(VOVworld) – Vietnam and the US have made impressive advances in relations over the past 20 years. Pham Binh Minh, Deputy Prime Minister and Foreign Minister, made the statement in his article on the occasion of the 20th anniversary of the Vietnam-US diplomatic ties on July 12. According to the article, in the reviewed period especially since the signing of the Bilateral Trade Agreement (BTA) in 2000, economic and trade ties between the two countries have really taken off. From a modest figure of 400 million USD in 1994, bilateral trade increased by 90 folds to 36.3 billion USD last year. With 30.6 billion USD export to the US in 2014, Vietnam became ASEAN's number one exporter to the US market.
During the last 5 years, the US jumped from the 11th to the 7th largest investor in Vietnam with a total capital of 11 billion USD.
It’s expected the economic ties between Vietnam and the US will even skyrocket in the near future with the conclusion of the Trans-Pacific Partnership (TPP).
The Vietnam-US Comprehensive Partnership was defined in 2013, opening up a new chapter of relations with added substance.