Speaking at a forum on promoting Vietnam-U.S. trade in the new context, jointly organized by the VCCI, Business Forum Magazine and Vietnam Airlines in Hanoi, Phong said that Vietnam has been attractive to U.S. businesses with a market of nearly 100 million consumers, positive growth, open policies, close connection with the Association of Southeast Asian Nations (ASEAN) market and other major markets in the world thanks to a network of free trade agreements.

At the forum

The forum was held on the occasion of a regular commercial flight route between Vietnam and the U.S. that was officially established by Vietnam Airlines to promote trade cooperation between the two nations.

Remarkable progress has been made since Vietnam and the U.S. normalized their relations, meeting the interests of the governments, people and business communities of the two countries, Phong said.

He said that despite the prolonged COVID-19 pandemic and its complicated developments which disrupted the supply chains, 2020 was the first year that the total trade turnover between Vietnam and the U.S. has exceeded the USD 90 billion benchmark, reaching USD 90.8 billion.

Vietnam has become the 10th largest trading partner of the US, while the US is also the largest trading partner of Vietnam. Vietnam is one of the first countries in Asia to sign a trade agreement with the U.S.

Many commercial investment opportunities between the two countries will be opened up when there is a regular direct flight of Vietnam Airlines connecting the two countries, Phong said.

Vietnam's export turnover to the U.S. has increased by 230 percent, while exports from the U.S. to Vietnam have also grown by more than 175 percent over the past five years. Key Vietnamese products exported to the U.S. are machinery, equipment, tools, and spare parts.

Participants at the forum exchanged views on issues related to the ways businesses can adopt to ensure their interests and tariff preferences when exporting to the US as well as matters that they should pay attention to meet high standards of product quality and dealing with technical barriers.

At the forum, Charles Ranado, Commercial Counselor of the U.S. Embassy in Vietnam, handed over a certificate of routine flight license to Vietnam Airlines, making it the first and only airline of Vietnam permitted to operate regular flights to the U.S. at present.