Vietnam, US to negotiate reciprocal trade agreement

Phoc, who is paying a visit to the US in his capacity as special envoy of Party General Secretary To Lam, affirmed that Vietnam wishes to further strengthen and deepen the Comprehensive Strategic Partnership with the US.

He thanked the US Government for consistently supporting a “strong, independent, self-resilient, and prosperous” Vietnam, stressing Vietnam remains steadfast in building an independent and self-reliant economy, and in pursuing the foreign policy of independence, self-reliance, and diversification and multilateralisation of foreign relations.

Vietnam wishes to work with relevant US agencies to concretise the discussions between Party General Secretary Lam and President Donald Trump on April 4, thus maintaining a stable and sustainable economic and trade relationship, for the sake of businesses and people in both countries, the Deputy PM continued.

He emphasised that Vietnam has proactively implemented various measures in recent times to help address the trade imbalance between the two countries and respond to the concerns raised by the US.

Therefore, he said, the US’s imposition of high tariffs on Vietnamese exports is not conformable to the mutually beneficial economic and trade ties between the two countries and does not reflect the spirit of their Comprehensive Strategic Partnership.

Deputy Prime Minister Ho Duc Phoc (R) and US Trade Representative Jamieson Greer. (Photo: VNA)

The Deputy PM proposed that, although the US has decided to delay the imposition of tariffs by 90 days, the two countries should promptly begin negotiations on a bilateral trade agreement in order to establish a long-term framework to promote a stable and mutually beneficial economic and trade relationship, in line with the Comprehensive Strategic Partnership.

For his part, Greer lauded Vietnam’s proactive and positive steps, which demonstrate the country’s strong commitment to advancing the bilateral economic and trade ties.

The US places great importance on its bilateral relations with Vietnam and wishes to work closely together to address the trade imbalance issue, aiming for increasingly intensive cooperation across various fields, he said.

Greer said the reciprocal trade agreement should include arrangements on tariffs and proposed that technical-level representatives from both countries start discussions immediately.

The two sides consented to continue working closely together to promote a favourable business environment, proactively review and minimise non-tariff barriers on each other’s goods, facilitate greater investment and business activities by US companies in Vietnam, and enhance cooperation in monitoring and preventing trade fraud.

On April 8-9, Phoc also met with Senators Bill Hagerty and Steve Daines, as well as various US organisations and businesses.

Deputy PM Ho Duc Phoc also had a meeting with Senators Bill Hagerty

The Vietnamese official expressed his appreciation for the support of the US Congress and the senators for the Vietnam–US relationship.

Phoc expressed his delight at the positive developments in bilateral ties following the establishment of the Comprehensive Strategic Partnership, stressing the significance of the year 2025 that marks the 30th anniversary of the normalisation of relations between the two countries.

Regarding bilateral economic and trade relations, the Deputy PM noted that the Vietnam–US relationship is complementary in nature, explaining Vietnam does not compete with the US in its key exports, while importing a wide range of US goods, services and high-tech products.

He called on the US Congress to continue its support and advocacy for the removal of tariff measures on Vietnamese goods. He also urged support for the two countries to engage in negotiations to soon reach a long-term, sustainable bilateral trade agreement that serves the interests of both nations’ people and businesses.

The two senators expressed their hope that the bilateral relationship will continue to grow and make positive contributions to peace and stability in the region and the world at large.

They commended Vietnam for its proactive approach in addressing tariff-related issues with the US and affirmed their support for Vietnam–US trade relations based on the broader strategic interests shared between the two countries.

Both expressed confidence that the two countries will soon kick-start the negotiation process and find solutions to strengthen a stable and mutually beneficial economic and trade relationship in the near future.

While in the US, Phoc also held meetings with many experts, scholars, and major businesses from both the US and Vietnam, and witnessed the signing ceremony of a Memorandum of Understanding on cooperation between Vietnam’s Vietjet and Air Finance of the US.