Minister of Industry and Trade Nguyen Hong Dien meets with corporations and large enterprises to promote the implementation of trade agreements with the US
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In the afternoon of May 7, Minister of Industry and Trade Nguyen Hong Dien, who is also the Head of the Government Negotiation Delegation on Trade Issues with the US, had a working session with large corporations and enterprises to promote the implementation of trade agreements with the US.
The meeting was attended by major Vietnamese corporations and enterprises, including the Vietnam Energy and Industry Corporation (PVN), Petrolimex, PV Gas, EVN, Vietnam National Coal, Mineral Industries Holding Corporation Limited (Vinacomin), Vietnam Chemical Corporation, Vietnam Airlines, Vietjet Aviation Joint Stock Company, THACO Industry, Viettel, and VNPT. Over the years, these corporations have imported a large number of products from the US, including aircraft, machinery, equipment, turbines for gas-fired power plants, electricity transmission systems, GPU chips, raw materials, and more, worth several billion dollars.
During the meeting, representatives of the corporations reported on the implementation of purchase agreements signed in 2025, and assessed and forecasted the demand for importing equipment, goods, raw materials, and services in which the US has strengths in 2025 and the following years. The corporations stated that from now until June 2025, they will intensify meetings and work with US partners to promote contracts and realize the signed memoranda of understanding.
After listening to the enterprises’ reports, Minister Nguyen Hong Dien emphasized that Vietnam has a large, valuable, and stable demand for purchasing goods, equipment, and services from the US. These are products in which the US has strengths and Vietnam has needs. However, trade exchanges between the two countries have not yet lived up to their potential. The Minister suggested that both sides urgently review and remove obstacles, creating favorable conditions for enterprises to buy and sell essential products and meet each other’s needs.
At the same time, the Minister requested that enterprises be more proactive in realizing this great potential. This is a practical action to promote substantive, in-depth, and effective economic, trade, and investment cooperation between the two countries and contribute to a harmonious and sustainable trade balance.
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In mid-March, during Minister Nguyen Hong Dien’s working trip to Washington as the Prime Minister’s Special Envoy, several cooperation agreements in economics and trade between Vietnamese and US enterprises were signed. These agreements are worth 4.15 billion USD and aim to strongly promote bilateral economic, trade, and investment cooperation, according to the Ministry of Industry and Trade. Previously, the two sides also signed other contracts worth 50.15 billion USD focusing on aircraft purchases, aviation services, oil and gas exploitation, and the import of petrochemical products. The parties also negotiated and expected to sign contracts and agreements worth about 36 billion USD in the coming time. Thus, the total value of economic and trade agreements signed between enterprises of the two countries is expected to reach about 90.3 billion USD in the period of 2025. |
In the morning of the same day, at the headquarters of the Ministry of Industry and Trade, Minister Nguyen Hong Dien worked with Mr. Marc E. Knapper, Ambassador Extraordinary and Plenipotentiary of the United States of America to Vietnam, to promote the negotiation process to handle economic and trade issues between Vietnam and the US in the current period.
Minister Nguyen Hong Dien and Ambassador Marc E. Knapper
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At the beginning of the meeting, Minister Nguyen Hong Dien affirmed the importance of cooperation between the two countries and suggested that the US promote the comprehensive strategic partnership for peace, cooperation, and sustainable development, for the development of each country and stability in the region. He also emphasized promoting Vietnam-US trade in a harmonious, sustainable, and long-term direction, ensuring compliance with international commitments to which Vietnam is a member and not affecting relations with other partners, in line with the orientation directed by the leaders of the two countries.
Minister Nguyen Hong Dien stated that the complementary nature of the Vietnamese and American economies is an important factor contributing to the strong development of economic and trade cooperation between the two countries. In the coming time, the two sides need to support enterprises in promptly removing difficulties and creating favorable conditions for cooperation projects and the purchase and sale of essential products to meet each other’s needs. These actions will practically promote substantive, in-depth, and effective economic, trade, and investment cooperation between the two countries and contribute to a harmonious and sustainable trade balance.
For his part, Ambassador Marc E. Knapper appreciated Vietnam’s proactive, goodwill, and constructive actions. He explained that the US’s new trade policy aims to further promote trade and investment, protect economic and national security, and protect American workers. It is not intended to harm partner countries. Although there are still many challenges ahead, the Ambassador believes that with high goodwill, the negotiation process between the two countries will achieve positive results, bringing benefits to the people and the business community.
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According to the General Statistics Office, in the first quarter of 2025, Vietnam exported 31.4 billion USD worth of goods to the US and imported 4.1 billion USD from the US. Two-way export-import turnover increased by about 20% compared to the same period last year. |
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