Vietnam attaches importance to comprehensive partnership with US: spokesperson

02-Jul-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Vietnam attaches importance to its comprehensive partnership with the United States, Foreign Ministry spokesperson Le Thi Thu Hang said in a statement issued on June 28 in reply to reporters’ questions about Vietnam’s reaction to US President Donald Trump’s comment on Vietnam-US economic and trade ties.

Hang noted that bilateral ties have made progress in all aspects, especially in the economy, trade and investment, reported the Vietnam News Agency.

“With the view that the two economies can supplement each other, Vietnam is committed to promoting free and fair economic, trade and investment ties with the United States, on the basis of mutual benefits,” she stated.

In that spirit, she added, Vietnam has made efforts to improve the trade balance between the two countries by increasing imports of US products which are in demand in Vietnam, and improving the investment and business environment.

These measures are aimed at creating conducive conditions for US firms which wish to operate in Vietnam, and encouraging Vietnamese firms to invest and conduct business in the United States.

According to the spokesperson, Vietnam has also put in place numerous measures to curb and prevent trade fraud, and crack down on the exports of foreign goods disguised as “Made-in-Vietnam” products to other countries.

Vietnam and the US regularly hold discussions through available mechanisms, such as the Trade and Investment Framework Agreement (TIFA), to form a long-term and comprehensive cooperative strategy, further intensify bilateral economic, trade and investment relations, and address arising problems, Hang said.

In a call-in interview with the Fox Business show on Wednesday, US President Trump hinted he might levy tariffs on Vietnamese exports, describing the country as “the single worst abuser of everybody.”

Asked about the movement of companies from China to Vietnam to dodge US tariffs, Trump called it an “interesting” situation and said Washington was in discussions with Hanoi.

“A lot of companies are moving to Vietnam, but Vietnam takes advantage of us even worse than China,” he said.

On the sidelines of the two-day Group of 20 (G20) summit in Japan on Friday, Vietnamese prime minister Nguyen Xuan Phuc and the US President had an open discussion about the focuses of cooperation, including trade and energy, between the two countries.

Phuc said the Vietnamese Ministry of Industry and Trade and the United States Department of Energy will soon sign a memorandum of understanding on a long-term, strategic and large-scale energy agreement, which would include Vietnam importing more liquefied natural gas (LNG) products from the US

President Trump affirmed his support for the strategic energy cooperation and urged the two countries to forge balanced, mutually beneficial trade ties. He also hailed Vietnam’s determination and drastic action against fraudulent documents of origins of goods and commercial fraud.

Vietnam’s largest export market is the United States, with which it has a rapidly growing trade surplus. The country’s economic growth remained strong in the second quarter, backed by robust exports and foreign investment, amid the ongoing trade spat between Washington and Beijing.

Data from the general Department of Vietnam Customs shows that exports to the US from Vietnam, which has been touted as one of the largest beneficiaries of the escalating trade war, rose 29 percent in the first five months of this year.

Vietnam ran a trade surplus of $17 billion with the US in the five-month period, compared to last year’s surplus of $12.9 billion during the same period.


Category: Economy, Vietnam

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