Vietnam, US Officials Discuss Opportunities to Deepen Trade

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai received US Under Secretary of Commerce for International Trade Marisa Lago in Hanoi on March 10. Source: VGP

Deputy Minister of Industry and Trade Do Thang Hai received US Under Secretary of Commerce for International Trade Marisa Lago in Hanoi on March 10, VNA reported.

Lago is on a working trip to Vietnam as part of activities to mark the 10th anniversary of the Vietnam-US comprehensive partnership (2013-2023), helping to strength the bilateral relationship and deepen trade ties between the two nations.

At the meeting, Hai affirmed that the US is Vietnam's leading important partner, expressing his wish to further promote trade and investment ties between the two countries.

Last year, the Vietnam-US trade value exceeded USD 123 billion, up 11% year on year.

Hai attributed the outcome to the two governments’ strategic visions and competent agencies’ effective coordination and operation in order to encourage market opening, and tackle problems and obstacles in bilateral economic and trade relations.

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai received US Under Secretary of Commerce for International Trade Marisa Lago in Hanoi on March 10. Photo: VNA

The official took this occasion to express Vietnam's concerns regarding restrictions on its access to the US market and the increasing frequency of trade remedy cases against Vietnamese exports.

He proposed the US Department of Commerce (DOC) discuss further with relevant US agencies to have an objective, fair and appropriate assessment that suits current production practices in Vietnam.

Hai also underscored potential for the nations to team up in energy transition, digital transformation, and the building of clean and sustainable supply chains.

The host and guest exchanged views on the bilateral cooperation within the framework of the Asia-Pacific Economic Cooperation (APEC) forum and in energy, and digital transformation; as well as in the process of discussing the Indo-Pacific Economic Framework for Prosperity (IPEF).

They emphasised the importance of promoting free, open and fair trade based on international law and sustainable and inclusive growth in the region, in which ASEAN member countries play a central role.

Highly appreciating Vietnam's participation in the regional economic integration process over the past time, Lago stated that the US will give priority to promoting cooperation frameworks to build an efficient and sustainable economic and investment ecosystem, thereby creating a new driving force for the region’s growth.

Deputy Prime Minister Tran Luu Quang hosts US Under Secretary of Commerce for International Trade Marisa Lago. Source: VGP

Previous, on March 9, Deputy Prime Minister Tran Luu Quang asked Lago to help connect Vietnam and US investors, especially in high-tech, semiconductor manufacturing and aviation technology.

Quang expressed his belief that Lago’s visit will contribute to opening up more cooperation opportunities for the two countries in the future.

Vietnam wishes to foster the bilateral relations in a more substantive and comprehensive fashion, with more outcomes, on the basis of respect for independence, self-reliance, territorial integrity and political institutions of each other, for peace, stability, cooperation and development in the region and the world at large, he stressed.

The official noted that Vietnam regards foreign investment as a crucial part of the national economy, and that the country is striving to build an equal, transparent business environment in line with market principles, and always listens to and accompanies investors and handles their obstacles.

Deputy Prime Minister Tran Luu Quang hosts US Under Secretary of Commerce for International Trade Marisa Lago. Photo: VNA

Vietnam and the US should exchange experience, information and policies relating to digital transformation, and cooperate to improve digital capacity and skills for labourers in both public and private sectors, Quang suggested.

Vietnam will proactively cooperate with the US to address their shared concern and maintain the stability of the bilateral trade, making it harmonious, sustainable and mutually beneficial, he continued.

For her part, Lago said her visit is aimed at discussing with relevant sides about the IPEF and other issues of shared concern like digital economy, digital transformation, supply chain, green economy and renewable energy.

Quang said he hopes that the IPEF discussions will contribute to promoting free and balanced trade between countries, as well as sustainable development in the region and the world, thus benefiting people of participating nations.

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