednesday (US time) in Washington DC as part of his trip to the US to attend the US-ASEAN Summit.

PM Chính stressed the visit by Party General Secretary Nguyễn Phú Trọng seven years ago to the US laid a solid foundation for the bilateral ties, and he appreciated the US’ policy of supporting a strong, prosperous, and independent Việt Nam.

The Vietnamese Government leader is thankful for the support of the US Department of Commerce, and the Secretary in particular, in promoting trade between Việt Nam and the US in recent times as well as promptly handling arising issues without disrupting trade between the two countries.

PM Chính praised the remarkable developments in the economic-trade relations between the two countries, with total trade value increasing from US$400 million in 1995 to reach $112 billion in 2021, despite many challenges caused by the COVID-19 pandemic.

He noted that there is still ample room for growth in trade and commerce between Việt Nam and the US.

PM Chính expressed his wish that the two countries’ trade relation continue to develop harmoniously and sustainably, and that more focus will be centred on diversifying the supply chain, digitalisation in commerce and investment, and science and technology.

PM Chính said Việt Nam is committed to continuing to create a fair and transparent business environment, based on the principles of market economy, fairness, harmonised benefits and shared risks, so that US enterprises and investors can be assured when expanding their operations and businesses in Việt Nam.

He noted that Việt Nam is still a developing economy after decades of war and it needs cooperation from developed countries – including the US – in green finance, technology and human resources, as the country is currently prioritising projects with new, clean technology, high added value, digital transformation, or ones that help link with the global production and supply chains.

For her part, US Commerce Secretary Gina Raimonda said she was impressed by Việt Nam’s development strides, especially in the 27 years since the normalisation of ties in 1995.

She also highly regards Việt Nam’s economic development vision and plan, especially in the areas of the digital economy, green economy, and diversification of supply chains, and stated that the US wants to increase cooperation with Việt Nam as the country seeks to carry out its commitment towards net-zero by 2050.

The US official said she was pleased with the progress in relations between the two countries, especially in the field of economy and trade.

Gina congratulated Việt Nam on the successful handling of the COVID-19 pandemic, affirming that the US will continue to support Việt Nam’s post-pandemic recovery, and expressed her pleasure to see that more and more Vietnamese businesses are interested in investing in the US.

On the occasion, PM Chính and US Commerce Secretary have witnessed the exchange of cooperation documents between the US and Việt Nam’s agencies and businesses in many fields such as energy, infrastructure, telecommunications, digital technology, climate change response, and ones that help contribute to supporting Việt Nam achieve its commitments set out at UN COP26. — – VnExpress News