ITA's Sanchez Highlights Progress in Vietnam, Importance of TPP

March 9, 2012 by Brian Feito|Other U.S.

On March 7, 2012, Under Secretary of Commerce for International Trade Francisco Sanchez spoke before the American Chamber of Commerce in Hanoi. Sanchez, highlighting the U.S.-Vietnam trade relationship, noted that U.S. exports to Vietnam grew almost 17% last year to roughly $4.3 billion, which is four times the value of exports in 2006. However, Sanchez stated, U.S. exports still only account for about 4% of Vietnam’s total 2011 imports. According to Sanchez, the Trans-Pacific Partnership is an important effort in helping U.S. businesses to reach their potential in Vietnam.

Sanchez also stated that he is encouraged by Vietnam Deputy Prime Minister Ninh’s vision of restructuring State investment, reforming state-owned enterprises (SOEs), and restructuring the financial sector, and that, if properly implemented, Vietnam’s new policies will create a level playing field for all.