“US-Vietnam Trade Deal: A Mutually Beneficial Partnership”

The meeting was attended by Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; representatives of Vietnamese ministries, sectors, and localities; representatives from the US Embassy in Vietnam, the American Chamber of Commerce in Hanoi, and 50 major US businesses investing and operating in Vietnam.

This was the second meeting between Prime Minister Pham Minh Chinh and US businesses within just two months, demonstrating the Vietnamese government’s high regard for businesses and its willingness to engage in open and frank discussions, actively listening to constructive feedback from US partners to address challenges and create the most favorable conditions for the US business community to continue investing, expanding, and succeeding in Vietnam.

US Businesses Appreciate Vietnam’s Goodwill

After 30 years of establishing diplomatic relations, 10 years of comprehensive partnership, and 2 years of upgrading relations to a comprehensive strategic partnership, Vietnam-US relations have been developing positively in all areas. Economic, trade, and investment are important pillars driving the overall bilateral relationship.

Two-way trade in 2024 reached 134.6 billion USD. By the end of 2024, US direct investment in Vietnam was estimated at 11.94 billion USD with over 1,400 projects. Most major US corporations have established a strong presence and are operating effectively in Vietnam, while many Vietnamese businesses have also invested in the US market. Vietnam has 252 investment projects in the US, with a total investment of over 1.36 billion USD, ranking 6th out of 83 investment destinations. Vietnam is the 8th largest trading partner and the 4th largest export market for the US in the ASEAN region.

At the meeting, representatives from the US Embassy in Vietnam, the American Chamber of Commerce in Hanoi, and major US businesses such as Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, and GE Vernova appreciated the Vietnamese government’s goodwill in regularly organizing meetings and dialogues to listen and address bottlenecks to promote Vietnam-US trade and investment cooperation. Thanks to these efforts, economic, trade, and investment cooperation has become the cornerstone of the bilateral relationship, and Vietnam has become one of the US’s most important partners.

US businesses highly valued Vietnam’s investment and business environment, especially the government’s recent measures to create an even more favorable environment, aiming to eliminate at least 30% of unnecessary investment and business conditions, reduce at least 30% of the time required for administrative procedures, and cut at least 30% of related costs; promptly resolving difficulties and obstacles to maximize support for businesses in production and operations.

Recently, Vietnam has been very proactive and active in promoting balanced and sustainable investment and trade cooperation with the US, including increasing imports of US goods in which the US has strengths and Vietnam has demands; reducing import tariffs on US goods; and addressing issues related to US projects in Vietnam…

The US side requested Vietnam to continue improving the investment and business environment; resolving some issues and creating the most favorable conditions for businesses in production and operations, especially in administrative procedures, non-tariff barriers, and matters related to taxes, fees, and charges; ensuring infrastructure conditions such as electricity and information technology infrastructure, and logistics; strengthening management and supervision of businesses to ensure transparency and origin traceability; urging Vietnamese partners to promptly implement signed agreements (MOUs); and addressing issues related to specific projects… The US businesses expressed their sympathy for Vietnam’s difficulties and committed to sustainable and long-term investment cooperation, accompanying Vietnam in its development journey.

Concrete Actions by Vietnam to Promote Balanced and Sustainable Trade with the US

Together with the leaders of ministries, sectors, and localities, Prime Minister Pham Minh Chinh exchanged, answered, and directed the immediate and thorough addressing of the legitimate concerns, suggestions, and proposals of US businesses in the spirit of “clear tasks, clear responsibilities, clear timelines, and clear results.” The Prime Minister affirmed that Vietnam has been very proactive and active in promoting balanced and sustainable economic and trade relations with the US.

The Prime Minister expressed his hope that the US side would continue to sympathize with Vietnam – a country that has endured great losses, pain, and severe consequences of war, where unexploded ordnance continues to explode and harm people to this day; and a country that has gone through a long period of embargo and is now a developing country with a transitioning economy, a modest scale, and limited resilience to external shocks.

Sharing the outstanding results in trade and investment relations between the two countries, in which many large US businesses have built strong ecosystems in Vietnam, Prime Minister Pham Minh Chinh affirmed that the Vietnamese government is always ready for dialogue with partners and businesses, including US partners and businesses, in a constructive, frank, equal, and mutually respectful manner, bringing results and benefits to both sides.

Highlighting Vietnam’s concrete actions in promoting balanced and sustainable trade with the US, the Prime Minister emphasized that Vietnam has proactively addressed the concerns of the US side and US businesses; resolutely fought against trade fraud, smuggling, and counterfeit goods; actively reformed administrative procedures; and eliminated unnecessary investment and business conditions, reducing the time and costs of administrative procedures for people and businesses.

Along with Vietnam’s efforts in the spirit of “saying and doing,” “committing and implementing,” the Prime Minister suggested that the US business community and the US Embassy speak positively to the Trump administration about Vietnam’s efforts and goodwill, so that the US can find the best solutions among possible options to promote balanced and sustainable trade cooperation with Vietnam, in the spirit of mutual benefit, “harmonizing interests and sharing risks”; the two sides should soon reach a tariff agreement that is beneficial in the short and long term for both sides, for the sake of the people and businesses of both countries, and for the two nations; and at the same time, support businesses on both sides to continue to develop, as the two sides have had experience in overcoming difficulties and challenges in the past.

Sharing Vietnam’s situation, Prime Minister Pham Minh Chinh expressed his appreciation for the US’s support for a strong, independent, self-reliant, and prosperous Vietnam. Vietnam consistently upholds the principle of putting the past behind, focusing on commonalities, and minimizing differences, looking toward the future, and effectively implementing commitments to promote the Vietnam-US comprehensive strategic partnership in a practical and effective manner in all areas, including trade, contributing to a peaceful, dialogue-oriented, and cooperative Vietnam that is ready to address issues with partners through listening, exchanging, and negotiating.

Hope for Progress in US-China Trade Negotiations, Benefiting Both Sides and Other Countries

Sharing Vietnam’s perspective on the current US-China trade negotiations, the Prime Minister said that the world situation is witnessing many changes, requiring each country to have adaptive solutions. Vietnam does not interfere in the internal affairs of other countries and wishes for the development and prosperity of all nations, for stability, peace, cooperation, and development in the region and the world; especially hoping to avoid trade wars, especially between large economies such as the US and China; wishing for countries to promote cooperative relations based on rules and international commitments, the UN Charter, without affecting other countries; and hoping for progress in US-China trade negotiations with agreements that benefit both sides and other countries worldwide.

The Prime Minister stated that in the face of difficulties related to global trade tensions, Vietnam remains calm and proactive, not falling into despair or complacency. Vietnam is building an independent and self-reliant economy, closely associated with proactive, active, and effective international integration, relying mainly on internal resources, which are strategic and long-term, and on external resources, which are important and breakthrough.

Embracing the spirit of self-reliance and self-improvement, Vietnam considers this a chance to restructure its economy for rapid and sustainable development, restructuring trade toward balance and sustainability with all partners, based on mutual benefit and non-interference with third countries; promoting market, product, and supply chain diversification.

Vietnam is implementing the “strategic quartet” on breakthroughs in science, technology, innovation, and national digital transformation; on international integration in the new context; on law building and enforcement; and on private economic development. Vietnam is also developing a project to establish an international financial center; implementing three strategic breakthroughs, especially in transport and energy infrastructure, with a focus on institutional reform, infrastructure development, and smart human resources.

Placing people and businesses at the center, as the subject, resource, and driving force of development, Vietnam is building a two-tier local government system, transforming the public administration from a passive to a proactive mode, serving people and businesses, establishing administrative service centers, promoting digital transformation, and performing procedures on digital platforms without administrative boundaries, thereby better serving people and businesses.

Prime Minister Pham Minh Chinh affirmed the view: “The government plays a leading role in creating an enabling environment; people and businesses are the center, the subject, the resource, and the driving force; institutions are the momentum; and infrastructure is the foundation” to “listen and understand together; share vision and act together; do, benefit, and win together, and develop together.” The Vietnamese government creates all favorable conditions and protects the legitimate rights and interests of businesses, including US businesses, so that they can cooperate, invest, and operate effectively and sustainably in Vietnam.

Noting that Vietnam has implemented and will continue to reform visa policies for foreign citizens entering Vietnam, including US citizens, the Prime Minister hoped that the US government would consider and implement favorable visa policies for Vietnamese citizens.