Vietnam, US enhance bilateral trade ties

On November 5, State President Nguyen Minh Triet received US Commerce Secretary Carlos M. Gutierrez who is leading a delegation of 22 American companies involved in automotive, infrastructure, manufacturing, healthcare and tourism industries.

It is the first-ever Cabinet Business Development Mission to Vietnam with a view to expanding bilateral trade ties and boosting US export opportunities.

At the reception, Mr Triet expressed his delight at the growing inflow of investment capital from US investors, which is showing positive signs for both sides.

Vietnam is determined to enhance its international integration process by building a better investment environment and creating favourable conditions for foreign investors including those from US to run businesses in the country. Vietnam’s legal system is being revamped to make it conformable to its commitments in international integration. Relevant Vietnamese agencies are ready to conduct frank discussions with US companies about obstacles and difficulties they are facing in Vietnam, said Mr Triet.

The State leader expressed his belief that with firm economic growth and a safe favourable business environment, Vietnam will become an attractive destination for US investors.

Mr Triet thanked Mr Gutierrez and the US Government for their efforts to help remove barriers to boost trade between the two countries.

Mr Triet hoped that after his visit, Mr Gutierrez would make specific proposals to the US Government so that it can totally abolish supervisory mechanisms for Vietnamese exports to the US market.

The US Commerce Secretary said the US Government acknowledged Vietnam’s achievements in the process of national construction and development. He expressed the hope that after the visit, US firms will find investment and cooperation opportunities in Vietnam, contributing to the country’s development.

Mr Gutierrez affirmed that his country aims to not only boost two-way trade turnover with Vietnam but also assist the country in the development of human resources, and education, towards building a long-term partnership with Vietnam.

Since the implementation of the Vietnam-US Bilateral Trade Agreement (BTA) in 2001, two-way trade has increased from US$1.5 billion to US$9.7 billion in 2006.

The US is currently Vietnam’s largest export market. It has 1,000 businesses operating in the country with total investment capital reaching more than US$2.6 billion by September this year to rank seventh among countries and territories investing in Vietnam.

Source: VOV