Vietnam, US promote trade for mutual benefits

Important goals

Minister Dien and Secretary Raimondo agreed that the upgrading of Vietnam-US relations to a comprehensive strategic partnership marked a historical milestone in the history of bilateral relations. Economic cooperation and trade continue to be a pillar of bilateral relations, helping promote mutual prosperity. Management agencies of the two countries in general and the Vietnamese Ministry of Industry and Trade (MoIT) and the US Department of Commerce (DOC) in particular should increase cooperation to actualize the vision of the two countries’ leaders and set development goals that match the bilateral comprehensive strategic partnership.

Minister Dien praised the results of cooperation between the MoIT and the DOC as well as the contribution of the two business communities to Vietnam-US relations during the past nearly three decades.

Minister of Industry and Trade Nguyen Hong Dien (right) meets with US Secretary of Commerce Gina Raimondo - photo: Ministry of Industry and Trade

Reiterating the importance of the recognition of Vietnam’s market economy status, Minister Dien suggested the DOC make drastic directions to expedite and complete the Changed Circumstances Review (CCR) process this year, in line with the spirit of the September 11 Joint Statement and the Action Plan agreed by the two countries’ leaders.

Minister Dien affirmed Vietnam’s wish to boost comprehensive and sustainable economic, trade and investment relations with the US. The MoIT, as the Chair of Vietnam Sub-Committee in the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, pledges to continue actively working with relevant US regulatory agencies to fully address the concerns of both countries, thereby maintaining a stable trade relationship toward a balanced, sustainable and mutually beneficial trade balance.

Trade liberalization

Regarding discussions within the Indo-Pacific Economic Framework for Prosperity (IPEF), Minister Dien praised the results achieved by IPEF member countries in basically concluding negotiations on Pillar II - Supply Chains, affirming that as an active and responsible member of both multilateral and regional cooperation frameworks, Vietnam consistently supports and stays ready to engage in discussions with other member countries to contribute to building practical contents that suit development conditions of each member.

At the same time, the minister expressed serious concerns over the increasing frequency of trade remedy investigations on Vietnamese exports to the US, especially industrial products, and proposed that the DOC carefully consider Vietnam’s opinions on each specific case to ensure trade liberalization, fairness, objectivity and transparency in bilateral trade.

For her part, Secretary Raimondo acknowledged that Vietnam has formally asked the DOC to initiate a CCR to consider granting the market economy status to the country within the framework of specific cases. She said there would be direct guidance to expedite the review process towards the early recognition of Vietnam’s market economy. Expressing a high level of interest in the progress of the IPEF negotiations, she wished to quickly conclude the remaining pillars of the talks by the end of this year.

At the end of the working session, Minister Dien and Secretary Raimondo agreed that the two sides should keep fostering strategic trust, increase discussions and deepen future cooperation in core areas such as energy, aviation, rare earth and essential minerals, workforce training, energy transition, digital economy and green production. They were also committed to finding ways to boost joint work to deliver on the commitments by their leaders.