Press release highlights greater opportunities for trade and investment between the US and Vietnam.
The US continues to strengthen its commercial relationship with Vietnam, a rapidly-growing country that offers US businesses and workers substantial opportunities for expanded trade and investment, promoting economic growth and development and supporting jobs, according to a press release issued by the White House on May 24.
The commercial relationship between the two countries is growing rapidly. In 2015 US exports to Vietnam grew 23 per cent, the largest year-on-year increase of exports to any of the US’s Top 50 export markets. In the 2010-2015 period Vietnam was the second-fastest growing of America’s Top 50 export markets.
Referring to the diversity of the relationship, the press release noted that US export growth is high in sectors ranging from integrated circuits to civil aircraft, cotton, dairy, nuts, and other agricultural products, and stressed that in the last five years Vietnam has developed an important role as a supplier of high-tech consumer products to the US.
Trade includes that by small and family businesses in both countries as well as large concerns. As at 2014, 6,031 small- and medium-sized US enterprises exported to Vietnam while 5,895 imported Vietnamese goods
“We are now taking the next step,” it went on. “In addition to seeing over $16 billion in deal signings to advance aviation and energy sector development in Vietnam and support tens of thousands of US jobs, President Obama’s visit highlights our commitment” in many areas such as the TPP, US corporate social responsibility, a whole-of-government approach to partnerships, and the US-ASEAN connect initiative.