“Looking beyond the record of the past fifteen years towards the prospects for our relationship in coming years, I continue to see huge potential for further growth in the economic relationship between the United States and Vietnam.”

US Ambassador to Vietnam Michael W. Michalak made the statement at the Vietnam Business Club dubbed “A Review of 15 Years of Vietnam-US Relations and Look to the Coming Years” in Hanoi on May 26.

 

He said that the US government has designated Vietnam as one of six “next tier markets” under its new national export initiative because Vietnam is a country where US expects significant growth and great opportunities for its businesses.

 

Over the last 10 years, bilateral trade has increased quickly, especially since the Vietnam-US Bilateral Trade Agreement (BTA) came into effect in 2001, the ambassador remarked.

Even during the global economic downturn in 2009, bilateral trade value between the two countries reached US$15.4 billion, an increase of 10 times as compared to 2001, he said.

 

In the mid- to long-term he said, the Vietnamese-US bilateral relationship will further develop “from strength to strength.” Ongoing trade and investment negotiations have the potential to open up even more opportunities for companies from both countries, the ambassador added.

 

Ambassador Michalak also advised Vietnamese enterprises to make sure that they meet or exceed the formal and informal quality requirements and expectations of the American consumer if they want to boost export into the market.

 

Deputy Minister of Trade and Industry Nguyen Cam Tu affirmed the importance of economic and trade cooperation with the US in Vietnam’s international economic integration strategy.

 

US is currently investing in 500 projects in Vietnam with total registered capital of over US$15 billion, ranking sixth among 90 countries and territories pouring investment in the Southeast Asian country.

 

(VOVNews/VNA)