Vietnam, US move to solidify economic and trade links

Both sides highlighted the official upgrade of mutual relations to a comprehensive strategic partnership on September 10, 2023, as a historic milestone in bilateral ties, in which economic and trade co-operation will continue to be the important driving force, thereby playing a pioneer role in promoting common prosperity between the two nations.

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 in order to realise the vision of high-ranking leaders. This should be done whilst setting development goals in line with the comprehensive strategic partnership for the coming journey, they said.

Deputy Minister Thang hailed the close co-operation that has existed 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 raise a substantive voice supporting the early removal of the Vietnamese side from the non-market economy status, thereby affirming that recognizing the nation as a market economy will allow Vietnamese businesses to be treated more fairly, without affecting the legal rights of the US domestic manufacturing sector.

Furthermore, the US recognition of Vietnamese efforts in economic reform will further motivate other economies and add impetus to the country has it strives to improve its business and investment environment, thus helping form a stable supply chain for the import and consumption needs of US enterprises and people, stressed Deputy Minister Thang.

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

Regarding specific co-operation activities in industry and energy, Deputy Minister Thang suggested the two sides accelerate the implementation of signed agreements, thereby expressing her hope that the US and developed countries will have specific funding packages to support the country in effectively implementing energy transition. She also asked the US to help the nation improve its processing capacity and protect the environment in the process of mastering and exploiting natural resources.

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

US associations greatly valued the development potential, along with the investment and business opportunities, that exist 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 the nation.

Deputy Minister Thang used the occasion to invite AAEI and AACC to introduce member businesses to attend the Vietnam International Sourcing 2024 which is slated for June in Ho Chi Minh City.