Vietnam seeks sustainable trade relations with US

Vietnam remains steadfast in pursuing balanced and sustainable trade relations with the US, according to Head of the Party Central Committee’s Economic Commission Nguyen Van Binh.

Head of the Party Central Committee’s Economic Commission Nguyen Van Binh (R) and DFC's CEO Adam Boehler. Source: VGP.

The country is committed to bolstering cooperation with the US in various fields, including trade, on the basis of fairness and mutual benefits, stated Mr. Binh in a meeting with CEO of US International Development Finance Corporation (DFC) Adam Boehler on October 26.

According to Mr. Binh, Vietnam wants to be the US’s credible and trusted partner, expecting DFC and US Export – Import Bank (US Eximbank) to play a more active role in boosting trade and investment activities between the two countries.

Mr. Binh noted building trust is one of the key factors to help further the Vietnam – US comprehensive partnership for the benefits of the two countries, as well as peace, stability and prosperity of the region.

Meanwhile, the US’s active stance on realizing its commitment to boosting the bilateral relations shows the strong partnership between the two sides, he added.

Vietnam continues to welcome Us investments in the fields of energy, infrastructure, medical equipment and biotech, among others, Mr. Binh suggested.

DFC’s CEO Boehler said the agency would continue to promote US private investment in major infrastructure projects in Vietnam, especially in the energy sector.

He expected greater cooperation between the two countries to address the issue of trade deficit.

Vice Governor of the State Bank of Vietnam Nguyen Thi Hong (middle) at the meeting.

On the same day, Mr. Boehler had a meeting with Vice Governor of the State Bank of Vietnam Nguyen Thi Hong.

Mrs. Hong reiterated Vietnam’s main objective in managing its monetary policy is to control inflation and stabilize the macro-economic environment, instead of gaining unfair trade gains against other trading partners.

The view has also been reinforced by previous statement of Prime Minister Nguyen Xuan Phuc in a meeting on October 26 with Mr. Boehler that a devaluation of the Vietnamese dong would have serious consequences on macro-economic stability, the trust of investors and the people, resulting in a big loss to the economy,

The Vietnam PM asked Mr. Boehler to send the message to US President Donald Trump, the Office of the US Trade Representative (USTR) and other agencies to support Vietnam to realize the joint action plan agreed in late 2019 towards a more balanced trade relationship between the two countries.

In early October, the USTR announced its decision to initiate an investigation to determine whether an undervalued dong may cause negative impacts on US commerce.