The bilateral trade volume of Meicheng Vietnam's major trading partner may reach 40 billion US dollars in 2015
According to the report of Vietnam News Network on February 16, the United States has become Vietnam's largest trading partner in recent years with the growing trade volume between the United States and Vietnam.
Vietnam's Ministry of Industry and Trade said that Vietnam had entered the US market since 1995. When the two countries signed a bilateral trade agreement in 2000, Vietnam's exports to the United States amounted to 800 million US dollars (about 5.2 billion yuan). Since the United States imported a large number of clothing, electronic products, footwear products, rice and fish products from Vietnam, it has become the largest importer of Vietnam.
It is reported that since the normalization of diplomatic relations between the United States and Vietnam 20 years ago, the bilateral trade volume between the United States and Vietnam has increased from zero to 36.3 billion US dollars in 2014, and the US Vietnam trade volume in 2015 is expected to exceed 40 billion US dollars. In the field of investment, as of June this year, the total direct investment of the United States in Vietnam will reach 10.7 billion US dollars, ranking seventh among all countries investing in Vietnam.
Tran Tuan Anh, Deputy Minister of Industry and Trade of Vietnam, said that among the free trade agreements Vietnam participated in, the Trans Pacific Partnership (TPP) is expected to provide favorable conditions for Vietnam's exports. Quan Jun'an also said that the Trans Pacific Partnership Agreement will promote the comprehensive reform of Vietnam's economy and strive for higher competitive advantage and a better enterprise environment.
Vu Duc Giang, Chairman of Vietnam Textile and Garment Association, said that Vietnam was the fifth largest textile and clothing exporter in the world, and the United States has always been Vietnam's largest market in this field. He believed that in order to benefit from tax relief, Vietnamese companies must use materials imported from other TPP member countries. This may pose a real challenge to Vietnamese enterprises, because 70% of the materials they currently use are purchased from abroad, mainly from China.