Vietnam, US strengthen economic, trade partnership

The Ministry of Industry and Trade on March 14 said that this marked the first official ministerial-level meeting between the two countries since the new US administration took office.

During the talks, both sides expressed satisfaction with the positive trajectory of US-Vietnam relations during 30 years of diplomatic ties, 10 years of comprehensive partnership and two years of comprehensive strategic partnership.

Economic, trade, and investment cooperation has emerged as the cornerstone driving overall bilateral relations. Trade volume between the two countries reached nearly 150 billion USD in 2024, with the US becoming Vietnam's second-largest trading partner and one of its most crucial export markets.

Special Envoy of the Prime Minister, Minister of Industry and Trade Nguyen Hong Dien (R) and US Trade Representative Jamieson L. Greer (Photo: Ministry of Industry and Trade)

Minister Dien affirmed that Vietnam considers the US a top-priority partner and seeks to develop the comprehensive strategic partnership in a substantive, profound, and sustainable manner, thus contributing to bolstering mutual understanding and strategic trust between the two countries.

Highlighting the complementary nature of the two economies and their import-export structure, he said two-way trade has been on rapid and stable growth over the years, ensuring major foundations and national interests in the bilateral cooperation.

Vietnam’s consistent policy is to build harmonious, sustainable, stable, and mutually-beneficial economic and trade ties with the US, he stated, adding that Vietnam has no intention to create any barriers that could harm the US’s workers or economic and national security.

Dien outlined specific solutions that the Vietnamese Government is actively implementing to promote the economic, trade, and investment relations with the US in a comprehensive, harmonious, and sustainable manner. He also proposed that technical teams from both countries continue discussions towards US recognition of Vietnam's market economy status, a decision he described as important and commensurate with the current comprehensive strategic partnership between the two nations.

Greer, for his part, appreciated Dien's proactive coordination and straightforward, responsible, and goodwill approach when understanding and directly addressing current US concerns.

At the working session between Special Envoy of the Prime Minister, Minister of Industry and Trade Nguyen Hong Dien and US Trade Representative Jamieson L. Greer (Photo: Ministry of Industry and Trade)

He said the US’s new trade policy is designed to further promote trade and investment while protecting US economic and national security, and workers, without intending to harm partner countries. However, he said that trade exchanges must achieve rational economic benefits, calling on Vietnam to implement stronger measures to open its market and improve the trade balance in the coming time.

Regarding concerns about the US’s tariff policies, Dien and Greer said this is the right time for Vietnam and the US to coordinate to create a fair and sustainable business environment, involving review and consideration to remove trade barriers that hinder investment and business activities, as well as the establishment of effective mechanisms to control trade fraud, origin fraud, and illegal transshipment.

Concluding the session, the two sides agreed to conduct regular technical – level consultations to address specific issues, helping build harmonious, sustainable, and stable trade relations in alignment with the comprehensive strategic partnership between the two countries.