Vietnam and US to Tighten Bilateral Relations in Trade and Investment

Apr 2022

Vietnamese government officials recently held a meeting with a delegation from the US-ASEAN Business Council (USABC) and representatives from 28 leading US corporations in Hanoi. The parties announced their intention to expand economic, trade, and investment linkages between Vietnam and the United States. Possible areas of cooperation identified include health care, renewable energy, financial services, the digital economy, research and technology, and post-pandemic economic recovery.

Vietnamese officials highlighted their goal of improving the investment environment, promoting economic partnership with the US, and assisting American firms in dealing with the challenges related to approaching the Vietnamese market.

According to Vietnam Customs, the bilateral trade between Vietnam and United States has been on an upward trend, peaking at USD 111.5 billion in 2021. Many US companies have invested in Vietnam. For instance, US-based Cargill operates 12 factories, employing about 1,600 employees across the country. Similarly, Universal Alloy Corporation (UAC), a manufacturer of electronic devices for Boeing and Airbus aircraft, invested US 170 million into the Da Nang Hi-tech Park and has plans for further expansion. The flag carrier Vietnam Airlines recently commenced its direct commercial flight connecting San Francisco and Ho Chi Minh City, which is expected to further strengthen people to people ties, business, and tourism.

(Sources: VietnamPlus, Vietnam Briefing)

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