US ranks among Vietnam’s top trade partners: Minister

Minister of Industry and Trade Nguyen Hong Dien has hailed the US as one of the top trade partners and importers of Vietnam during a recent reception in Hanoi for US Trade Representative Katherine Tai.

Tai has been on her first visit to Vietnam and the first visit at the economic ministerial level of President Joe Biden’s administration.

The visit marks the start of activities in celebration of the 10th founding anniversary of the Vietnam-US comprehensive partnership this year.

Dien underlined the two countries’ potential of cooperation in climate change response, energy transition, digital transformation and green growth.

Vietnam supports efforts to deepen the bilateral relations, as well as multilateral cooperation mechanisms and initiatives led by the US that are beneficial to ensuring global and regional peace, stability and development, including the Indo-Pacific Economic Framework for Prosperity (IPEF), he said.

The minister suggested Tai continue upholding her role as an important bridge between the two governments to strengthen the Vietnam-US comprehensive partnership.

He also proposed the US soon materialise its commitments to supporting Vietnam and countries in delivering on international agreements on climate change response, including the Declaration on the Just Energy Transition Partnership.

Vietnam is ready to partner with the US to successfully hold the APEC Year 2023, he said.

Tai, for her part, said there will be more activities in the US-Vietnam relations this year. She vowed to work closely with Vietnam on e-commerce and spoke highly of Vietnam’s participation in regional economic connectivity over the past years.

The US will give priority to strengthening cooperation frameworks to build efficient and sustainable economic and investment ecosystems, thereby creating a new driving force for regional economic development, she said.

The major priority of the US Government is to promote sustainable, resilient and inclusive trade recovery and economic growth on the basis of lessons learned from the recent COVID-19 response, she said.

Tai also shared priorities and plans for the APEC Year 2023 hosted by the US and mentioned basic contents of the IPEF.

The host and guest discussed bilateral cooperation within the APEC framework, basic contents of the IPEF, sub-regional cooperation and joint work in climate change response, energy transition and digital transformation.

They highlighted the significance of promoting free, open, fair trade in accordance with international law as well as sustainable and inclusive growth in the region in which ASEAN countries play a central role.

Last year, two-way trade between Vietnam and the US surpassed 123 billion USD, up 11% year on year.