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US Wants to Boost Trade, Investment with Vietnam
04 | 06 | 2007
The US expects to deepen and widen trade and investment cooperation with Vietnam, said the US Assistant Secretary of State for East Asian and Pacific Affairs, Christopher Hill, in Hanoi May 23.
Christopher Hill said, at a meeting with Vietnamese Government Office Chairman Doan Manh Giao, that he hopes Vietnam and the US will shortly sign the Trade and Investment Framework Arrangement (TIFA) to boost bilateral economic ties.
For his part, Giao expressed hope that economic, trade and investment projects between the two countries would be carried out on schedule, and that the US will share experience with Vietnam in implementing WTO commitments as well as engagements in the Vietnam-US Bilateral Trade Agreement.
At the meeting Giao and Christopher Hill discussed orientations to further develop Vietnam-US relations, including preparatory work for Vietnamese President Nguyen Minh Triet’s June visit to the US.
While in Vietnam, Christopher Hill also worked with Deputy Minister of Foreign Affairs Le Van Bang and President Nguyen Minh Triet.
At their talks, Triet called on the two nations to keep channels of communication open to increase mutual understanding and deal with their differences, for a long-term and stable relationship.

The president thanked the US government for assistance to Vietnam in preventing the spread of HIV/AIDS and bird flu, as well as help in programs dealing with social problems left over from the war.

Hill, meanwhile, said he was delighted with the positive direction the US-Vietnam relationship is heading in, and stressed all out efforts should be made to continue building on the current foundation and expanding into other areas.

Last year, US companies invested in 47 projects in Vietnam worth a total capital of $638.6 million, fourth among foreign investors in the country. The US may become the biggest investor in Vietnam in one or two years.
Two-way trade between Vietnam and the US reached nearly $9.7 billion in 2006, compared with around $8 billion in 2005. Of which, Vietnam exported around $8.56 billion worth of goods to the US last year, much more than $6.63 billion in 2005, and imported only around $1.1 billion from the foreign country, down compared to nearly $1.2 billion in 2005.
Vietnamese Deputy Prime Minister cum Foreign Minister Pham Gia Khiem visited the US from March 10-17 this year. Last year US President Bush paid an official visit to Vietnam to boost ties.

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