Brian Jeffrey
On May 22, a significant meeting took place in Washington D.C. where Vietnamese Minister of Industry and Trade Nguyen Hong Dien and U.S. Secretary of Commerce Howard Lutnick reached an agreement to enhance technical discussions and sustain high-level communications, aiming for meaningful advancements in tariff negotiations between the two nations.
Minister Nguyen highlighted Vietnam’s increasing appetite for U.S. goods, particularly in the realms of technology and energy. He reiterated Vietnam’s dedication to creating a transparent and fair trade landscape, promising to bolster collaboration with the U.S. in combating trade violations, mislabeling of product origins, and illegal transshipment practices.
With aspirations to achieve high-income country status by 2035, Vietnam identifies the U.S. as a crucial strategic ally. The nation aims to cultivate a balanced, sustainable, and mutually advantageous trade relationship.
Vietnam called on the U.S. to tackle ongoing economic and trade challenges, acknowledge Vietnam’s market economy status, and lift it from technology export control lists D1 and D3. Minister Nguyen conveyed that these changes would enhance trade equilibrium and provide concrete benefits for both nations.
Secretary Lutnick acknowledged Vietnam’s positive intentions and efforts towards establishing a bilateral trade agreement. He commended Vietnam’s evolving role as a valuable high-tech market for U.S. enterprises and expressed hope for continued facilitation of U.S. investments, particularly in increasing imports from the U.S.
The two officials concurred on the necessity to expedite technical discussions and sustain high-level communications to ensure productive negotiations, with the goal of forming a stable and enduring economic trade framework.
On May 21, Minister Nguyen Hong Dien also engaged with Senator Ted Cruz, Chairman of the Senate Commerce Committee, and Senator Steve Daines, a member of the Senate Finance and Foreign Relations Committees.
During these discussions, Minister Nguyen reaffirmed Vietnam’s willingness to create an inviting atmosphere for U.S. businesses and encouraged the U.S. to view Vietnam as a priority trading ally, especially after the recent elevation of bilateral ties to a Comprehensive Strategic Partnership.
He expressed Vietnam’s intent to work in tandem with the U.S. towards a trade agreement that respects sovereignty, balances interests, and adheres to international obligations, tailored to the developmental stages of both nations. He urged the senators to advocate for and advance the negotiation efforts.
U.S. legislators acknowledged Vietnam’s significant growth potential, especially within the energy, high-tech, and digital sectors. They observed that numerous prominent U.S. companies are closely monitoring Vietnam’s policies and investment opportunities, with many looking to establish long-term operations in this strategically important Asia-Pacific region.
Both parties expressed optimism regarding the continuing enhancement of the Vietnam-U.S. Comprehensive Strategic Partnership, particularly in light of the ongoing restructuring and diversification of global supply chains towards vibrant and stable markets such as Vietnam.
