USA - US, Vietnam benefit from trade agreement

Two-way trade between Vietnam and the US has increased by 12 fold from US$1.5 billion to over US$20 billion since the two countries signed a bilateral trade agreement (BTA) in 2000.

Besides its economic benefits, the BTA also served as a springboard for Vietnam to join the World Trade Organization (WTO) in 2007, according to a workshop held in Hanoi on December 9 by the Vietnam Chamber of Commerce and Industry and the US Embassy.

US ambassador David Shear noted that over the past 10 years both the US and Vietnam have made strides in developing bilateral ties, especially in economics.

He said in his capacity as the US ambassador to Vietnam, he will give top priority to furthering bilateral economic cooperation.

Workshop speakers stressed that stronger trade and investment ties between Vietnam and the US have contributed to the process of economic transition in Vietnam.

Local people’s real income has increased by 7.2 percent annually and their GDP per capita has risen from US$413 in 2001 to US$1,300 in 2011. The poverty rate has fallen significantly from 58 percent in 1993 to 10.6 percent in 2010.

Both Vietnam and the US have identified principles for increasing their trade and investment cooperation. They are negotiating with 7 other economies a Trans-Pacific Partnership Agreement (TPP) as a cornerstone for economic integration in the Asia-Pacific region. Such integration will bring even more economic benefits to the two countries and generate more jobs for their people.

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