HCM CITY — The US is taking steps to increase bilateral trade with Viet Nam by adding 14 economic specialists to the US embassy and Consulate in the country, according to the assistant secretary for the US Commerce for Trade Promotion, Suresh Kumar. Speaking at a media briefing in HCM City yesterday, Suresh Kumar told Vietnamese businesses to take advantage of their consultation to learn more about the US's import requirements. He noted that after a bilateral trade agreement between the two countries was signed in 2001, bilateral trade reached US$2 billion. But it rose to $18.6 billion in 2010, a growth of 20 per cent compared to 2009. "Viet Nam's imports from the US grew at even a higher rate, but we can both do much more than that," said Kumar. Kumar, who is also director general of the US and Foreign Commercial Service, said the American trade sector was carrying out a national trade initiative under the Obama administration that would increase US exports to several countries. … [Read more...] about US aims to boost bilateral trade
Bilateral trade agreement
Trade agreement enhances Viet Nam-US relations: PM
VietNamNet Bridge – The Bilateral Trade Agreement (BTA) between Viet Nam and the US has significantly boosted relations between the two sides, Prime Minister Nguyen Tan Dung said yesterday, Dec 8, upon receiving a US business delegation. This year’s two-way trade value was expected to reach US$20 billion, almost ten times that of 2001. The BTA has helped Viet Nam in its efforts to join the Trans-Pacific Partnership, a multilateral free trade agreement that aims to further liberalise the economies of the Asia-Pacific region, the PM noted. “The Vietnamese Government will improve its investment environment, creating favourable conditions for foreign enterprises, including US companies, to operate in Viet Nam,” Dung said. US Ambassador David Shear said that the fast growth in two-way trade laid a firm foundation for the improvement of relations between the two partners. He expected the Vietnamese Government to continue its supports … [Read more...] about Trade agreement enhances Viet Nam-US relations: PM
Making the most of the EU-Vietnam Free Trade Agreement
After three years and 14 formal negotiation sessions, on December 2 in Brussels the Minister of Industry and Trade Vu Huy Hoang and the European Trade Commissioner Cecilia Malmstrom signed a joint statement officially concluding negotiations over the EU-Vietnam Free Trade Agreement (EVFTA). The agreement is of high quality, complete, and balanced in terms of interests, in which the EU and Vietnam have pledged to abolish over 99 per cent of import duties. Vietnam will liberalize its tariff regime over a ten-year period and the EU over a seven-year period. The opportunities presented by the FTA are accompanied by great challenges, in particular the strict non-tariff barriers that remain a persistent concern of exporters in Vietnam. How can enterprises and State management agencies adapt to this high-quality agreement? After the joint statement was signed VET sought an answer from experts and industry insiders. Formulating strategic action … [Read more...] about Making the most of the EU-Vietnam Free Trade Agreement
US, Britain promote post-Brexit bilateral trade
(VOVworld) - A top US trade official said Thursday that he has held preliminary discussions with British government officials about how the two countries might pursue a trade deal after Britain leaves the European Union (EU). US Trade Representative Michael Froman said he discussed a possible bilateral trade agreement with Sajid Javid and Mark Price, Britain's outgoing business and trade secretaries, earlier this week. But he hasn't yet spoken with Liam Fox, the incoming secretary for international trade in the new government headed by new Prime Minister Theresa May. Froman said it remains unclear when discussions can be turned into negotiations and that more meetings are needed. There are many trade cooperation deals the US and the UK can pursue, including the Trans-Atlantic Trade and Investment Partnership (TTIP) and the Trans-Pacific Partnership (TPP). Froman said future trade relations between the US and Britain will in part depend on Britain's new relationship with the EU. … [Read more...] about US, Britain promote post-Brexit bilateral trade
Vietnam, Liberia strive to triple bilateral trade
HÀ NỘI — Việt Nam and Liberia have affirmed their determination to double or triple bilateral trade, currently at US$35.3 million annually. Deputy Prime Minister and Foreign Minister Phạm Bình Minh and Liberian Foreign Minister Marjon Vashti Kamara set the target during talks in Hà Nội on Friday. At the talks, Minh asserted that Việt Nam views its efforts to establish friendship and cooperation with Liberia, a promising partner in West Africa, as important. . The two officials agreed on concrete measures to effectively advance bilateral ties. The Liberian official expressed his hope that Việt Nam will help his country in agriculture, mining, infrastructure-building and telecommunications. He said he welcomes Vietnamese businesses to Liberia for market research to establish trade and investment relations. The two sides agreed to create favourable conditions for Vietnamese and Liberian enterprises to promote trade and attend … [Read more...] about Vietnam, Liberia strive to triple bilateral trade