During the discussions, Tuan highlighted that Vietnam and the US have complementary economic structures, saying Vietnam has a strong demand for US strengths such as energy, high technology, aviation, machinery, and agricultural products, while Vietnamese goods offer US consumers a diverse range of affordable options without directly competing with domestic US industries.

Recognising shared strategic and economic interests, he underscored the importance of increasing bilateral cooperation in finance, which he said serves as a symbol of mutual trust and a substantive comprehensive strategic partnership contributing to the prosperity of both countries.

With regard to trade and investment relations, the Deputy Minister also discussed Vietnam's strong efforts and concrete measures aimed at promoting sustainable, balanced, and mutually beneficial development.

Robert Kaproth commended the Vietnamese government’s ongoing efforts and reaffirmed the US Treasury’s commitment to strengthening bilateral ties. He expressed willingness to address outstanding issues in economic and financial relations between the two countries.

Though trade negotiations are being led directly by the US Trade Representative, the US Treasury Secretary closely follows developments in negotiations with Vietnam, stated Kaproth.

However, he also reiterated the US concern over the growing trade deficit, which is viewed as unsustainable. He emphasised the need for improved customs controls to prevent illegal transshipment and origin fraud aimed at evading trade defence measures.

In response, Tuan affirmed that Vietnam is implementing various measures to strengthen customs inspections and ensure fair trade, and that it is ready to engage in open dialogue with the US on these issues.

He also urged the US Treasury to support Vietnam’s access to imports of high-tech goods and facilitate technology transfer to promote bilateral economic, trade, and investment growth. Such cooperation, he said, would enable businesses from both countries to access each other’s markets fairly and effectively in the long term. It would also help Vietnamese enterprises further integrate into US supply chains and enhance the complementary nature of the two economies.

At the end of the meeting, both sides agreed to promote activities such as seminars, policy dialogues, and technical assistance to further strengthen the Vietnam - US financial partnership.

Earlier, Tuan held a separate meeting with James Burrows, vice president of the Export-Import Bank of the United States (US EXIM). The meeting was also attended by representatives from major Vietnamese enterprises, including the Vietnam National Energy Corporation and the Vietnam Maritime Corporation.

Both parties acknowledged the important role of US EXIM in providing financial resources to support Vietnamese enterprises investing and conducting business both in the US and Vietnam.

According to Burrows, US EXIM operates across all sectors, managing a loan portfolio exceeding US$135 billion. The bank currently prioritises areas such as green energy, LNG, oil and gas, and critical and rare minerals. Its mission also includes supporting US firms’ international exports and contributing to more balanced trade relations.

Vietnamese corporations to advance trade deals with US partners

Minister of Industry and Trade Nguyen Hong Dien on May 7 chaired a working session with major Vietnamese enterprises to implement the Prime Minister's directive on promoting trade agreements to help balance the trade relationship between the US and Vietnam.