Ambassador Le Cong Phung briefed WACDC officials on the socio-economic achievements Vietnam has made since it launched its “renovation” policy in 1986, including an average annual economic growth rate of 7.2 percent and the reduction of the poverty rate from almost 50 percent of the population in 1986 to 18 percent in 2006.

Ambassador Phung said the relationship between Vietnam and the US had also developed strongly since the two countries normalized ties in 1995.

The diplomat highlighted the fact that the US is currently Vietnam’s largest export market with two-way trade reaching US$12 billion last year.

In the first five months of this year, US companies pledged to invest more than $4 billion in Vietnam, making the US the fifth largest investor in Vietnam.

The two countries have maintained a frequent exchange of high-level talks, including four meetings between the Vietnamese President and Prime Minister and US President George W. Bush in the past four years.

Vietnam and the US have also agreed to ratchet up cooperation in such areas as culture, education, the environment and humanitarian issues.

WACDC is a nongovernmental organization made up of officials from federal and local administrations, university professors and members of companies located in Washington D.C. with an interest in foreign affairs.

Source: VNA