Vietnam, US strengthen trade relations

Meeting between Deputy Minister of Industry and Trade Phan Thi Thang and Deputy Assistant US Trade Representative (USTR) for Southeast Asia and the Pacific Sarah Elleman (Photo: VNA)

Washington DC – Deputy Minister of Industry and Trade Phan Thi Thang had a meeting with Deputy Assistant US Trade Representative (USTR) for Southeast Asia and the Pacific Sarah Elleman, within the framework of Vice State President Vo Thi Anh Xuan’s recent working visit to the US.

The two sides assessed the official upgrade of the Vietnam - US relations to a comprehensive strategic partnership on September 10, 2023, as a historic milestone in bilateral ties, in which economic and trade cooperation will continue to be an important driving force, playing a pioneer role in promoting common prosperity between the two countries.

Therefore, management agencies of the two countries in general and between the Ministry of Industry and Trade of Vietnam and the USTR Office in particular need to have more extensive collaboration activities to implement and realise the vision of high-ranking leaders, and set development goals commensurate with the comprehensive strategic partnership for the coming journey, they said.

Thang spoke highly of the close cooperation between her ministry and the USTR Office over the recent past, especially in increasing the efficiency and intensifying policy exchanges on a variety of economic and trade issues through the dialogue mechanism of the US-Vietnam Council on Trade and Investment.

She reiterated the need for relevant agencies of the US Government to have a substantive voice supporting the early removal of Vietnam from the non-market economy status, affirming that recognising Vietnam as a market economy will allow Vietnamese businesses to be treated more fairly, without affecting the legal rights of the US domestic manufacturing sector.

In addition, the US recognition of Vietnam's efforts in economic reform will motivate other economies, and create more pushes for Vietnam in improving its business and investment environment, thus helping form a stable supply chain for the import and consumption needs of US enterprises and people, stressed Thang.

In the field of trade defence, the official expressed deep concern over the increasing frequency of this kind of investigations on Vietnamese exports, and suggested the US carefully consider Vietnam's opinions in each specific case to ensure trade liberalisation, fairness, objectivity, and transparency for trade activities of the two countries' businesses.

Regarding specific cooperation activities in industry and energy, Thang proposed the two sides promote the implementation of signed agreements, expressing her hope the US and developed countries will have specific funding packages to support Vietnam in effectively implementing energy transition. She also suggested the US help the Southeast Asian nation improve its processing capacity and protect the environment in the process of mastering and exploiting natural resources.

The Vietnamese official also had working meetings with the Presidents of the American Association of Exporters and Importers (AAEI) and the Asian American Chamber of Commerce (AACC).

US associations highly valued the development potential and investment and business opportunities in Vietnam, saying that many member businesses are currently interested in diversifying supply chains and expanding investment in digital trade and services, seaport development, education, and finance in Vietnam.

Thang took the occasion to invite AAEI and AACC to introduce member businesses to attend the Vietnam International Sourcing 2024 scheduled for June in Ho Chi Minh City.

Vietnam - US trade increases 160 times after 25 years (Infographics) Since the normalisation of bilateral relations 25 years ago, bilateral trade between Vietnam and the US has consistently increased. Vietnam ranks 16th among the US trade partners and the US is Vietnam’s third largest trade partner.

Vietnam - US comprehensive partnership Vietnam and the Unted States have enjoyed thriving relations since the two countries established their diplomatic relations in 1995.

Vietnam - US trade relations Along with sound political relations, economic-trade ties have been one of the most successful endeavours within Vietnam-US relations. The US is currently one of Vietnam’s largest trading partners.