“US-China Trade Talks: PM Voices Key Desire”

On the morning of May 13, Prime Minister Pham Minh Chinh met with representatives of American businesses investing and operating in Vietnam to address challenges, propose solutions, and promote Vietnam-US investment and business cooperation.

The meeting was attended by Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung, along with leaders of Vietnamese ministries, localities, and the US Embassy in Vietnam. Fifty large American businesses investing and operating in Vietnam were also present.

Sharing Vietnam’s perspective on the ongoing trade negotiations between the US and China, the Prime Minister stated that the current global situation is fraught with changes, requiring each country to adapt accordingly.

He affirmed that Vietnam does not interfere in the internal affairs of other countries and wishes for the development and prosperity of all nations, emphasizing peace, cooperation, and stability within the region and worldwide. He particularly hopes to avoid trade wars, especially between major economies like the US and China.

Vietnam wishes for countries to foster cooperative relationships based on rules and international commitments, including the UN Charter, without adversely affecting other nations. Vietnam hopes for progressive trade negotiations between the US and China, leading to agreements beneficial to both parties and the world.

Amid challenges arising from global trade tensions, the head of the government asserted that Vietnam remains steadfast, neither panicking nor being complacent. Instead, the country calmly addresses issues within its jurisdiction, focusing on economic independence and self-reliance, coupled with proactive and extensive international integration.

Vietnam’s strategy emphasizes domestic resources as the foundation, along with external resources for breakthrough opportunities. The country aims to restructure its economy and trade for rapid and sustainable development, striving for balance and mutual benefit with all partners without impacting third parties. This situation also presents an opportunity to diversify markets, products, and supply chains.

Additionally, Vietnam is implementing the “strategic quartet” of breakthroughs in science, technology, innovation, and national digital transformation, along with new-era international integration and legal construction. Vietnam is also developing the private economic sector and constructing a financial center. The country is committed to three strategic breakthroughs, especially in transport and energy infrastructure, with a focus on institutional reform, seamless infrastructure, and intelligent human resources.

Placing people and businesses at the center of development, Vietnam is establishing a two-tier local government system. The government is transitioning from a passive to an active mode, serving people and businesses through administrative service centers and digital transformation. Procedures are conducted online, transcending administrative boundaries to better serve people and businesses.

Aligned with Vietnam’s spirit of “saying and doing,” the Prime Minister requested that the business community and the US Embassy convey Vietnam’s efforts and goodwill to President Donald Trump’s administration. He hopes that the US will adopt the best possible solutions to promote balanced and sustainable trade cooperation with Vietnam, benefiting both nations. He emphasized the importance of harmonizing interests and sharing risks.

Moreover, both sides should promptly reach a favorable agreement on tariffs for the benefit of the people, businesses, and nations. With their shared history of overcoming challenges, Vietnam and the US can continue to support each other’s businesses and foster mutual development.

American Businesses Appreciate Vietnam’s Business Environment

In 2024, bilateral trade reached 134.6 billion USD. By the end of 2024, American direct investment in Vietnam was estimated at 11.94 billion USD, with over 1,400 projects. Most major American corporations have successfully invested and operated in Vietnam, while numerous Vietnamese businesses have ventured into the American market.

Currently, Vietnam has 252 investment projects in the US, totaling over 1.36 billion USD, ranking 6th out of 83 countries investing abroad. Vietnam is the 8th largest trading partner and the 4th largest export market for the US in ASEAN.

During the meeting, representatives from the US Embassy, the American Chamber of Commerce in Hanoi, and prominent American businesses like Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, and GE Vernova appreciated the Vietnamese government’s initiative in holding frequent meetings to listen and address bottlenecks in Vietnam-US trade and investment cooperation. As a result, economic, trade, and investment relations have become the cornerstone of the bilateral relationship, with Vietnam emerging as a significant partner for the US.

American businesses commended Vietnam’s investment and business environment, particularly the government’s efforts to create a more favorable climate. The government aims to eliminate at least 30% of unnecessary investment and business conditions, reduce the processing time for administrative procedures by at least 30%, and cut related costs by a minimum of 30%. Additionally, the government promptly resolves difficulties and creates maximum convenience for businesses in production and operation.

Recently, Vietnam has been proactive and active in promoting balanced and sustainable investment and trade cooperation with the US. This includes increasing imports of American products where they have strengths and Vietnam has demands, reducing import taxes on American goods, and addressing challenges faced by American projects in Vietnam…