The Viet Nam-U.S. Trade and Investment Framework Agreement (TIFA) Joint Council Meeting, Ha Noi, December 6, 2023

The above figure was announced at the U.S.-Viet Nam Trade and Investment Framework Agreement (TIFA) Joint Council Meeting that took place in Ha Noi on December 6.

Assistant U.S. Trade Representative for Southeast Asia and the Pacific Sarah Ellerman and Deputy Minister of Industry and Trade Do Thang Hai co-chaired the meeting.

Vietnamese and U.S. officials discussed a range of bilateral economic priorities including on agriculture, labor, intellectual property, digital trade, services, information and communication technology products, and the environment.

The two sides welcomed the resumption of the TIFA Joint Council Meeting following the COVID-19 pandemic and reaffirmed their resolve to strengthen the bilateral economic cooperation.

Both sides highlighted the significance of the recent elevation of U.S.-Viet Nam relations to a Comprehensive Strategic Partnership.

Viet Nam and the U.S. signed the TIFA on June 21, 2007, and the bilateral economic relationship has grown significantly since then.

During January-November, the U.S. remained the biggest importer of Vietnamese goods with US$88.05 billion, a year-on-year decrease of 13.1 percent. Meanwhile, Viet Nam spent US$12.57 billion on imports from the U.S., down 6.4 percent.

The Southeast Asian nation enjoyed a trade surplus of US$75.45 billion with the U.S. in the first 11 months.

Last year, trade in goods and services between Viet Nam and the U.S. was estimated at US$142.1 billion, a 422 percent increase compared to 2012. 

U.S. foreign direct investment flows into Viet Nam was US$3.5 billion in 2022, a 26.8 percent increase from 2021.