Vietnam – US trade reached 112 billion USD, Prime Minister said ‘there is still great room’

Prime Minister Pham Minh Chinh works with US Secretary of Commerce Gina Raimondo – Photo NGUYEN KHANH

According to information from the Ministry of Foreign Affairs, at the meeting with Minister Gina Raimondo, Prime Minister Pham Minh Chinh Thank you for the support of the US Department of Commerce in general and Ms. Minister in particular in promoting trade exchanges between the two countries over the past time as well as promptly removing problems in a way that does not cause disruption. trade between the two countries.

The Prime Minister highly appreciated the outstanding developments in the two countries’ economic – trade relations, in which the two-way trade turnover from 400 million USD in 1995 to nearly 112 billion USD in 2021 despite facing many difficulties due to epidemic, contributing to bringing Vietnam into the 20 largest trading countries in the world.

The Prime Minister expressed his hope that the two countries’ trade relations will continue to develop harmoniously and sustainably, in the coming time, focus on diversifying supply, changing trade arguments in investment, and promoting science and technology. areas where the US has strengths and Vietnam has potential.

The Prime Minister affirmed that Vietnam is committed to continuing to create a fair and transparent business environment, based on market principles, fairness, harmonized benefits, and shared risks, so that US businesses and investors can peace of mind, expand business activities in Vietnam.

The head of the Government of Vietnam said that Vietnam’s economy is in the process of development, experiencing many years of war, so it needs cooperation from developed countries in green finance, technology, human resources, etc. .

In the current period, Vietnam prioritizes projects with advanced technology, new technology, high technology, clean, high added value, green transformation, digital transformation, spillover effects, and results. connecting global production and supply chains.

Prime Minister Pham Minh Chinh presents a souvenir to US Secretary of Commerce Gina Raimondo – Photo NGUYEN KHANH

In response, Minister Gina Raimondo highly appreciated the vision and economic development plan of the Vietnamese Government, especially the transformation to a digital economy, a green economy, and a supply chain, and affirmed that the US wishes to strengthen cooperation with Vietnam. Vietnam in the process of Vietnam implementing emissions reduction commitments at the recent COP26 Conference.

The Minister congratulated Vietnam on its success in responding to the COVID-19 pandemic, affirming that the US will continue to support Vietnam’s recovery after the pandemic.

She expressed her pleasure to see more and more Vietnamese businesses interested in investing in the US market, saying that these are signals showing that Vietnam – US economic – trade relations will continue in the near future. strong growth.

On this occasion, Prime Minister Pham Minh Chinh and Minister of Trade Raimondo witnessed the awarding ceremony of cooperation documents between the ministries, branches and enterprises of the two countries in many fields such as energy, infrastructure, telecommunications, digital technology, response to climate change, contributing to supporting Vietnam to soon achieve its commitments set out at COP26.

After the meeting, Prime Minister Pham Minh Chinh and Minister Gina Raimondo witnessed the awarding ceremony of 10 investment certificates and cooperation agreements between ministries, sectors and enterprises of the two countries. including: Investment registration certificate of Son My LNG Terminal project for AES Corporation and Vietnam Gas Corporation (PVGas); Cooperation agreement on environment, society and governance, cooperation in technical assistance and information exchange to achieve Vietnam’s net zero emissions target through carbon markets, integrated finance, classification and biodiversity, and regulatory frameworks; Agreement on cooperation in the field of information and communication technology, supporting businesses of the two countries to strengthen and expand cooperation in the field of digital technology for the United States Trade Development Agency (USTDA), Black & Veatch Management Company and representatives of Energy Connection Co., Ltd. clean Mekong; Cooperation agreement in the field of electricity generation and transmission, exchange information on new technologies applied to the US power system, train and provide services for gas power projects in the period 2022 – 2027; Agreement on investment cooperation to improve operational efficiency of Nhon Trach 1 Power Plant; Agreement on investment cooperation in the field of 5G network; Cooperation agreement on supporting the development of a legal framework for Environmental and Social standards in investment and credit extension activities of Vietnamese credit institutions; Cooperation agreement on supporting the working group to assist the National Steering Committee in implementing commitments at COP 26 on climate change and environment; Supply Chain Financing Contracts for small and medium enterprises (SMEs) in the fields of agriculture, building materials, supporting industries, downstream petroleum distribution and combating climate change under COP26 between HD Bank and the International Finance economic (IFC).