Vietnam Daily News

US, Vietnam benefit from trade agreement

Written by Dailynews.vn Thursday, 15 December 2011 16:44

Two-way trade between Vietnam and the US has increased by 12 fold from $1.5 billion to over $20 billion since the two countries signed a bilateral trade agreement (BTA) in 2000.

Besides its economic benefits, the BTA also served as a springboard for Vietnam to join the World Trade Organisation (WTO) in 2007, according to a workshop held in Hanoi on December 9 by the Vietnam Chamber of Commerce and Industry and the US Embassy.

US ambassador David Shear noted that over the past 10 years both the US and Vietnam have made strides in developing bilateral ties, especially in economics.

He said in his capacity as the US ambassador to Vietnam, he will give top priority to furthering bilateral economic cooperation.

Workshop speakers stressed that stronger trade and investment ties between Vietnam and the US have contributed to the process of economic transition in Vietnam.

Local people's real income has increased by 7.2 percent annually and their GDP per capita has risen from $413 in 2001 to $1,300 in 2011. The poverty rate has fallen significantly from 58 percent in 1993 to 10.6 percent in 2010.

Both Vietnam and the US have identified principles for increasing their trade and investment cooperation. They are negotiating with 7 other economies a Trans-Pacific Partnership Agreement (TPP) as a cornerstone for economic integration in the Asia-Pacific region. Such integration will bring even more economic benefits to the two countries and generate more jobs for their people.

Source: www.intellasia.net/news/articles/economy/111350810.shtml