Minister of Industry and Trade Nguyen Hong Dien had a phone conversation with New Zealand Minister for Trade and Export Growth Damien O'Connor on March 17 to discuss the US’s initiative in building the Indo-Pacific Economic Framework (IPEF).

Minister of Industry and Trade Nguyen Hong Dien holds a phone conversation with New Zealand's Minister of Trade and Export Growth Damien O'Connor to discuss the US’ initiative to develop the Indo-Pacific Economic Framework (Photo:congthuong.vn)

At the talks, Dien said the initiative covers many new and non-traditional issues that Vietnam is interested in, such as supply chain development, and investment in infrastructure and the environment. However, because its content is quite diverse with many new issues, the framework needs to be flexible in terms of how to participate and the level of participation; and to be adjusted in accordance with the institutions and interests of each participating country, the minister said.

According to vietnamplus, Dien said that from Vietnam’s point of view, countries should have enough time to study the IPEF's content, thereby making a decision to join or not. It is also necessary for the IPEF to have as diverse as possible participation of countries in the region, especially ASEAN member states, he added.

The IPEF framework has been designed to serve the US' Indo-Pacific Strategy. This strategy was announced by the US on February 11 towards meeting five main goals, including freedom and openness, connection, prosperity, security, and stamina.

Regarding the US initiative on building an IPEF co-operation framework, during phone talks Minister Dien said that the US initiative covers many new and non-traditional issues that the nation is currently interested in, such as strengthening supply chains, investing in infrastructure, and the environment.

PM Pham Minh Chinh receives New Zealand Ambassador Tredene Dobson in Hanoi on March 15, 2022.Photo: VOV News.

As VOV News reported, amid the Vietnamese economy and those of many other ASEAN member states being greatly impacted by the pandemic, the Ministry of Foreign Affairs is actively consulting internally on issues within the IPEF framework proposed by the US. In which, economic-related components are set to be in charge of the Ministry of Industry and Trade.

"As the content of this framework is quite diverse, covering many new issues. Therefore, from Vietnam's point of view, the framework needs to be flexible in terms of the way of participation, the level of participation, as well as the specific content of the framework, which needs to be adjusted in line with institutions, concerns and interests of each participating country," emphasized Minister Dien.

Dien said that from Viet Nam’s point of view, countries should have enough time to study the IPEF's content, thereby deciding to join or not. It is also necessary for the IPEF to have as diverse as possible participation of countries in the region, especially ASEAN member states, he added.

Vietnamese Foreign Minister Bui Thanh Son and New Zealand Foreign Minister Nanaia Mahuta sign the Action Program 2021-2024. (Photo: VOV)

The official proposed that New Zealand and other nations offer technical assistance to Viet Nam, particularly concerning the framework’s new fields.

He hoped Viet Nam and New Zealand would work closely together to build stances and express them to the US and other countries, especially in areas of common interest such as agriculture.

Minister O’Connor agreed with Dien on such cooperation.

Both sides believe that the development of this cooperation framework requires consultation at a higher level, as The World and Vietnam reported.

In February this year, the US sent to Viet Nam a draft document of the IPEF, which mentions four pillars that the US wants to work towards in a framework with other countries. The pillars are fair and resilient trade; supply chain resilience; infrastructure, clean energy and decarbonization; and taxation and anti-corruption.

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