US lifting trade embargo on Vietnam- a historic milestone in bilateral ties: US Ambassador
(VOVWORLD) - Former US President Bill Clinton lifted the US trade embargo on Vietnam on February 3, 1994, marking a historic milestone in bilateral ties, says US Ambassador to Vietnam, Marc Knapper on Friday.
 US Ambassador to Vietnam Marc Knapper (Photo: VOV) |
He said the move paved the way for the wonderful development of the Vietnam-US trade ties. Since the two countries normalized ties in 1995, bilateral trade has increased three-hundredfold, reaching 139 billion USD in 2022. Vietnam is the US’s 8th largest trading partner globally and largest trading partner in ASEAN.
The ambassador said that during his state visit to Vietnam last year, President Joe Biden pledged to assist Vietnam in developing its semiconductor and other high-tech industries and cooperate with Vietnam to build a 21st-century workforce.
The US is committed to cooperating and supporting Vietnam and is currently considering recognizing Vietnam as a market economy.