Vietnam firms vow to intensify cooperation with US partners, facilitate country trade talks

Major Vietnamese enterprises have committed to intensifying cooperation with U.S. partners from now until June 2025 to realize signed agreements and MoU, paving the way for trade talks with the U.S.

They made the commitment on Wednesday at a working session with Minister of Industry and Trade Nguyen Hong Dien, head of the Vietnamese government’s negotiation delegation regarding trade issues with the U.S.

Representatives from billion-dollar enterprises, including Petrovietnam, Petrolimex, PV Gas, Vietnam Electricity (EVN), coal giant Vinacomin, chemical giant Vinachem, Vietnam Airlines, Vietjet, Thaco Industry, Viettel, and Vietnam Post and Telecommunications Group (VNPT), said that in recent years, their companies have imported large volumes of U.S. goods, including aircraft, machinery, equipment, gas turbines, power transmission systems, GPU chips, raw materials, and fuels - valued at several billions of USD.

They reported on the progress of previously signed procurement agreements for 2025, evaluated and forecast the demand for imports of goods, equipment, services, and materials in which the U.S. holds competitive advantages.

They also reaffirmed their intent to intensify engagement with U.S. partners in the lead-up to mid-2025 to fully implement and expand upon existing agreements.

Minister Dien affirmed that Vietnam has a significant and growing demand for high-value, stable imports of U.S. goods and services. These are areas where the U.S. is strong and Vietnam has need, but trade between the two countries has yet to fully reflect its potential.

He emphasized the importance of both sides working swiftly to review and resolve obstacles, facilitating smoother trade in essential goods and services that complement each country’s needs.

The minister asked Vietnamese enterprises to take a more proactive role in unlocking the vast potential for cooperation. Such efforts, he said, would substantively strengthen bilateral trade and investment relations, deepening their partnership and contributing to a more balanced and sustainable bilateral economic relationship.

In mid-March 2025, during an official visit to the U.S., Dien witnessed the signing and announcement of cooperation agreements and procurement contracts between Vietnamese and American enterprises, with a total value of $4.15 billion.

These agreements are part of a broader cooperation plan expected to be implemented from 2025, with a projected total value of $90.3 billion. Of this, $50.15 billion covers contracts already signed and set to begin in 2025, primarily focusing on aircraft procurement, aviation services, oil and gas exploration, and refined petroleum imports.

In addition, agreements worth another $36 billion are under negotiation and expected to be signed in the near future.

On the morning of the same day, Minister Dien held a working meeting with U.S. Ambassador to Vietnam Marc Knapper to advance bilateral negotiations on current economic and trade issues between the two nations.

The Vietnamese official reaffirmed Vietnam’s strong commitment to fostering bilateral cooperation. He called on the U.S. to further promote the Comprehensive Strategic Partnership for peace, cooperation, and sustainable development, serving the growth of both nations and contributing to regional stability.

He emphasized the importance of promoting balanced, sustainable, and long-term trade between the two nations in a way that upholds Vietnam’s international commitments, respect its relationships with other global partners, and alignss with the strategic directions agreed upon by the two countries’ high-ranking leaders.

For his part, Ambassador Marc Knapper commended Vietnam’s proactive, constructive, and goodwill-driven approach.

He explained that the U.S.’s new trade policy is designed to further promote trade and investment, while safeguarding economic security, national security, and American workers, but not to harm partner countries.

Despite the challenges ahead, the ambassador expressed confidence that with continued goodwill from both sides, the negotiation process will yield positive outcomes that benefit the people and business communities of the two countries.

President Trump on April 2 said that he would levy massive 46% tariffs on imports from Vietnam as part of a new wave of global impositions, effective from April 9. One week later, he announced a 90-day suspension of tariff enforcement on all partners, except for China.