Americas among VN’s largest trade partners despite of COVID-19
The Americas remained some of Việt Nam’s largest trade partners despite the adverse effect on commerce caused by the COVID-19 pandemic, heard participants at a conference organised by the Ministry of Industry and Trade (MoIT), aimed at connecting Vietnamese firms with trade partners in American countries in Hà Nội yesterday.
According to the ministry, two-way trade between Việt Nam and American countries during the first eight months of the year increased 11.8 per cent from the same period last year to US$69.3 billion, with the Southeast Asian country’s exports increasing 15.9 per cent.
Trade between Việt Nam and the Americas has grown 350 per cent in the last decade, from a modest $28 billion in 2011 to $96.8 billion in 2019. Last year, Việt Nam also spent $23.2 billion on the import of goods and services from the continent.
A number of free trade agreements that came into effect in recent times have helped to fuel rapid trade growth such as the bilateral trade agreements between Việt Nam and the US, Chile and Cuba, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which includes Canada, Peru and Mexico.
Việt Nam had seen some of the fastest-growing trade ties with the continent in recent years, said Deputy Minister of Industry and Trade Đỗ Thắng Hải.
By the end of August 2020, 28 American countries held stakes in 1.530 projects across Việt Nam with a total investment value of $22.8 billion. Việt Nam’s successful campaign to contain the COVID-19 pandemic has made it an attractive destination for American investors, especially against the backdrop of increased trade tensions between the US and China.
The conference’s objective was to provide domestic firms with the most up-to-date information regarding changes in economic policies and commerce in American markets. The MoIT urged Vietnamese firms to conduct additional studies on said markets and their demand for Vietnamese products to identify trade opportunities as well as potential issues and challenges. — VNS