US – Vietnam normalization opens up multi-billion-dollar opportunities
Over the past 25 years, the bilateral trade turnover between the two countries has increased by 120-fold, from US$450 million in 1994 to US$60 billion in 2018.
The normalization in the US – Vietnam economic relations has opened up new opportunities worth multi-billion dollars for investors from both countries, according to Natasha Ansell, chairwoman of the American Chamber of Commerce in Vietnam (Amcham).
Overview of the meeting. Source: VGP.
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On this occasion, Ansell announced the launch of new program named Amcham’s Leadership Development Institute, aiming to honor the organization’s efforts over the last 25 years in facilitating a better business environment for investors in Vietnam, and ultimately social sustainable development.
Deputy Prime Minister Vuong Dinh Hue considered the normalization between Vietnam and the US, which are now in a comprehensive partnership, has brought tremendous benefits to people of the two countries, contributing to the peace, stability and development in the region and on global scale.
The two countries have overcome the past and been steadfast on the bright future ahead, Hue added.
Over the past 25 years, the bilateral trade turnover between the two countries has increased 120-fold, from US$450 million in 1994 to some US$60 billion in 2018. The US has also been Vietnam’s largest export market, while Vietnam is one of the US’s fastest-growing import markets.
US investments in Vietnam have contributed significantly to Vietnam’s economic development, coming from General Electric, Coca Cola, Microsoft, IBM, Nike ExxonMobil, among others, supporting Vietnam to solidify its role in the global supply chain.
However, the current investment level remains modest compared to the huge potential of both countries, Hue said.
Vietnam considers the US its top trading partner and is willing to cooperate with the US in various issues, especially in economy, trade, investment, science and technology, and education, for the benefits of the two countries and peoples, according to Hue.
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