U.S. Foresees $12 Billion In Trade With Vietnam

November 6, 2007 8:07 p.m. EST

Hanoi, Vietnam (AHN) - U.S. Commerce Secretary Carlos Gutierrez's five-day trip to Vietnam is expected to yield higher trade transactions with Hanoi. For 2008, Gutierrez foresees bilateral trade between the two nations hitting $12 billion, up from 2006's $9.7 billion commerce.

In 2006, Vietnam actually enjoyed a higher trade ratio with the United States; America bought $8.1 billion in goods from Vietnam, while Hanoi purchased only $1.1 billion from Washington. Despite this, the U.S. will not place a limit on Vietnamese exports, Gutierrez assured Vietnamese President Nguyen Minh Triet. Instead, it will promote export of U.S. goods to the Southeast Asian country to minimize the trade deficit.

Gutierrez said the majority of the U.S. investors in Vietnam are satisfied with the financial operations of their enterprises in the country. He was accompanied by representatives of 23 American firms in the first U.S. business development mission to Vietnam.

Mr. Triet assured Gutierrez, "Vietnam is determined to create a favorable investment environment for foreign investors, including US firms."

"Changes are being made to the country's legal system in accordance with its commitments to integrate into the international economy," Gutierrez said.

Aside from promoting trade ties with Vietnam, Gutierrez said the U.S. intends to provide personnel development and education assistance to the country as part of its long-term partnership.