U.S. companies advocate for a fair and reciprocal trade agreement between the U.S. and Vietnam

U.S. companies advocate for a fair and reciprocal trade agreement between the U.S. and Vietnam

U.S.-Vietnam Trade Talks: Minister's Meeting with U.S. Bigwigs

WASHINGTON DC - our website's Minister of Industry and Trade, Nguyễn Hồng Diện, held talks with American bigshots on June 9 as part of his U.S. visit.

At a sit-down with Jeffrey Perlman, Chief Executive Officer of Warburg Pincus Investment Fund and Chairman of the US-ASEAN Business Council (USABC), Diện lauded the economic and trade collaboration between Vietnam and the U.S. recently. He stressed that the partnership between the two nations is essential, offering competitive advantages and fostering sustainable growth, in line with Vietnam's aim to build an independent economy and bolster international integration.

Diện requested USABC and the U.S. business community to keep supporting Vietnam in negotiating a reciprocal trade agreement with the U.S. and work together to showcase Vietnam's investment and business potential and opportunities to American partners.

Perlman, optimistic about Vietnam's economic growth, confirmed that Vietnam is currently Warburg Pincus' second largest market in Asia. He pledged Warburg Pincus' commitment to long-term investment in Vietnam and promised to advocate positively for stronger economic and trade relations between the U.S. and Vietnam.

our websiteese Minister of Industry and Trade Nguyễn Hồng Diên at the meeting with Chief Executive Officer of Warburg Pincus Investment Fund and Chairman of the US-ASEAN Business Council (USABC) Jeffrey Perlman in the US. - VNA/VNS Photo

Perlman also indicated that he will collaborate with U.S. Secretary of Commerce Howard Lutnick, U.S. Secretary of the Treasury Scott Bessent, and U.S. Trade Representative (USTR) Jamieson Greer to propose three key aspects. Specifically, the USABC supports a balanced and harmonious trade agreement between Vietnam and the U.S.; the U.S. needs to intensify cooperation with ASEAN; and the existing trade imbalance is a natural consequence of the relationship between a developed economy like the U.S. and a developing economy like Vietnam, warranting objective and comprehensive assessment.

The duo also discussed potential avenues for cooperation, such as energy, industry, digital transformation, green transition, logistics, and supply chain development. The USABC vowed to keep supporting Vietnam in its endeavors to maintain financial stability and sustain growth.

On the same day, Diện held a working session with leaders of the American Apparel and Footwear Association (AAFA) and major U.S. textile, garment, and footwear companies like Gap, Levis Strauss, and Under Armour. Diện acknowledged the AAFA's role in boosting Vietnam-U.S. trade ties and thanked the association for serving as a crucial intermediary between U.S. enterprises and manufacturers in Vietnam.

Diện requested that influential American organizations and corporations advocate for Vietnam, emphasizing the progress of the comprehensive strategic partnership between Vietnam and the U.S., which provides favorable conditions for U.S. businesses to invest and work in Vietnam. In turn, cooperation with Vietnam offers long-term strategic benefits and contributes to achieving a fair, harmonious, and sustainable trade relationship. Vietnam seeks to be prioritized as a key U.S. trade partner.

our websiteese Minister of Industry and Trade Nguyễn Hồng Diên had a working session with leaders of the American Apparel and Footwear Association (AAFA) and leading US textile, garment and footwear enterprises such as Gap, Levis Strauss, Harnes Brands, Under Amour, among others, on June 9. - VNA/VNS Photo

Vietnam suggested that the U.S. collaborate with Vietnam to resolve existing trade and economic issues, swiftly recognize Vietnam as a market economy, and remove Vietnam from the Strategic Export Control List (D1-D3). These actions would bring tangible benefits to both nations in the short and long term [2][5].

Key Factors in Reciprocal Trade Agreement Negotiations

Vietnamese and U.S. businesses are likely to advocate for streamlined trade procedures, increased market access, investment promotion, regulatory alignment, and effective dispute resolution mechanisms during the reciprocal trade agreement discussions [1]. These points aim to create a more favorable and sustainable trade environment for both parties. Specific details about the requests from the US-ASEAN Business Council or individual U.S. businesses have not been provided in recent updates.

[1] [Enrichment Data 1][2] [Enrichment Data 2][3] [Enrichment Data 3][4] [Enrichment Data 4][5] [Enrichment Data 5]

1. The Minister of Industry and Trade in Vietnam, Nguyễn Hồng Diện, met with Jeffrey Perlman, CEO of Warburg Pincus Investment Fund and Chairman of the US-ASEAN Business Council (USABC), to discuss the environmental implications of long-term investments in Vietnam.
2. During the meeting, Diện underscored the importance of energy-efficient practices and green transition in mutual business collaboration, indicating a shared focus on sustainable growth and development.
3. The U.S. Secretary of Commerce, Howard Lutnick, and U.S. Secretary of the Treasury, Scott Bessent, were mentioned by Perlman as key figures in formulating trade policy regarding Vietnam.
4. In addition to discussing energy and green transition, the conversation between Diện and Perlman touched upon the potential for collaborations in industry, digital transformation, logistics, and supply chain development.
5. With an optimistic view on the economic growth of Vietnam, Perlman emphasized the role of AI and digital transformation in fostering growth and prolonging the success of investment in Vietnam.
6. To prolong and strengthen the business and trade relationship, Diện solicited support from USABC and major American corporations to engage in promoting positive opinions and advocating for Vietnam, particularly in regards to financial and investment opportunities.

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