Vietnam Looking to Strengthen Trade Relations with Oakland, US

PM Pham Minh Chinh (R) receives the California delegation led by Oakland Mayor Sheng Thao in Hanoi on August 1. Photo: VGP

Prime Minister Pham Minh Chinh received a delegation of officials and businesses from the US state of California led by Mayor of Oakland city Sheng Thao in Hanoi on August 1, VOV reported.

The Government leader affirmed that Vietnam always views the US as one of its leading partners and wishes to continue promoting bilateral relations in a substantive and effective manner for the benefit of both peoples and for peace, stability, cooperation, and development in the Asia-Pacific region.

PM Chinh applauded the strong relations between Vietnam and California, including Oakland city, particularly in the areas of economic, trade, and seaport cooperation.

California is one of Vietnam’s leading partners at the local level, with nearly 100 businesses from the state investing in Vietnam and more than 70 investment projects being carried out in California, he added.

The two sides have significant potential for partnerships in economy, trade, investment, science and technology, energy transition, hi-tech, innovation, education, training, and startup, PM Chinh noted, calling for continued cooperation and fostering of these areas.

The Prime Minister asked the Oakland Mayor and other California officials to continue helping develop relations with Vietnam, specifically in the areas of economy, trade, investment, and people-to-people exchanges, and to act as a bridge connecting the US and Vietnam as well as their businesses, thus contributing to strengthening the ties between the two countries.

PM Pham Minh Chinh (R) receives the California delegation led by Oakland Mayor Sheng Thao in Hanoi on August 1. Photo: VNA

He expressed his hope that Oakland will continue to facilitate delegation exchanges and information sharing to enhance mutual understanding between its communities and Vietnamese localities. He also called on the US city’s authorities to support Vietnamese people in integrating into the local society.

During the meeting, Mayor Thao commended the recent progress in Vietnam-US relations. She stated that Oakland will further strengthen the friendship and result-oriented cooperation with Vietnam, particularly in transportation, logistics, high technology, digital economy, and innovation, thereby contributing to the relations between California and Vietnam.

Since the normalization of relations, trade turnover between the two countries has increased more than 240 times, from half a billion USD in 1995 to over $120 billion in 2022. In the first six months of 2023, the trade reached $51.29 billion, according to VietnamPlus.

The US has become Vietnam’s first export market to surpass the $100 billion mark, while Vietnam is now the 7th largest trading partner of the US. US direct investment in Vietnam has reached $11.73 billion, ranking 14th among the countries and territories investing in Vietnam.

The US remains in the top five countries in terms of international arrivals to Vietnam, with an average of 800,000 visitors per year before the Covid-19 pandemic. Vietnam aims to welcome 1 million US tourists. Cooperation between localities and people-to-people exchanges have also been strengthened, facilitating economic cooperation and contributing to enhancing mutual understanding between the two countries.