Economic Relations

Vietnam showed economic improvement as the 1980's rolled in, opening the country to foreign investments. The country's rapid economic transformation moved the status of low income to middle and lifted millions out of poverty.Vietnam signed many agreements with the United States other than the Bilateral Trade Agreement; they also signed textile, air transport, and maritime agreements. With the agreements came negotiation plans which included not only Vietnam and the United states but other Asia Pacific nations, this negotiation between countries was called Trans Pacific Partnership together they write the rules for global trade. When trading with Vietnam the United States are known for sending agricultural products, machinery, fabric, and vehicles. From Vietnam the U.S. receives apparel, footwear, furniture, bedding, agricultural products, seafood, and electrical machinery.The Bilateral Trade worth going from 451 million in 1995 to 35 billion 2014 with U.S. exports being worth 5.5 billion and imports 29.7 billion. The goal of the two countries is to create a level playing field in market that holds 40% of global gross domestic product (GDP).