“Removing US trade sanctions on Vietnam is the right move, at the right time.”

30 years ago, on February 3, 1994, President Bill Clinton announced the complete lifting of the 19-year-old trade embargo against Vietnam, marking the beginning of the normalization of relations between the two countries.

0
86

The Right Person at the Right Time

Speaking at the ceremony to celebrate the 30th anniversary of the lifting of the US embargo on Vietnam, US Ambassador to Vietnam Marc Knapper stated that President Clinton’s announcement to lift the trade embargo on Vietnam on February 3, 1994 paved the way for all the developments that the two countries have achieved in bilateral trade and economic relations.

US Ambassador to Vietnam Marc Knapper speaks at the ceremony to celebrate the 30th anniversary of the lifting of the US embargo on Vietnam. Photo: Thanh Pham

Since the lifting of the trade embargo in 1994 and the normalization of relations between the two countries in 1995, the bilateral trade volume between the two countries reached $139 billion in 2022 alone, a 300-fold increase compared to 1995, Ambassador Marc Knapper cited.

Currently, Vietnam is the 8th largest trading partner of the US worldwide and the largest trading partner of the US in ASEAN, while the US is the second largest trading partner and the largest export market of Vietnam, emphasized the US Ambassador to Vietnam.

Regarding the lifting of the trade embargo as the “right person at the right time,” Can Van Luc, Chief Economist of the Bank for Investment and Development of Vietnam (BIDV), member of the National Financial and Monetary Policy Advisory Council and member of the Vietnam National Committee for Pacific Economic Cooperation (VNCPEC) argued that this has opened up great potential for trade cooperation and the economy of the two countries.

“I think it was a smart decision by the US. After the trade embargo was lifted, banks and businesses rushed into Vietnam. It seems like everyone has been waiting for this right moment for a long time,” said Can Van Luc.

Can Van Luc, Chief Economist of the Bank for Investment and Development of Vietnam (BIDV), member of the National Financial and Monetary Policy Advisory Council and member of the Vietnam National Committee for Pacific Economic Cooperation (VNCPEC) shares at the ceremony to celebrate the 30th anniversary of the lifting of the US embargo on Vietnam. Photo: Thanh Pham

Prospects for Vietnam – US Cooperation 30 Years after the Lifting of the Economic Embargo

Speaking about the prospects for cooperation between the two countries after 30 years since the lifting of the economic embargo, speakers believe that in the context of Vietnam and the US upgrading their relations to a Comprehensive Strategic Partnership, there is a need for more specific action plans to turn cooperation initiatives into reality, bringing benefits to businesses and people of both countries.

“We have full confidence in the importance of Vietnam in global supply chains. When President Biden visited Vietnam last year, we committed to cooperating with Vietnam to develop the semiconductor industry and other high-tech industries; cooperating with Vietnam in building a 21st-century workforce with scientists, computer engineers, and information technology professionals who can work in the high-tech economy that both Vietnam and the US are aiming for. So, we are very excited about the cooperation that awaits us in the future,” emphasized US Ambassador to Vietnam.

Ambassador Marc Knapper also mentioned that the US welcomes all major economic reforms based on market mechanisms that Vietnam has implemented, as well as Vietnam’s commitments. The US is also committed to cooperating with and supporting Vietnam extensively as Vietnam continues to transition to a market economy.

Regarding the recognition of Vietnam as a market economy, the US Ambassador to Vietnam stated that the US Department of Commerce is undergoing this process. The process began in October of last year and includes public input and a 270-day deadline.

The US Ambassador also emphasized that the US government is committed to conducting a fair and transparent process in accordance with international rules.

Lan Huong

SOURCEcafef
Previous articleSHG to transfer multiple investments to pay off debts
Next articleCost of management drags PGI’s net profit down in Q4/2023