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Feb 26, 2020 / 10:51

Vietnam gives priority to addressing US concern over trade deficit

Vietnam welcomes US initiatives for potential cooperation in fields of energy, science, infrastructure.

Vietnam has been monitoring its investment and trade relations with the US, giving priority to addressing the latter’s concern in narrowing the trade imbalance with the Southeast Asian country, according to Nguyen Van Binh, Politburo member and head of the Party Central Committee’s Economic Commission.

 Overview of the meeting. Source: VNA. 

Vietnam attaches significance to the relations with the US and strives to further the bilateral cooperation for mutual benefits, with economy and trade being the centerpiece, Binh said in a meeting with US Assistant Secretary of the Treasury for Asia Robert Kaproth on February 25.

This is particularly important as the two countries celebrate 25th anniversary of normalization of diplomatic relations this year, Binh added.

According to Binh, Vietnam would continue to improve its business and investment environment, create favorable conditions for US enterprises doing business in the country.

Vietnam is pushing for cooperation with US companies in various projects, including those in the energy field, Binh informed.

Binh welcomed US initiatives for potential cooperation in the fields of energy, science, infrastructure, which could increase the investment inflow from the US and lead to more US exports to Vietnam.

At the meeting, Kaproth said he is committed to cooperating with the Vietnamese government and contributing to Vietnam – US relations.

In a meeting between Kaproth and the Governor of State Bank of Vietnam (SBV) Le Minh Hung on the same day, Hung said Vietnam’s major goals in managing monetary and exchange rate policies are to control inflation rate and stabilize macro-economic conditions.

Hung stressed Vietnam does not intend to manipulate the local currency for unfair trade gains, adding the country would continue to work towards a more balanced and sustainable trade relationship with the US.

Hung expected to continue working with the US to clarify Vietnam’s intention behind its economic policies management.