Economy

Vietnam and US Edge Closer to Historic Trade Deal: Strengthening Ties for Mutual Prosperity

Strengthening Bilateral Relations

Phoc, as the special envoy of Party General Secretary To Lam, emphasized Vietnam's commitment to deepening the Comprehensive Strategic Partnership with the U.S. during his visit. He highlighted Vietnam's gratitude for the U.S. support towards a "strong, independent, self-resilient, and prosperous" Vietnam.

Addressing Trade Imbalances

The Deputy PM outlined Vietnam's proactive measures to tackle the trade imbalance, criticizing the U.S.'s high tariffs as counterproductive to the mutually beneficial economic and trade ties. He urged for immediate negotiations on a bilateral trade agreement to ensure long-term stability.

U.S. Response and Future Collaborations

Greer acknowledged Vietnam's efforts and stressed the importance of the bilateral relationship. Both parties agreed to minimize non-tariff barriers and enhance cooperation in trade fraud prevention, aiming for a favorable business environment.

Engagement with U.S. Congress and Businesses

Phoc's meetings with Senators Bill Hagerty and Steve Daines, along with U.S. organizations, underscored the mutual desire for growth in Vietnam-U.S. relations. The discussions also touched on the significance of the 30th anniversary of diplomatic relations in 2025.

Looking Ahead

The article concludes with optimism for the negotiation process and the potential for a stable and mutually beneficial economic and trade relationship, as both countries work towards a long-term trade agreement.