The lifting of the trade embargo against Vietnam by President Bill Clinton 30 years ago paved the way for all the terrific advances made in the US-Vietnam trade and economic relations, said US ambassador to Vietnam Marc Knapper.

Two-way trade turnover between the US and Vietnam rose 300-plus times to US$139 billion in 2022 compared to the figure recorded in 1995 when the two countries normalized diplomatic ties, said Knapper, marking 30 years of the lifting of the embargo (February 3, 1994).

Vietnam is now the US’ eighth largest trading partner and biggest trading partner in ASEAN, while the US is Vietnam’s second largest trading partner and number one export market.

“We firmly believe in the importance of Vietnam in terms of global supply chains,” the ambassador affirmed.

According to US Ambassador, during President Joe Biden’s visit to Hanoi last September, the US was committed to cooperating and helping Vietnam develop the semiconductor industry and other high-tech industries, including building a workforce for the 21st century.

“We’re very excited about the great work we have ahead of us. In the meantime, we very much welcome all the great market-based economic reforms that Vietnam has made,” the diplomat said.

Knapper last week met Vietnamese Deputy Prime Minister Le Minh Khai in Hanoi where he revealed the US Chamber of Commerce is reviewing the process of recognizing Vietnam’s market economy status, hoping to make it in time by June 2024

He informed the Vietnamese Government leader on some of the steps the US is taking towards implementing its commitment to help Vietnam develop the semiconductor industry, emphasizing that doing the task requires a semiconductor ecosystem.

According to the diplomat, US firm are keen to invest in Vietnam, but they need a clear legal corridor, easier access to clean, reliable energy sources, and a well-developed information technology infrastructure, along with a high-tech workforce.

To attract investment to the semiconductors industry, he suggested that Vietnam should fully tap into opportunities from the World Trade Organisation’s Information Technology Agreement (ITA) Expansion Agreement.

VOV