Enhancing Vietnam–US trade ties through strategic dialogue

Within the framework of his working visit to the United States, Minister of Industry and Trade Nguyen Hong Dien held a meeting with Jeffrey Perlman, Chairman of Warburg Pincus and Chairman of the US-ASEAN Business Council (USABC) on June 9 at Washington, D.C.

Working session between Minister Nguyen Hong Dien - Head of the Vietnamese delegation and Jeffrey Perlman - Chairman of Warburg Pincus Investment Fund and Chairman of the US-ASEAN Business Council (USABC)

During the meeting, Minister Nguyen Hong Dien highly appreciated the positive developments in economic and trade cooperation between Vietnam and the United States in recent years. He affirmed that the United States remains one of Vietnam’s leading economic partners. The Minister emphasized that bilateral economic relations are complementary in nature, contributing to strengthening competitive advantages and promoting sustainable development in line with Vietnam’s goal of building an independent, self-reliant economy with deep international integration.

Minister Nguyen Hong Dien proposed that USABC and the US business community continue to support Vietnam in the process of negotiating a reciprocal trade agreement between the two countries. He also called for joint efforts to promote Vietnam’s investment and business environment among US partners.

Speaking on behalf of USABC, Jeffrey Perlman expressed confidence in Vietnam’s economic outlook, affirming that Vietnam is currently Warburg Pincus’s second-largest market in Asia. He reaffirmed the group’s long-term commitment to Vietnam and pledged active support for the promotion of Vietnam–US economic and trade relations.

Minister Nguyen Hong Dien also proposed that USABC strengthen cooperation with Vietnamese agencies in promoting potential sectors and investment opportunities in Vietnam to US businesses.

Jeffrey Perlman informed that he would soon work with US Secretary of Commerce Howard Lutnick, Secretary of the Treasury Scott Bessent, and US Trade Representative Jamieson Greer to put forward three key proposals: (i) USABC’s support for a balanced and mutually beneficial trade agreement between Vietnam and the United States; (ii) stronger US cooperation with ASEAN, a region of strategic importance in US policy; and (iii) a fair and comprehensive assessment of the current trade deficit, which is a structural outcome of trade relations between a developed economy such as the United States and an emerging economy like Vietnam.

The two sides also exchanged views on potential cooperation areas including energy, industry, digital transformation, green transition, logistics, and supply chain development. USABC reaffirmed its commitment to accompanying Vietnam in maintaining macroeconomic stability and pursuing sustainable development.

Working session with the American Apparel and Footwear Association (AAFA) and major US corporations

On the same day, Minister Nguyen Hong Dien had a working session with the leadership of the American Apparel and Footwear Association (AAFA) and representatives of major US apparel and footwear companies such as Gap, Levi Strauss, HanesBrands, and Under Armour.

Minister Nguyen Hong Dien highly appreciated the role of AAFA in promoting Vietnam - US trade relations.

Minister Nguyen Hong Dien acknowledged the important role of AAFA in fostering Vietnam–US trade ties and expressed appreciation for the association’s efforts in acting as a bridge between US companies and Vietnamese manufacturers. He affirmed Vietnam’s readiness to serve as a reliable partner in the global supply chain and looked forward to closer cooperation in building a fair, adaptable, and sustainable trade environment.

At the meetings, Minister Nguyen Hong Dien called on major US associations and corporations to leverage their influence with the US administration. He conveyed Vietnam’s desire for closer economic ties under the framework of the Comprehensive Strategic Partnership, which he said has created favorable conditions for US businesses to operate and invest in Vietnam.

The Minister emphasized that long-term cooperation with Vietnam would bring strategic benefits to both countries and contribute to rebalancing bilateral trade in a fair, harmonious, and sustainable manner. He urged the United States to consider treating Vietnam as a priority trade partner.

He also proposed that the US work with Vietnam to address outstanding economic and trade issues. Specifically, he called for early recognition of Vietnam as a market economy and for the removal of Vietnam from the D1 and D3 lists that restrict exports of high-tech products. According to the Minister, such actions would deliver tangible benefits for both nations in the short and long term.