Vietnam and the US trade turnover increased from US$1.5 billion to over $20 billion during the last ten years, showing a 13 percent rise.
A Vietnamese gov’t official announced this at a ceremony to mark the 10th anniversary of the bilateral trade agreement (BTA) between the two countries.
Since the Vietnam-US Bilateral Trade Agreement (BTA) was signed in July 2000 and came into effect in December 2001, trade between the two countries has risen tremendously.
Over the last 10 years, the US and Vietnam have made impressive progress economically through bilateral relations.
Meantime, Vietnam’s per-capita GDP rose from $413 in 2001 to $1,300 in 2011 and its poverty rate fell from 58 percent in 1993 to 10.6 percent in 2010.
At present, the US, Vietnam and seven other partners are negotiating a regional free trade agreement called the Trans-Pacific Partnership Agreement, expected to benefit both the US and Vietnam in the future.