Two-way trade between Vietnam and the US stood at $100.62 billion in the first eleven months of this year, the US - Vietnam Trade and Investment Framework Agreement (TIFA) Joint Council Meeting in Hanoi on December 6 heard, as quoted by the Government News.

Export turnover from Vietnam contributed $88.05 billion to the figure, a year-on-year increase of 13.1 per cent. Vietnam’s imports from the US stood at $12.57 billion, down 6.4 per cent. Vietnam therefore enjoyed a trade surplus of $75.45 billion with the US in the period.

Bilateral trade between the two countries last year was estimated at $142.1 billion, a 422 per cent increase compared to 2012.

The two sides discussed a range of bilateral economic priorities at the meeting, including on agriculture, labor, intellectual property, digital trade, services, information and communication technology products, and the environment.

They welcomed the resumption of the TIFA Joint Council Meeting following Covid-19 and reaffirmed their resolve to strengthen bilateral economic cooperation, especially after bilateral ties were upgraded to a comprehensive strategic partnership.

TIFA was signed on June 21, 2007, and bilateral economic relations have grown significantly since.