Over the years, two-way trade between Vietnam and the US has risen sharply, thanks to efforts to strengthen cooperation between the two governments, especially in the context of increasing globalisation and free trade. Bilateral cooperation is expected to be reinforced after Prime Minister Nguyen Xuan Phuc's visit to the US.
Located in downtown Detroit, Michigan, Robert's store is the only place selling made-in-USA products. However, as his supplies are becoming scarcer each day, he has switched to imported consumer goods from Asia, including Vietnam.
The shift to Asia has resulted in a big change for industrial cities in the United States. Rather than relying on manufacturing, they have shifted to high-tech and service sectors. Meanwhile, high quality goods from Asian countries like Vietnam dominate the American consumer market.
Building start-ups more suited to global movements is also featured in "Start-up week", organised by Chase Bank in Detroit. Young entrepreneurs are encouraged to start their businesses in line with local needs, while making good use of the growing trade relations with other countries to reach global markets.
In 2016, Vietnam became the 16th largest trading partner of the US, with bilateral turnover of $52.3 billion. Meanwhile, US trade services with Vietnam in 2015 was estimated at $3.1 billion. These numbers are expected to rise sharply in the future.
