U.S. and Vietnam looking to improve trade relations

Posted on September 6, 2012


Ladies wait for customers in Binh Tay Market on January 10, 2012 in Saigon, Vietnam. (Photo by Chris Jackson/Getty Images)

Trade relations between the United States and Vietnam have come a long way since the unfortunate war of the 1960s and 1970s. The Office of the United States Trade Representative in Vietnam states that Vietnam and the United States are partners in the ongoing Trans-Pacific Partnership (TPP) negotiations.

With these negotiations it is the desire of the United States to develop a high-standard, 21st-century regional trade agreement which will support the creation and retention of jobs in the United States while promoting economic growth. Along with the United States and Australia, the TPP negotiating partners now include Brunei Darussalem, Chile, Malaysia, New Zealand, Peru, and Singapore.

Vietnam News has reported in an article published on September 4: “US Trade Representative in town to discuss trade, investment ties.” In a recent meeting with visiting US Trade Representative Ronald Kirk in Hanoi, President Truong Tan Sang has urged the US government to grant Vietnam status as a market economy. Vietnam is seeking recognition as a market economy in order to benefit from the removal of trade and investment restrictions.

President Sang has said Vietnam always attached importance to relations with the United States, and he emphasized that the two countries should bring relations to a new height on the basis of mutual respect for independence, sovereignty and the territorial integrity of each nation for the interests of peace, stability and co-operation across the entire region. President Sang has also called on American businesses to increase investments in Vietnam.

Kirk has said that cooperation in in the areas of economics and trade was among the main factors in the Asia-Pacific policy of President Barack Obama. Kirk also assured President Sang that the US government also desires a stronger development in bilateral relations between Vietnam and the United States. The further development of trade and joint venture businesses between the United States and Vietnam clearly holds great potential for the future. However, there remain contentious issues to settle between the two nations such as the plight of Agent Orange victims.