Vietnam’s trade turnover is likely to reach the US$500-billion mark for first time in 2019, while its economic growth continues the momentum of last year and stays around 7%, according to Prime Minister Nguyen Xuan Phuc.

Prime Minister Nguyen Xuan Phuc and US business delegation. Source: VGP.

The middle class in Vietnam is growing fast and is expected to make up 50% of the population by 2030, said Phuc in a meeting on December 12 with a US business delegation led by Board Chairman of the US – Asian Business Council (USABC) and CEO of Underwriter Laboratories (UL) Keith Williams.

Phuc added Vietnam considers the US its top partner in various fields, and the US – Vietnam comprehensive partnership is growing strongly in all spheres. The US business community plays an essential role, he stressed.

According to Phuc, US enterprises have been serious investors in Vietnam, bringing huge capital, high technologies, modern corporate governance model and high social responsibility.

As of present, Vietnam has drafted an action plan towards balanced and sustainable trade relations with the US, which was sent to the latter in November and focused on supporting US enterprises’ operations in Vietnam, Phuc added.

The PM also revealed Vietnam is planning to purchase more US products.

On December 6, the two countries signed an agreement to support each other in customs procedures, aiming to lay a foundation for greater cooperation between the two customs authorities, Phuc continued.

“Vietnam is determined to pursue a comprehensive reform and improve the business environment, create favorable conditions for foreign companies, including those from the US, to commit long-term business in the country,” Phuc stressed.

Phuc expected the USABC to send a message to President Donald Trump about Vietnam’s efforts to balance bilateral trade and ensuring great bilateral relations.

Phuc hoped US enterprises to continue investing in Vietnam’s priority fields, including infrastructure, aviation, finance – banking, among others, expecting the USABC to facilitate more US business delegations to Vietnam in the coming time.

The USABC’s Chairman of Board Keith Williams said the country has transformed significantly since his first visit 27 years ago.

Williams expressed his optimism that Vietnam would achieve strong GDP and export growth.

The USABC highly regarded Vietnam’s straightforward policies to foreign investors, including US companies, and is determined to contribute to the country’s effort in balancing trade relations with the US, added Williams.

Vietnam is on track to enter a “golden era in economic development”, said Williams.