Vietnam, US share supplementary strengths for development

Since the normalisation of ties on July 12, 1995, Vietnam and the US have become comprehensive partners, ranging from politics, economy, diplomacy, education, science-technology to national defence-security. Economic cooperation is a foundation and increasingly important driving force for bilateral ties. 

Two-way trade, which was a mere US$450 million in 1995, surged to US$21.8 billion in 2001 when a bilateral trade agreement took effect on December 10. 

Since 2005, the US has become Vietnam’s largest importer with two-way trade growing 20 percent in recent years, surpassing US$45 billion in 2015 and nearing US$47.2 billion in 2016, with Vietnam enjoying a trade surplus. The American Chamber of Commerce in Vietnam estimated the total value of bilateral trade at US$80 billion by 2020. 

In investment, the US is among the top 10 countries and territories investing in Vietnam with total registered capital of more than US$11 billion, not to mention its capital flows via third countries, mostly in hospitality and restaurant services, processing and manufacturing industries, among others. A number of US businesses have been operating for a long time in Vietnam such as Intel, Microsoft, GE, Chevron and Exxon Mobil. 

About official development assistance, the US has provided more than US$100 million to Vietnam each year. 

According to experts, Vietnam-US economic ties are driven by Vietnamese political and economic stability, abundant workforce and natural resources, sound renovation and integration policies and incentives for foreign investors. 

Vietnam has also made considerable progress in information and law transparency, foreign investment facilitation and creating a pro-business environment. 

Overall, Vietnam-US ties will see new positive prospects and further develop for the common interests of the two peoples, as well as for peace, stability and development.