Trade Counselor: Vietnam will negotiate with the US this week

 

Trade Counselor: Vietnam will negotiate with the US this week

It is expected that on May 1, a Vietnamese technical exchange delegation will visit the US and work with relevant agencies of that country on bilateral trade negotiations.

The information was announced by Mr. Do Ngoc Hung, Trade Counselor of the Vietnam Trade Office in the US, on April 29. According to Mr. Hung, Vietnam is among the countries that the US prioritizes for negotiations, along with India, the UK, Japan, South Korea and Indonesia.

It is expected that on May 1, a Vietnamese technical delegation will visit the US and conduct work and negotiations with relevant agencies of this country. "This shows that the US considers Vietnam an important, serious, and good-willed partner and genuinely acknowledges their concerns," Mr. Hung commented.

The Trump administration  has postponed high reciprocal tariffs  on dozens of trading partners for 90 days, including Vietnam. The temporary tariff rate is 10%.

On April 23, Minister of Industry and Trade Nguyen Hong Dien – Head of the delegation negotiating the trade agreement with the US –  had a phone call  with US Trade Representative Jamieson L. Greer to officially launch negotiations on bilateral economic and trade issues between Vietnam and the US. This was an important meeting to discuss the principles, scope and roadmap of the negotiations. A day later, the Office of the US Trade Representative (USTR) assessed this phone call as “effective” to discuss bilateral trade relations between the two countries.

According to the representative of the Vietnam Trade Office in the US, this move by USTR shows the US's serious consideration of the results and contents that the Vietnamese side presented during the discussion.

Mr. Hung recommended that Vietnamese focal agencies continue to strengthen diplomatic efforts and negotiations to lobby for and resolve reciprocal tax issues. Along with that, Vietnam needs to implement a specific roadmap to protect trade interests against potential tariff measures from the Trump administration.

According to statistics, in the first quarter of the year, Vietnam's exports to the US reached 31.4 billion USD, up 22% over the same period. In contrast, Vietnam imported 4.1 billion USD from this country, up 21% over the same period.

Mr. Hung assessed that the foreign trade structure of the two countries is complementary, not directly competitive, and helps US consumers access Vietnamese export products with increasingly improved quality and competitive prices.

According to Mr. Hung, the US imposition of reciprocal tariffs causes instability and risks to world trade and difficulties for the US market itself. “Many large US businesses and retail distribution chains have expressed their support and trust that Vietnam will reach a suitable agreement by removing reciprocal tariffs or adjusting them to an appropriate level,” Mr. Hung informed.

According to VnExpress.net