Monday, 23 Sep 2019
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ECONOMY

Vietnam sets sight at more balanced trade with US: PM

Updated at Friday, 18 Jan 2019, 15:42
The Hanoitimes - Stronger strategic and economic ties with the US would help Vietnam reduce its reliance with China, the nation’s top trade partner, Bloomberg reported.
Vietnam is importing more US goods from companies like Boeing and General Electric to narrow the trade gap, according to Prime Minister Nguyen Xuan Phuc. 
 
Illustrative photo.
Illustrative photo.
Phuc, in an interview with Bloomberg, cited recent purchase of 150 Boeing plans as well as products from General Electric and unnamed oil firms, in a bid to boost the cooperation between the two countries. 

Vietnam recorded a trade surplus of US$33 billion with the US in the first 10 months of 2018, which is the US sixth largest trade deficit in the world behind China, Mexico, Germany, Canada and Japan. 

According to Bloomberg, stronger strategic and economic ties with the US would help Vietnam reduce its reliance with China, the Southeast Asian nation’s top trade partner, and bolster a burgeoning defense relationship as it pushes back against Beijing’s territorial claims in the South China Sea.

Phuc stated that Vietnam would continue seeking strong ties with the world’s biggest economies, adding that the country has a good trade relationship with both the US and China. 

Both are equally important to Vietnam, he continued. 

When US President Donald Trump first took office, his administration named Vietnam among a group most responsible for the US deficit. Since then, however, ties have improved -- culminating in Trump’s 2017 visit to Hanoi.
Nguyen Tung
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