AmCham Supports Vietnam-U.S. FTA on TPP’s Demise

Tuan Minh

16:18 20/05/2017

BizLIVE - The U.S. business community in Vietnam advocates a free trade agreement (FTA) between the two countries after President Donald Trump withdrew the United States from a Trans-Pacific trade deal.

AmCham Supports Vietnam-U.S. FTA on TPP’s Demise

President Tran Dai Quang addressed the conference on May 19. Photo: Minh Tuan

The American Chamber of Commerce (AmCham) in Vietnam supports measures to enhance the bilateral trade relationship between the United States and Vietnam, including an FTA, said Tami Overby, vice president for Asia, AmCham, at the a conference on future bilateral trade and investment relations in Hanoi on May 19.
After the U.S. withdrawal from the Trans-Pacific Partnership (TPP), new innovative method are needed to address the market access issue and other challenges that American companies face in Vietnam, she said.
A bilateral FTA will help drive further trade and investment relations and create new values and job opportunities for both countries, Overby added.
Addressing the event, Vietnamese President Tran Dai Quang said the two-way trade turnover expanded substantially from $12 billion in 2008 to $52 billion in 2016, adding that there remains wide door for further trade relations between the two countries.
Vietnam hopes to export farm produce, furniture, garments and textiles, electronics, consumer goods to the U.S. while wanting to import high-tech products from that market to serve its economic development agenda, Quang noted.
The president acknowledged contributions of foreign investors, including those from the U.S. He called on U.S. enterprises to boost investment in Vietnam in the areas of energy, oil and gas, infrastructure, finance-banking, pharmaceuticals, education-training, and information technology.
ExxonMobil, PetroVietnam, and PVEP on January 13 signed two agreements on the Blue Whale gas project worth around $ 10 billion. The project is expected to make the U.S. one of leading investors in Vietnam, Quang said.
He was convinced that U.S. President Donald Trump’s acceptance to attend the APEC Summit 2017 reflects the U.S.'s interest in deepening ties with Vietnam.  
Speaking at the event, Ambassador Ted Osius said trade growth between Vietnam and the U.S. will likely continue and strengthen in the future. The conference offered an opportunity for the business communities to talk and settle remaining issues to move economic relations forward.


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