Vietnam to push for trade and industrial cooperation with American partners

Ngoc Thuy 19:12, 2020/09/25

Despite the severe Covid-19 impacts, trade revenue between Vietnam and the region rose 11.8% year-on-year in the first eight months this year to US$69.3 billion.

Vietnam aims to bolster trade and industrial cooperation with the Americas, a continent with the highest trade growth rate with Vietnam over the past years, according to Do Thang Hai, vice minister of Industry and Trade.

Deputy Minister of Industry and Trade Do Thang Hai at the conference. Source: MoIT.

Bilateral trade turnover in the last decade witnessed a 3.5-fold increase from US$28 billion in 2011 to US$96.8 billion in 2019, of which Vietnam exported US$73.6 billion to the Americas and imported US$23.2 billion.

Despite the severe Covid-19 impacts, trade revenue between Vietnam and the region rose 11.8% year-on-year in the first eight months of 2020 to US$69.3 billion. Notably, Vietnam’s exports to the Americas climbed 16% year-on-year.

As of August, 28 countries in Americas have 1,530 projects in Vietnam with registered capital of US$22.85 billion.

As one of a few economies posting a positive economic growth rate in this time of crisis, Vietnam is determined to fulfill its international commitments, push for administrative reforms and perfect existing legislation, stated Mr. Hai at an online conference discussing potential cooperation between Vietnam and the Americas on September 25.

The major goal is to ensure lawful rights of investors to enjoy a predictable and stable business environment, added Mr. Hai.

Overview of the conference. Source: MoIT.

The event attracted the participation of representatives of diplomatic missions from the Americas, including Brazil, Chile, Colombia, Cuba, Mexico, the US, Canada, as well as major multinationals operating in Vietnam.

While there has been strong growth in economic cooperation between the two sides, there remain major challenges, including the long geographical distance, language barriers, a lack of direct transportation routes and updated information on foreign investment policies.

Mr. Hai also pointed to the Covid-19 that has caused major disruptions of global value chains and economic recession across the world.

Nevertheless, this is also an opportunity for enterprises with high adaptability and flexible development strategies, Mr. Hai added.

This is especially important as Vietnam has been seen as an attractive investment destination for enterprises from the Americas during a shift in global supply chains, he asserted.

In the coming time, the Vietnamese government is committed to providing further supporting policies for the people and enterprises affected by the pandemic, targeting a soon economic recovery, Mr. Hai stated.