Vietnam - US Towards Substantive Progress in Trade Negotiations

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According to the Ministry of Industry and Trade's portal, at the working session on May 22, the two sides agreed that Vietnam and the United States have highly complementary economies and much potential for cooperation.

Minister of Industry and Trade, Head of the Government Negotiation Delegation Nguyen Hong Dien (R) meets with US Secretary of Commerce Howard Lutnick. (Photo: Ministry of Industry and Trade)

Minister Nguyen Hong Dien affirmed that Vietnam has a large and stable demand for products, equipment and services with strengths from the United States, especially in high technology and energy. Vietnam is committed to promoting a transparent and healthy trade environment and is ready to strengthen coordination with the United States in preventing trade fraud, origin fraud, and illegal transshipment.

With the orientation of becoming a high-income developed country by 2045, Vietnam identifies the United States as one of its leading strategic partners and wishes to promote economic and trade relations in a balanced, sustainable, and mutually beneficial direction.

The Minister of Industry and Trade proposed that the United States work with Vietnam to resolve current problems in the trade economy, promptly recognize Vietnam as a market economy, and remove Vietnam from the D1 and D3 lists that restrict the export of high-tech products. This will contribute to bringing practical benefits to the two countries and improving the trade balance in a fair, harmonious, and sustainable manner.

US Secretary of Commerce Howard Lutnick highly appreciated Vietnam's efforts and goodwill in negotiating the bilateral agreement on reciprocal trade, and welcomed the two countries' increased cooperation in high-tech and value-added sectors. He affirmed that Vietnam is an important and attractive market for US businesses, and hoped that Vietnam would continue to facilitate US investment projects, contributing to expanding two-way trade turnover, especially imports of goods from the US.

The two sides agreed to continue promoting technical dialogue and maintaining high-level exchanges to soon achieve substantial progress in negotiations, towards building a stable and long-term economic and trade cooperation framework.

During the working trip, Minister Nguyen Hong Dien also met with Senator Ted Cruz, Chairman of the Senate Committee on Commerce, and Senator Steve Daines, member of the Senate Finance and Foreign Relations Committees.

At the meetings, Minister Nguyen Hong Dien emphasized Vietnam's commitment to promoting bilateral economic and trade cooperation harmoniously and sustainably, bringing practical benefits to the people and businesses of the two countries. He affirmed that Vietnam always creates favorable conditions for US enterprises to invest and do business effectively and suggested that the US consider Vietnam a priority trade partner in the context that the two countries have officially upgraded their relationship to the level of a Comprehensive Strategic Partnership for Peace and Sustainable Development.

Regarding the bilateral trade negotiation process, the Minister affirmed that Vietnam is ready to closely coordinate with the US side towards a trade agreement based on the principles of respecting sovereignty, balancing interests, in accordance with international commitments, and the development level of each side. He also asked the Senators to support and promote this process.

The Senators highly appreciated the development potential of the Vietnamese market, especially in the fields of industry, energy, high technology, and digital economy. The Senators said that many large US enterprises are very interested in and closely monitoring the investment policies and environment in Vietnam, and expressed their desire to expand business activities and long-term investment in this strategic market in the Asia-Pacific region.

The two sides expect that the comprehensive cooperation relationship between Vietnam and the United States will continue to be strengthened and developed, especially in the context of the global economy strongly restructuring the supply chain and expanding to dynamic and stable markets such as Vietnam.

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