Skip to content
All about politics. — Opinion — Environment — War — Business — Energy — Politics — General-news — Ai — Economy

U.S. corporations advocate for a fair, reciprocal trade agreement between the United States and Vietnam.

U.S Trade Minister Nguyễn Hồng Diên urges USABC and American businesses to persist in backing Vietnam during trade agreement talks with the U.S, and cooperate to accentuate Vietnam's investment and business prospects for American allies.

,   and  ASMedia
3 min read
U.S Trade minister Nguyễn Hồng Diên urges USABC and American businesses to persistently back...
U.S Trade minister Nguyễn Hồng Diên urges USABC and American businesses to persistently back Vietnam in the process of forging a mutually beneficial trade deal with the U.S. He also requests cooperation to showcase Vietnam's investment and commercial prospects to potential American partners.

U.S. corporations advocate for a fair, reciprocal trade agreement between the United States and Vietnam.

```Washington DC Buzz: VN-US Trade Ties Heat Up

It's all happening, folks! Our Minister of Industry and Trade, Nguyễn Hồng Chiêu, was recently hobnobbing with some serious US bigwigs. Chiêu met with Jeffrey Perlman, CEO of Warburg Pincus Investment Fund, and Chairman of the US-ASEAN Business Council (USABC). This was the perfect occasion to hammer out some economic cooperation between VN and the US.

According to our sources, Chiêu was pretty impressed with the recent trade relations between the two countries. He thinks the US is a major player, and VN couldn't be happier about it. He emphasized that our economies are complementary, creating competitive advantages, and promoting sustainable development.

He asked the USABC and the US business communtiy to keep backing VN in its negotiations for a Reciprocal Trade Agreement with the US, and to collaborate in promoting trade and investment opportunities in VN to US partners.

Perlman was all about it. He's super confident in VN's economic growth and reassured us that VN is currently their second-largest market in Asia. He promised long-term investment in VN and stated they'd support VN in promoting VN-US relations.

our websiteese Minister of Industry and Trade Nguyễn Hồng Diên at the meeting with Chief Executive Officer of Warburg Pincus Investment Fund and Chairman of the US-ASEAN Business Council (USABC) Jeffrey Perlman in the US. - VNA/VNS Photo

Perlman also hinted at three proposals. He supported a balanced and harmonious trade agreement, the need for stronger cooperation with ASEAN, and the trade deficit being a natural result of the economic relationship between a developed economy like the US and an economy like VN that's still in its growth phase.

The two parties also discussed potential areas of cooperation, such as energy, digital transformation, green transition, logistics, and supply chain development. USABC pledged to keep supporting VN's efforts to maintain macroeconomic stability and sustainable development.

Later in the day, Chiêu sat down with reps from the American Apparel and Footwear Association (AAFA) and leading US textile, garment, and footwear enterprises, including Gap, Levi's, Hanes Brands, Under Armour, and more.

Chiêu highly valued the role AAFA played in promoting VN-US trade relations and thanked them for their influence. He reiterated that VN is positioning itself as a reliable partner in the global supply chain and is keen on building a fair, highly adaptive, and sustainable trade environment.

our websiteese Minister of Industry and Trade Nguyễn Hồng Diên had a working session with leaders of the American Apparel and Footwear Association (AAFA) and leading US textile, garment and footwear enterprises such as Gap, Levis Strauss, Harnes Brands, Under Amour, among others, on June 9. - VNA/VNS Photo

Chiêu asked influencers like these US heavyweights to lobby the Trump Administration to voice VN's stance. He wants to make it clear that our comprehensive strategic partnership with the US has been strengthening, making it advantageous for US companies to invest in VN.

In a nutshell, VN-US trade is on the rise, and both parties are eager to expand cooperation. The US-ASEAN Business Council plays a vital advocacy role, while Warburg Pincus' influence is more sector-specific and less visible in trade diplomacy. The future prospects of VN-US trade will depend heavily on VN's ability to balance its economic ties with both the US and China.```

Sources:

  1. Diplomacy & Beyond
  2. Vietnam Insider
  3. Forbes
  4. Asia Times
  5. VietnamNet Bridge
  6. The Minister of Industry and Trade, Nguyễn Hồng Chiêu, praised the US as a major player in the economy and emphasized the complementary nature of the US-Vietnam economies, promoting sustainable development.
  7. Jeffrey Perlman, CEO of Warburg Pincus Investment Fund and Chairman of the US-ASEAN Business Council (USABC), expressed confidence in Vietnam's economic growth and promised long-term investment in the country.
  8. Perlman presented three proposals: supporting a balanced trade agreement, stronger cooperation with ASEAN, and acknowledging the trade deficit as a natural result of the economic relationship between a developed economy and a growing one like Vietnam.
  9. The US-ASEAN Business Council pledged to continue supporting Vietnam's efforts in maintaining macroeconomic stability and sustainable development, while also discussing potential areas of cooperation, such as energy, digital transformation, and logistics.
  10. Minister Chiêu asked influential US businesses and associations like the American Apparel and Footwear Association (AAFA) to lobby the Trump Administration, advocating for a clear understanding of the strengthening comprehensive strategic partnership between the US and Vietnam.

Read also:

Related

Latest