According to Minister of Industry and Trade Nguyen Hong Dien, Vietnam exhibits “substantial and steady” demand for importing premium products and services from the United States.
He stated on Wednesday during a meeting with executives from leading firms such as Petrovietnam, Vietnam Electricity, Vietnam Airlines, Vietjet, Thaco, and Viettel that businesses ought to proactively pursue trade agreements with American counterparts.
Present trade with the United States
It does not showcase the complete bilateral potential, and both nations require a “balanced, harmonious, and sustainable trade.” He emphasized that businesses must take initiative to make this happen.
Over the past few years, significant enterprises in Vietnam have brought in numerous American goods such as airplanes, machinery, equipment, gas turbine generators for power stations, electrical distribution systems, graphic processing units, and more, with total values reaching several billion U.S. dollars.
During Dien’s trip to Washington in March, companies from both countries inked economic and trade agreements totaling $4.15 billion.
Before the visit, contracts valued at $50.15 billion had been signed, focusing on aircraft, aviation services, oil and gas exploration, and refined petroleum products.
Discussions for accords valued at an additional $36 billion are currently in progress, with expectations that they will be concluded shortly.
Overall, the trade and economic accords scheduled to be implemented starting in 2025 are anticipated to surpass $90 billion.
On Wednesday’s meeting, the executives unveiled their strategy to step up interactions with American collaborators throughout June. This effort aims to put into practice various accords and understandings that have already been formalized.
In Q1 of 2025, Vietnam exported $31.4 billion worth of products to the United States, whereas its imports from the country amounted to $4.1 billion, reflecting a 20% growth in trade compared to the previous year.
On Wednesday, Dien also met with Marc E. Knapper, the U.S. ambassador to Vietnam, where he restated Vietnam’s dedication to bilateral collaboration and requested American backing for fostering “balanced, sustainable, and enduring” trade relations.
He highlighted the complementary nature of the two economies, which drives growing economic and trade collaboration, and urged both sides to remove barriers and facilitate business cooperation in essential products.
Knapper praised Vietnam for its proactive and constructive involvement, stating that the United States’ updated trade strategy focuses on securing economic and national safety, as well as shielding American jobs.
Even though challenges still persist, he conveyed his optimism that through mutual understanding, the talks will lead to favorable results, enhancing benefits for individuals and enterprises across both nations.
Leave a Reply