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Vietnam, US discuss monetary policy via phone talks

January 07, 2021 | 08:31

Vietnam Deputy PM and FM Pham Binh Minh held phone talks with US Secretary of State Mike Pompeo on January 6.

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Deputy Prime Minister and Foreign Minister Pham Binh Minh. (Photo: Ministry of Foreign Affairs)

Vietnam will actively cooperate with the United States to address concerns about the monetary policy and timber materials in the country, according to Deputy Prime Minister and Foreign Minister Pham Binh Minh. Minh made the affirmation during phone talks on January 6 with US Secretary of State Mike Pompeo.


Both sides exchanged views regarding the United States Trade Representative (USTR)'s ongoing investigation of Vietnam’s timber material and monetary policy under Section 301 of the 1974 Trade Act.

Minh said Vietnamese ministries and agencies will continue to work closely with their US partners in a bid to comprehensively deal with both sides’ concerns, so as to maintain stable trade relations towards a harmonious, sustainable, and mutually beneficial trade balance, VOV cited.

Meanwhile, Secretary Pompeo highly appreciated the two sides’ willingness to hold exchanges on the issues. He reaffirmed the US attaches great importance to and is committed to maintaining stable relations with Vietnam as well as supporting a strong, independent, and prosperous Vietnam which plays an increasingly important role in the region.

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Deputy Prime Minister and Foreign Minister Pham Binh Minh (right) welcomes US. Secretary of State Michael Pompeo at the Headquarters of the Ministry of Foreign Affairs. (Photo: VGP)

On this occasion, both Minh and Pompeo highly valued the close collaboration between the two countries’ foreign ministries over the past time, contributing to sustaining and accelerating the growth momentum of the Viet Nam-U.S. Comprehensive Partnership across all fields.

The two sides welcomed the joint efforts to organize various activities to mark the 25th anniversary of the establishment of diplomatic relations between Viet Nam and the U.S, according to VGP.

They agreed to foster bilateral cooperation on the basis of respect for each other’s independence, sovereignty, territorial integrity, and political systems so as to make practical contribution to peace, security, cooperation, and development in the region and the world.

In late December 2020 Vietnamese Prime Minister Nguyen Xuan Phuc also phoned US President Donald Trump about the monetary issue. Phuc affirmed that Vietnam is a developing country with limited economic potential, so it has pursued the monetary policy in favor of inflation control and macro-economic stabilization, with the monetary policy not aimed at gaining an advantage in international trade.

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