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The US is Vietnam’s biggest export market

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(VOVWORLD) - Vietnam and the US have reaped benefits from trade and economic ties after more than 25 years of the normalization of relations, meeting the interests of both governments and peoples. 
The US is Vietnam’s biggest export market - ảnh 1Tran Tuan Anh, Minister of Industry and Trade and Chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council  and US Trade Representative Katherine Tai talk on bilateral economic ties. (Photo: VNA)

The consensus was reached during recent phone talks between Tran Tuan Anh, Minister of Industry and Trade and Chairman of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council and US Trade Representative Katherine Tai.

They agreed that Vietnamese and US agencies will continue to maintain trade ties between the two countries, towards a harmonious, sustainable, and mutually beneficial trade balance.

Trade between Vietnam and the US hit a record high of 90.8 billion USD last year. They are working to raise the figure to 100 billion USD this year. Over the past five years, Vietnam’s export revenue to the US surged 230 percent, while its import value was up more than 175 percent.

The US has become Vietnam’s biggest buyer and Vietnam has emerged as the 10th largest trade partner of the US.

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