Economic relations Vietnam-US: Wait for a leap

Economic relations between Vietnam and the United States are increasingly evolve in a positive direction, opening up great opportunities for the two countries after 20 years of normalization of relations, particularly when negotiating Economic Partnership Agreements War Trans-Pacific Strategy (TPP) is entering the sprint stage.

Textile is one of the key export sector to the US. Photo: Attractions.

Textile is one of the key export sector to the US
In a recent article published in the online newspaper of the Council of American Ambassadors, United States Ambassador to Vietnam Ted Osius said the annual trade turnover of Vietnam - the US has increased from USD 500 million up 35 billion over 20 years to normalize relations. The growth rate of goods imported into the US Vietnam was faster than the growth rate of our exports to Vietnam. Now that we are in the closing stages TPP negotiations, we can predict that Vietnam's participation in trade agreements and comprehensive high standards will lead to important changes in economic management, as well as commercial opportunities and new investment when the barriers are removed.

"With Vietnam join TPP increasing public transparency and respect for the rule of law, the United States can become number one investor in Vietnam, ranking position as the current US investment in Association Southeast Asian countries in general "- he talks about the future Ted Osius Vietnam relations - United States.

Meanwhile, Vietnam Business Forum in mid 2015, Mr. Sherry Boger, Chairman of the US Commerce Association in Vietnam (AmCham) also spent many positive words when assessing economic ties Vietnam - United States . Mr. Sherry Boger said: We see that Vietnam has been very successful in international economic integration in general and economic integration with the United States in particular. 2014, trade turnover between the two countries increased by 20%, reaching 36.3 billion dollars and by 2020, this figure could rise to $ 72 billion if this trend continues and can maintain higher with TPP. Besides, in 2014, Vietnam became a supplier for the US market leader of ASEAN, Malaysia and Thailand before. Vietnam occupies 22% of the total export turnover of the ASEAN countries to the United States, and may reach 30% by 2020, if current trends continue promoting. Sales of AmCham member companies and partners in the domestic market of Vietnam continues to rise, many companies have increased capital AmCham members in Vietnam.

Referring to the TPP, Amcham representative said: Some experts predict that the TPP, Vietnam's exports will increase 28.4%. The export turnover of Vietnam is expected in 2025 when no TPP is 239 billion and this figure could rise to $ 307 billion if the TPP. In addition, GDP growth is expected with very high TPP. According to the World Bank, GDP growth on an annual average of 7.4% of Vietnam in 1990-2007, and is expected to be 5.6% in the period 2008-2018. With TPP, Vietnam's GDP in 2025 could be higher than estimated baseline of 10.5%.

The latest data of the General Department of Statistics show that the first 6 months of this year, the US market continues to be the largest commodity export of Vietnam with $ 15.7 billion, up 18.6% over the same period last year 2014. According to data from the Foreign Investment Department, accumulated to May 6-2015, the US is the country ranks 7th out of 103 countries and territories investing in Vietnam with total registered capital of over 11 billion.

At the international seminar "Vietnam Relations - United States after 20 years of normalization: Reality and Prospects" dated 26-6, Prof. Dr. Nguyen Quang Thuan, Vice Chairman of the Academy of Social Sciences Vietnam says: 2015 not only marks 20 years since the establishment of diplomatic relations between Vietnam and the US, but also a pivotal year for both countries to promote bilateral cooperation, given the existing relationship This new heights and into substance.

Also speaking at the 20th anniversary celebration of the normalization of diplomatic relations between Vietnam and the United States at 2-7, Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh affirmed: With always thinking forward The two countries have been many efforts to rise above the past, shaping the future relationship. To date, Vietnam has become one of the leading countries in ASEAN on US exports, while the US is the 7th largest investor in Vietnam. Relations Vietnam-USA still has potential to grow to a higher level again, meet the interests and aspirations of the two peoples.

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