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Seminar reviews country's 20-year partnership with US

Update: December, 21/2015 - 08:40
According to Vietnamese finance ministry, after 20 years of normalisation, two-way trade revenue has surged 100 times from about US$400 million in 1995 and is expected to surpass $40 billion this year. — File Photo

HA NOI (VNS) — The cooperation between Viet Nam and the United States has been constantly expanded and reinforced across all fields in a deep, effective and practical manner since the two countries normalised their relations 20 years ago, participants affirmed on Friday in Ha Noi while attending a scientific seminar organised by the National Academy of Public Administration.

The seminar aimed to analyse and assess the effectiveness of their bilateral collaboration in the past years as well as its advantages, opportunities and challenges and put forward measures to further promote the relationships.

The participants agreed that trade and investment cooperation is considered a key part and a driving force in the Viet Nam-US ties.

According to Vietnamese finance ministry, after 20 years of normalisation, two-way trade revenue has surged 100 times from about US$400 million in 1995 and is expected to surpass $40 billion this year.

Notably, the bilateral trade turn-over has kept rising between 17 per cent and 20 per cent from 2007 until this year.

Since 2005, the US has been the Viet Nam's largest importer. Meanwhile, Viet Nam has ranked 20th in the world and led Southeast Asia among the US's exporters.

During the discussion panel on science and technology cooperation, the participants shared the two sides' scientific achievements over the past 15 years in joint research, especially in medicine, pharmacy, agriculture, hydrometeorology and climate change response.

The two sides also exchanged experience in building a legal foundation via the compilation of laws related to science and technology towards enterprises and in the upcoming time, entrepreneurial ecosystem, for the young Vietnamese generations.

The gathering agreed that issues related to labour and society are considered priorities of the two countries at bilateral and multilateral forums.

The participants expressed their belief that Viet Nam and the US boast great potential for enhanced trade connections, especially when the Trans-Pacific Partnership agreement is enforced.

Addressing the event, US Ambassador to Viet Nam Ted Osius highlighted the meaning of emerging from history and fostering a relationship since the two countries became comprehensive partners in 2013, saying that this spirit must be maintained for a vision of the upcoming 20 years and longer.

He also called upon the young generations of the two countries to be creative and develop new business and investment opportunities.

He believed that the US will definitely become Viet Nam's leading investor if the two countries maintain the current pace of co-operation. — VNS

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