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Only two years after the signing of the US-Vietnam Bilateral Trade Agreement (BTA), the United States has become Vietnam’s largest export market, accounting for 20% of Vietnam’s total export turnover, according to a report released on July 17.

The report on the impact to Vietnam of the BTA on trade, foreign investment and the economy has been is released by the Ministry of Planning and Investment’s Central Institute for Economic Management, the Ministry’s Foreign Investment Department and the Support for Trade Acceleration (STAR Vietnam).

In the 2001-2006 period, Vietnam’s exports to the US increased by eight times. Vietnam’s key export items to the US include footwear, household appliances and garments. US exports to Vietnam has also increased by two times over the past five years. Vietnam imported mostly transport vehicles, machinery and other manufacturing products from the US.

The report also assesses the impact of BTA to Vietnam’s economic structure. The opening of the US market to Vietnamese exports and the improvement in business environment in Vietnam, along with the implementation of BTA has contributed to shifting the Vietnamese economy towards an export-oriented one

Source: Vneconomy

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