US aims to boost bilateral trade

HCM CITY — The US is taking steps to increase bilateral trade with Viet Nam by adding 14 economic specialists to the US embassy and Consulate in the country, according to the assistant secretary for the US Commerce for Trade Promotion, Suresh Kumar.

Speaking at a media briefing in HCM City yesterday, Suresh Kumar told Vietnamese businesses to take advantage of their consultation to learn more about the US's import requirements.

He noted that after a bilateral trade agreement between the two countries was signed in 2001, bilateral trade reached US$2 billion.

But it rose to $18.6 billion in 2010, a growth of 20 per cent compared to 2009.

"Viet Nam's imports from the US grew at even a higher rate, but we can both do much more than that," said Kumar.

Kumar, who is also director general of the US and Foreign Commercial Service, said the American trade sector was carrying out a national trade initiative under the Obama administration that would increase US exports to several countries.

Under that initiative, Viet Nam has been identified as a priority country for trade with the US.

"US investment in Viet Nam is around $4.7 billion, and more than 500 American companies are present in Viet Nam," he said.

In December, Kumar will lead a business delegation to Viet Nam to seek investment opportunities in franchising, finance, green energy, infrastructure and healthcare.

September 20, 2011

Source: vietnamnews.vnagency.com.vn