Vietnam, US address challenges for US$100 billion trade target this year

Some issues including currency policy, illegal logging, digital trade, and agriculture have been put at the center of the virtual meeting on April 1 between Vietnam’s Minister of Industry and Trade Tran Tuan Anh and the US Trade Representative Katherine Tai.

Vietnam’s Minister of Industry and Trade Tran Tuan Anh and the US Trade Representative Katherine Tai. Photo: baocongthuong.vn

The issues have been reached to serve the importance of the US-Vietnam bilateral trade and investment relationship, according to the US Trade Representative (USTR).

Vietnamese Ministry of Industry and Trade said on its website that Vietnam and the US will continue their active cooperation to maintain a stable trade relation.

During the meeting, they committed to promoting trade relation in the region through the Association of Southeast Asian Nations (ASEAN).

The ministers looked forward to holding a meeting later this year under the bilateral Trade and Investment Framework Agreement to assess progresses and resolve existing issues.

They agreed to sustain dialogues in the future.

In December 2020, The US Treasury Department labeled Vietnam a “currency manipulator” due to its growing trade surplus with the US. Following the move, the State Bank of Vietnam (SBV) said Vietnam’s main objective of its foreign-exchange policy is to control inflation and stabilize the macro-economy, not for unfair trade gains.

Meanwhile, the Vietnamese government's top leaders affirmed that Vietnam regards trade as a key pillar in the relationship with the US and makes efforts to balance trade.

Vietnam and the US have set trade target for 2021 in which they strive to reach US$100 billion within the year.