Viet Nam, U.S. agree to initiate negotiations on reciprocal trade deal

Deputy Prime Minister Ho Duc Phoc affirmed Viet Nam expects to continue to further strengthen and deepen the comprehensive strategic partnership with the U.S.

He thanked the U.S. Administration for constant support for a strong, independent, self-reliant and prosperous Viet Nam, emphasizing that Viet Nam remains steadfast to building an independent and self-reliant economy, and to the foreign policy of independence, self-reliance, diversification and multilateralization of external relations.

Viet Nam expects to work with relevant U.S. agencies to concretize the contents of the phone conversation between General Secretary To Lam and President Donald Trump on April 4 in order to maintain stable and sustainable economic-trade relations for the benefits of businesses and people of the two countries, said Deputy Prime Minister Ho Duc Phoc.

Over the past time, Viet Nam has proactively implemented many measures to resolve trade deficit between the two countries and issues concerned by the U.S. side. The U.S. imposition of high tariff on Vietnamese exports into the U.S. is not consistent with the mutually beneficial economic and trade relations between the two countries and does not reflect the spirit of the Viet Nam-U.S. comprehensive strategic partnership.

Though the U.S. has decided to delay the imposition of tariff for 90 days, the two countries should start negotiations on a bilateral trade agreement to create a long-term framework to promote stable and mutually beneficial economic and trade relations in line with the comprehensive strategic partnership between the two countries, suggested Deputy Prime Minister Ho Duc Phoc.

U.S. Trade Representative Jamieson Greer highly valued Deputy Prime Minister Ho Duc Phoc's visit to the U.S. as Special Envoy of General Secretary To Lam as well as Viet Nam's active and proactive moves indicating Viet Nam's commitment to boost the Viet Nam-U.S. economic and trade relations.

Jamieson Greer affirmed that the U.S. attaches great importance to the relationship with Viet Nam. 

The U.S. agreed that both sides should initiate negotiations on a bilateral reciprocal trade deal, which would include tariff agreements and asked technical levels from the two countries to begin discussions immediately.

During his ongoing tour, Deputy Prime Minister Ho Duc Phoc had meetings with Senators Bill Hagerty and Steve Daines.

Deputy Prime Minister Ho Duc Phoc highly appreciated the support of the U.S. Congress and the Senators for the Viet Nam–U.S. relationship, expressing his delight at the positive developments in the bilateral ties following the establishment of the Comprehensive Strategic Partnership.

Ho underscored the significance of this year as the two countries are celebrating the 30th anniversary of the normalization of diplomatic ties.

Regarding bilateral economic and trade relations, the Deputy Prime Minister stated that the Viet Nam–U.S. relationship is mutually complementary, adding that Viet Nam does not compete with the U.S.' key export products and imports a significant amount of high-tech goods and services from the U.S.

In recent times, Viet Nam has proactively addressed many of the U.S.'s concerns, noted the Deputy Prime Minister.

He called on the U.S. Congress to continue support for the removal of tariff measures imposed on Vietnamese goods, and for the two countries to negotiate and discuss a long-term, and sustainable bilateral trade cooperation agreement that serves the interests of both nations' people and businesses.

The two Senators expressed their hope that the Viet Nam–U.S. relationship will continue to grow further and make positive contributions to peace and stability in the region and the world.

They spoke highly of Viet Nam's proactive approach in addressing tariff-related issues with the U.S., and affirmed their support for Viet Nam–U.S. trade relations based on the strategic interests of both countries.

The senators expressed confidence that Viet Nam and the U.S. will soon begin negotiations and find solutions to promote a stable and mutually beneficial economic and trade relationship in the near future.

During his working visit to the U.S., the Deputy Prime Minister held meetings with expert groups, scholars, and major businesses from both the U.S. and Viet Nam.

He also witnessed the signing ceremony of a Memorandum of Understanding on cooperation between Vietjet Aviation Joint Stock Company and U.S.-based Air Finance./.