Tuesday, March 23, 2021

ANALYSIS/OPINION:

The Vietnam Trade Office in the USA, located in Washington DC, has been promoting trade and industry cooperation between the US and Vietnam for the last 22 years. During this period and as of 2019, trade between the two countries has grown to an impressive US $81 billion. “Our business relationship has reached the highest point in our history but there is room to grow” said Mr. Bui Huy Son, Minister-Counselor, Head of Vietnam Trade Office in the USA. “Decades ago, we traditionally supplied mostly labour intensive products like textile, furniture as well as agricultural goods to the US. Now, we provide competitive electronics, manufacturing products as well. Vice versa, Vietnam is fast becoming a prime destination for US soybean, pharmaceutical and high-tech companies as well” he said. Vietnam’s impressive growth brought developments in infrastructure and digitalization too. “Digital economy has seen tremendous growth especially during Covid19 pandemic and there is great potential for further US investment in this field” explained Bui Huy Son.

“US has strong interest in the region and Vietnam has very unique advantages” continued Bui Huy Son. “The excellent pandemic management by our government and people is very important for investors as it proves the country has the capacity to overcome crises with timely, effective acts and stable decision making. Our preferable location to all Asian major markets, the recently signed RCEP deal - and a total of 13 different free trade agreements - a growing middle-class and a capable and young workforce will drive a post-pandemic US investment boom in the country” he concluded.


 


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