Vietnam, US foster bilateral economic, financial cooperation

Hanoi (VNA) – The US Department of the Treasury hopes to enhance economic and financial relations with Vietnam and stands ready to address outstanding issues, said Robert Kaproth, Assistant Secretary for International Finance at the US Department of the Treasury.

He made the remark at a recent working session with a delegation of the Vietnamese Ministry of Finance (MoF) in Washington D.C. during which the two sides discussed measures for strengthening the two countries' economic and financial ties, according to the MoF.

Highly valuing the Vietnamese Government’s efforts in the current context, Kaproth said the Office of the US Trade Representative is is charge of the negotiation on a bilateral trade agreement with Vietnam, but the US Department of the Treasury is still keeping a close watch on the talks.

The host mentioned the US side's concern about the growing trade imbalance between the two countries, viewing it as unsustainable. He further underscored the importance of implementing customs control measures to combat illegal transshipment and origin fraud that circumvent trade remedy measures.

For his part, Deputy Minister of Finance Cao Anh Tuan said Vietnam and the US have complementary economic structures. Vietnam has strong demand for the products that the US is strong at in sectors such as energy, high technology, aviation, machinery, and agriculture, while Vietnamese-produced consumer goods offer American consumers a wide variety of cost-effective options without directly competing with US domestic industries.

Highlighting the shared strategic and economic interests between the two countries, Tuan expressed his belief that strengthening bilateral economic and financial cooperation will open new avenues for collaboration and serve as a symbol of trust and a substantive Comprehensive Strategic Partnership for mutual prosperity.

He also highlighted Vietnam's strong efforts and initiatives aimed at achieving sustainable, balanced, and mutually beneficial trade and investment links.

Deputy Minister Tuan affirmed that Vietnam is implementing many measures to enhance inspection and control in order to ensure fair trade practices. He stressed that the MoF and the Government of Vietnam are open to continued discussions with the US on these matters.

He also proposed that the US Department of the Treasury advocate Vietnam’s access to high-tech products of the US and create conditions for technology transfer to promote bilateral economic, trade, and investment cooperation. This will help businesses from both countries access each other's markets fairly, efficiently, and over the long term, enabling Vietnamese enterprises to participate more deeply in the US supply chains and enhance the complementarity of the two economies.

Both sides agreed that now is a timely opportunity to promote policy dialogue, technical assistance, and other cooperation mechanisms to advance the Vietnam – US financial partnership in a substantive and result-oriented manner. This effort matches the Comprehensive Strategic Partnership and comes as the two countries are celebrating the 30th anniversary of diplomatic relations.

Earlier, Deputy Minister Tuan held a meeting with James Burrows, Acting First Vice President and Vice Chairman of the Board of Directors of the US Export-Import Bank (EXIM).

During the event, they exchanged views and reached high consensus on the important role of EXIM in providing financial resources to support Vietnamese businesses in their investment and business activities in both the US and Vietnam.

Burrows noted that EXIM operates across all sectors, with a lending portfolio exceeding 135 billion USD. The bank currently prioritises areas such as green energy, LNG, oil and gas, and critical and rare minerals. It supports American enterprises in international exports and aims to promote balanced trade with partner countries./.