VINACHEM

HCM CITY — Bilateral trade between Viet Nam and the US is expected to reach US$18 billion this year, up from $15.4 billion last year, according to Vu Tien Loc, chairman of the Viet Nam Chamber of Commerce and Industry (VCCI).

Loc spoke at a meeting last week organised by the American Chamber of Commerce in Viet Nam (AmCham) in co-operation with the VCCI to mark 15 years of the normalisation of Viet Nam-US relations and 10 years of the Viet Nam-US Bilateral Trade Agreement.

Viet Nam was one of 10 key markets of the US, creating many opportunities for companies of the two sides to expand operation, said Michael Michalak, US Ambassador to Viet Nam.

In addition, the two countries had complemetary trade, with three out of five key Vietnamese export items to the US using materials imported from the US.

US firms approach trade promotion centre New York — The Viet Nam Trade Centre in New York said more than 300 US businesses had approached it this year to seek information on investment opportunities in Viet Nam. Nguyen Manh Hung, the centre's director, said many of the US firms wanted to import large quantities of goods to supply major retailers, such as JC Penny and Macy's. The centre had worked as a bridge between businesses from the two countries and co-ordinated with domestic agencies to organise exchange visits to boost trade and investment, Hung said. — VNS

For instance, Viet Nam imported cotton and wood from the US to process and then export garment and furniture products to the US, he explained.

Growing co-operation in the area of education and training was another important facet of the two countries' relations, he said.

Currently, around 13,000 Vietnamese students were studying in the US compared to fewer than 800 students about 15 years ago, he added.

Le Thanh An, US Consul General to HCM City, said good bilateral trade and investment co-operation in the past had created employment and significantly contributed to the country's economic growth.

Nguyen Thi Hong, deputy chairwoman of the HCM City People's Committee, said to further facilitate investment, the city government would continue improving investment and the business environment, upgrading infrastructure and focusing on developing the city's human resources. — VNS