Viet Nam prepares for trade negotiations with U.S.

The meeting drew the participation of Standing Deputy Prime Minister Nguyen Hoa Binh, Deputy Prime Minister Tran Hong Ha, Deputy Prime Minister Le Thanh Long, Deputy Prime Minister Bui Thanh Son, Deputy Prime Minister Nguyen Chi Dung, and Deputy Prime Minister Mai Van Chinh and several Cabinet ministers.

Addressing the meeting, Prime Minister Pham said Viet Nam has adopted flexible and timely responses since the U.S. Administration announced reciprocal tariff policy, saying that Viet Nam's responses have been positively appreciated by the U.S. side.

These responses include the phone conversation between General Secretary To Lam and President Donald Trump, sending special envoy of the General Secretary to the U.S., appointment of Minister of Industry and Trade Nguyen Hong Dien as special envoy of the Prime Minister to discuss with the U.S. side.

Leaders of the Party and State of Viet Nam also met with the U.S. Ambassador to Viet Nam, American politicians, scientists, and business representatives to discuss the U.S. tariff policy.

The Government has promulgated a decree under which several tariff lines shall be reduced on imports from the U.S.; resolved barriers in several projects concerned by the U.S. side; and increased purchase of U.S. goods such as aircraft to balance bilateral trade.

Prime Minister Pham Minh Chinh stressed that Viet Nam will continue negotiations with the U.S. to promote bilateral trade in a balanced, stable, sustainable and effective manner for the benefits of each country and businesses and consumers of the two sides.

Vietnamese exports do not compete with those of the U.S. So far, the two countries have maintained trade relations that benefits American consumers.

Viet Nam stands ready to negotiate at the requests of the U.S., Pham affirmed.

The Prime Minister requested ministries, branches, especially the negotiation delegation to prepare well for negotiations with the U.S. side, on the principle of closely following the instructions of the Politburo, General Secretary To Lam, the Government, and the Prime Minister to promote balanced and sustainable Viet Nam-US trade; not to complicate the issue; not to affect international agreements to which Viet Nam is a signatory; not to let this affect another; not to let this market affect another market; to have reasonable solutions for mutual benefit, harmonious benefits, and shared risks.

The current global trade situation would provide Viet Nam an opportunity to restructure export drivers and enterprises, diversify products and supply chains, improve the quality of products, develop high-tech products, and promote green economy, circular economy, knowledge economy and sharing economy based on science, technology, digital transformatoin in accordance with the global trends.

Pham also requested ministries, agencies and localities to coordinate and settle the issues concerned by the U.S. side, while developing and improving institutions to promote management and protection of domestic production, especially the origin of goods, and prevent smuggling, trade fraud and counterfeit goods.

He urged ministries, agencies and localities to continue review tax refund mechanisms , cut administrative procedures and compliance costs and time.

The Government chief underscored the need to encourage and attract foreign investment in a selective manner, with a focus on high-tech areas, to promote technology transfer, human resource training, research and development, and to support enterprises to join production and supply chains of foreign companies.