With this agreement, Vietnam will provide a model – both for the Indo-Pacific region and globally – for comprehensive enforcement (of regulations) against illegal timber, said the US Trade Representative Katherine Tai.
The US highlighted Vietnam’s commitment to addressing US concerns, which in turn, set an important example for the Indo-Pacific region.
A zero percent antidumping rate plays an important role in the local tyre production, which is facing fierce competition from imported products of Thailand and China.
Vietnam is an important partner for US in ASEAN as well as a growing market for American exports and increasingly an important part of global supply chains for American companies, said the Chairman of the US-ASEAN Business Council.
New regulations shows that the SBV will reduce one-way intervention in the foreign exchange market.
Hanoi doubles fine and applies the maximum prison sentence of 10 years for violators of illegal timber trade.
US’s decision to initiate a trade probe on Vietnamese goods could affect thousands of enterprises and millions of workers and customers from the two countries.
The two leaders agree that a strong bilateral relation will bring benefits to businesses and people of the two countries.
In case the US unilaterally accelerates the process of imposing more tariffs on Vietnamese exports, this will no doubt cause negative impacts not only on bilateral trading activities, but also the two countries’ relations.
A devaluation of the VND would have serious consequences on macro-economic stability, the trust of investors and the people, resulting in a big loss to the economy, Prime Minister Nguyen Xuan Phuc has said.