70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam, US sign agreement on customs cooperation
Ngoc Thuy 14:43, 2019/12/07
The establishment of communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, said Deputy Minister of Finance Vu Thi Mai.

Vietnam and US on December 6 signed an agreement to boost customs cooperation, creating a legal basis for efficient and smooth relations between the two countries’ customs authorities, stated Vietnam’s Ministry of Finance (MoF) in a statement.

 The signing ceremony. Source: MoF. 

The agreement reiterated Vietnam’s stance on actively integrating in the world economy, and is part of the efforts to realize its commitments in various free trade agreements (FTAs) for trade facilitation, added the MoF.

US Deputy Chief of Mission in Vietnam Caryn R. McCelland said after 25 years of diplomatic relations, Vietnam and the US have now become “reliable and responsible partners”.

 US Deputy Chief of Mission in Vietnam Caryn R. McCelland. Source: MoF. 

Deputy Minister of Finance Vu Thi Mai expected the agreement to help customs authorities in the two countries timely identify trade fraud activities, which is a significant issue amid growing trade relations between the two countries.

More importantly, the agreement would protect lawful rights of the business communities in Vietnam and the US, promoting greater trade relations.

Mai added the establishment of communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, preventing losses to state benefits and ensuring fair and safe business environments.

Following the signing, Vietnam and the US would proceed with respective procedures to ratify the agreement.


 Deputy Minister of Finance Vu Thi Mai. Source: MoF. 
In 2018, bilateral trade reached US$60 billion, along with growing investment activities by US investors in Vietnam.

Deputy Minister of Finance Vu Thi Mai added Vietnam and the US are scheduled to celebrate the 25th anniversary of establishment of diplomatic ties in 2020, marking achievements in bilateral relations a wide range of fields from economy, culture, to security.

According to Mai, trade between the two countries in the 2010 – 2019 period grew by an average of 16.3% annually, in which Vietnam’s export growth to the US was over 16% per year and imports rose 16.5%.

The US continues to be Vietnam’s largest export market and the third largest trading partner, Mai said.

Vietnam gives top priority to its comprehensive partnership with the US, which is evident through the former’s efforts to address shortcomings in the economic and investment relations with the US,  creating favorable conditions for US companies to access the Vietnamese market.

RELATED NEWS
TAG: Vietnam US customs trade fraud illegal transshipment MoF
Other news
15:25, 2024/03/29
Vietnam among Japan’s top partners: KEIDANREN
Japanese firms are eager to expand in Vietnam and boost economic cooperation in various fields, including industrial support, digital transformation, high-quality workforce training, and global supply chain development.
20:36, 2024/03/25
Vietnam seeks to strengthen ties with Finland
Vietnam remains a key partner for Finland in ASEAN.
18:15, 2024/03/21
Vietnam urged to soon implement PDP VIII
Ensuring an attractive investment environment "capable of mobilizing capital" is crucial to attracting long-term investment in infrastructure development.
15:41, 2024/03/21
Argentina seeks to elevate ties with Vietnam to strategic partnership
Both sides would continue to accelerate the process of negotiating and concluding the Vietnam-MERCOSUR Free Trade Agreement.
20:36, 2024/03/20
Vietnamese Gov’t to strengthen gold market management
Authorities must strictly enforce laws against gold smuggling, speculation, manipulation, and exploiting government policies to inflate gold prices, posing risks to market stability and safety.
15:06, 2024/03/20
South Korea to increase ODA by 50% to Vietnam in 2024
South Korea is the leading investor in Vietnam with a cumulative total of $86 billion.