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Ahead of TPP, US becomes Vietnam's top trade partner

Reflected through impressive trade values between the two countries over recent years, the US has become Vietnam's leading trade and investment partner. Bilateral trade has expanded from zero since the day Vietnam and the US normalised their diplomatic ties 20 years ago to $36.3 billion in 2014. The Trans-Pacific Partnership (TPP) agreement is expected to afford favourable conditions for Vietnamese exports among the free trade agreements Vietnam has engaged in, said Deputy Minister of Industry and Trade, Tran Tuan Anh.

According to the Ministry of Industry and Trade (MoIT), Vietnam began to access the US market in 1995. Vietnam's export turnover to the country reached $800 million in 2000 – the year the Vietnam-US Bilateral Trade Agreement was signed. The US has become Vietnam's largest importer, purchasing garments, electronic products, footwear, rice and fish from the Southeast Asian nation. In the sphere of investment, the US ranked seventh among the countries and territories investing in Viet Nam with a total direct investment of $10.7 billion by June this year.