Vietnam urges US firms to support fair bilateral trade deal

THE HANOI TIMES — Prime Minister Pham Minh Chinh urged American companies in Vietnam to advocate President Donald Trump’s administration for a mutually beneficial tariff agreement.

At a meeting with US business representatives in Hanoi on May 13, the prime minister said that Vietnam has proactively promoted fair and sustainable trade with the US.

In a world marked by growing geopolitical and economic uncertainties, he said, all countries must adopt responsive strategies.

Vietnam is implementing a strategic "four-pillar" approach based on breakthroughs in science, technology, innovation, and digital transformation.

The country is deepening its global integration, advancing legal reform, and strengthening the private sector. The establishment of an international financial center is also in the pipeline.

Additionally, Vietnam prioritizes three key areas of strategic development, including infrastructure, with investments in transport and energy networks, regulatory framework, and human resources.

"The government places citizens and enterprises, including US companies, at the heart of its development strategy, seeing them as the drivers and beneficiaries of progress," said the prime minister.

Vietnam continues to relax its visa policies to facilitate foreign nationals, including Americans. He expressed hope that the US government would also ease visa restrictions for Vietnamese citizens.

Amid global trade tensions, the prime minister said Vietnam views the challenges as an opportunity to restructure its economy and trade relations toward greater fairness and sustainability. The country diversifies markets, products, and supply chains to strengthen its resilience.

Chinh stressed Vietnam’s commitment to fair and rules-based international cooperation and peaceful development. He expressed hope that all nations would continue to grow in ways that promote regional and global stability.

Emphasizing the importance of avoiding trade wars, particularly between major economies such as the US and China, he urged countries to honor their international commitments, adhere to the United Nations Charter, and avoid actions that harm others.

He said that Vietnam hopes for continued progress in US-China trade negotiations that result in agreements beneficial not only to both sides but also to the broader international community.

At the meeting, representatives of the US business community in Vietnam urged the Vietnamese government to improve the investment climate. They called for the removal of non-tariff barriers, more streamlined administrative procedures, and greater clarity regarding taxes, fees, and charges.

They also stressed the importance of improving infrastructure, especially in the areas of electricity, information technology, and logistics. They called for greater transparency in managing rules of origin and goods traceability.

US businesses urged their Vietnamese counterparts to swiftly implement existing memoranda of understanding and resolve specific issues on individual projects.

They acknowledged the challenges Vietnam faces and reaffirmed their commitment to long-term and sustainable investment. They pledged to continue partnering with Vietnam to support its development goals.

This was Prime Minister Chinh’s second meeting with US businesses in just two months. It reflects the government’s high regard for the business community and its willingness to engage in open and candid dialogue.

The prime minister reiterated his willingness to hear constructive feedback and collaborate with American partners to address challenges and foster an environment where US businesses can invest, grow, and thrive in Vietnam.

Over the past three decades, Vietnam and the US have developed a steadily growing partnership. From establishing diplomatic ties to upgrading the relationship to a Comprehensive Strategic Partnership two years ago, the two countries have expanded their bilateral relations across all fields. Economic, trade, and investment have driven this progress.

In 2024, bilateral trade reached $134.6 billion. By the end of that year, US foreign direct investment in Vietnam was estimated at $11.9 billion across more than 1,400 projects.

With 252 projects and total capital exceeding $1.36 billion, Vietnam ranks as the 6th-largest investor in the US among its 83 outbound investment destinations. It is also the US's 8th-largest trading partner and 4th-largest export market within the Association of Southeast Asian Nations (ASEAN).