Vietnam, US eye harmonious trade balance

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Minister of Industry and Trade Tran Tuan Anh, who is also Chairman of the Vietnam - US Trade and Investment Framework Agreement (TIFA) Council. Photo: MoIT

Minister of Industry and Trade Tran Tuan Anh, who is also Chairman of the Vietnam - US Trade and Investment Framework Agreement (TIFA) Council, has held a phone talk with US Trade Representative (USTR) Robert Lighthizer, during which the two sides discussed bilateral economic and trade issues.

They shared the view that the bilateral relations are developing strongly across spheres, and expressed their belief that the ties will grow further, with economic and trade cooperation the main driver.

Anh noted his deep concern over the US officially launching investigations into Vietnam’s monetary policy and timber imports and use under Section 301 of the US Trade Act of 1974.

The investigation would cause many unwanted effects, he said, elaborating that it may harm bilateral relations, strategic trust, and efforts to boost cooperation while adversely affecting thousands of enterprises and millions of labourers and consumers in the two countries.

The minister affirmed the Government’s view that Vietnam is a developing country with limited economic potential. The governance of its monetary policy aims to control inflation and ensure macro-economic stability, not to create an unfair competitive advantage in international trade.

A canned fish factory in the Tac Cau Fishing Port's Industrial Park in Binh An commune of Chau Thanh district, Kien Giang province (Photo: VNA)

The foreign currency trading over the past time was not to devaluate its currency but to consolidate its forex reserves, which remain low as compared with other countries in the region, thereby helping intensify national financial and monetary security and consolidate the national credit rating, he stressed.

Moreover, timber import and use in Vietnam are now under strict management and satisfy every legal regulation, he affirmed.

With the highest respect for the laws of both countries, Vietnam stands ready to coordinate with and actively assist the US side during its investigation, the official pledged.

He proposed Lighthizer to instruct the USTR Office to conduct fair, thorough, and transparent investigations, and cautiously look into every issue as well as possible impact of any action in order to issue the most objective and reasonable conclusions for the probes, thereby concluding the cases without duties imposed on Vietnamese goods.

Minister of Industry and Trade Tran Tuan Anh, who is also Chairman of the Vietnam - US Trade and Investment Framework Agreement (TIFA) Council, has held a phone talk with US Trade Representative (USTR) Robert Lighthizer, during which the two sides discussed bilateral economic and trade issues. Photo: MoIT

Lighthizer, for his part, highly valued the outcomes of the recent substantive and effective policy dialogue via the TIFA Council mechanism, saying the two sides quickly sought solutions to many economic and trade issues.

Regarding the US launching probes under Section 301, he said that the USTR Office is still in the investigation process and assessing all relevant opinions, and has yet to talk about any conclusions relating to Vietnam.

Groundless information about the USTR’s plan to impose duties on Vietnamese exports is completely inaccurate, he emphasised.

Minister Anh said the policy dialogue via the TIFA Council mechanism has attained substantive outcomes recently and that under the Prime Minister’s directions, leaders of Vietnamese ministries and sectors have partnered with the US to deal with a range of issues, helping to enhance the bilateral trade.

Vietnamese ministries and sectors will continue their cooperation with US partners in the time ahead to comprehensively address the concerns of both countries, thus maintaining stable trade ties, towards a harmonious, sustainable, and mutually beneficial trade balance, he said./.

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