Vietnam seeks balanced trade relations with US

The Hanoi Times — Vietnam is committed to the establishment of a balanced and mutually beneficial economic and trade relationship with the US.

Minister of Industry and Trade Nguyen Hong Dien reiterated this position during a meeting with US Trade Representative Jamieson L. Greer on March 13 in Washington to discuss bilateral economic and trade cooperation.

At the meeting, Dien emphasized that Vietnam considers the United States one of its most important partners and seeks to deepen the comprehensive strategic partnership between the two countries in a substantive manner. "This will enhance mutual understanding and strategic trust between our nations," he said.

The minister highlighted the complementary nature of the two economies and their trade structures, which have contributed to the steady and rapid growth of bilateral trade over the years. This helps secure important economic foundations and sustain national interests in bilateral cooperation.

He reiterated Vietnam's consistent policy of fostering balanced and mutually beneficial economic and trade relations with the United States. Dien also stressed that Vietnam has no intention of creating obstacles that could harm American workers, economy or national security.

According to the minister, the Vietnamese Government is taking measures to promote comprehensive and sustainable economic, trade and investment relations with the US. He urged technical-level discussions between the two sides to accelerate the US recognition of Vietnam's market economy status, considering it an important step in line with the current Comprehensive Strategic Partnership.

Vietnam and the US established diplomatic relations in 1995 and upgraded their ties to a Comprehensive Strategic Partnership in September 2023. Over the past two decades, the US has been Vietnam's second largest export market and a major trading partner. In 2024, bilateral trade reached nearly $150 billion, with Vietnam's exports to the US totaling $137 billion, an increase of 19% from 2023.

US Trade Representative Jamieson L. Greer reiterated that the new US trade policy is designed "not to harm partner countries." However, he stressed the need for both sides to achieve balanced economic benefits in trade exchanges.

Greer also urged Vietnam to take stronger measures to further open its market and achieve a more balanced trade exchange in the coming years.

During the meeting, both sides agreed on the importance of working closely to foster a fair and sustainable business environment. They committed to addressing trade barriers that inhibit investment and business activities. In addition, both nations pledged to strengthen mechanisms to combat trade fraud, misrepresentation of origin, and illegal transshipment.

Vietnam and the US also agreed to hold regular technical consultations to promptly address emerging issues in line with their Comprehensive Strategic Partnership.