According to US Ambassador Marc Knapper, on February 3, 1994, President Clinton announced the lifting of the trade embargo with Vietnam, marking a historic moment. This event paved the way for all the remarkable developments in the Vietnam-US economic and trade relations.
Since the lifting of the trade embargo in 1994 and the normalization of diplomatic relations in 1995, the bilateral trade between the United States and Vietnam has reached 139 billion USD by 2022, a 300-fold increase compared to 1995.
US Ambassador to Vietnam – Mr. Marc E. Knapper.
Vietnam is the United States’ eighth largest trading partner in the world and the largest trading partner within ASEAN. In turn, the United States is Vietnam’s second largest trading partner and the largest export market. Moreover, the United States recognizes Vietnam’s significance in global supply chains.
During last year’s State visit to Vietnam, President Joe Biden had committed to cooperate and support Vietnam in developing the semiconductor industry and other high-tech sectors, as well as partnering with Vietnam in building a 21st-century workforce. The United States is committed to collaboration, aiding Vietnam, and considering Vietnam as a market economy.
