Vietnam hopes for progress in US-China trade negotiations: PM

Vietnamese Prime Minister Pham Minh Chinh on Tuesday expressed his hope that the ongoing trade negotiations between the U.S. and China will make progress and result in mutually beneficial agreements - both in the short and long term.

“Vietnam does not interfere in the internal affairs of other countries and especially hopes that there are no trade wars, particularly between major economies such as the U.S. and China,” Chinh added in response to a question from the US-ASEAN Business Council (USABC) during his meeting with representatives of the U.S. business community in Vietnam on Tuesday.

Vietnam also hopes that nations will strengthen cooperation based on rules and international commitments, and avoid actions that negatively impact others, he said, noting that the constructive progress in U.S.-China trade talks would not only benefit both parties but also contribute positively to the global economy.

The meeting aimed to address challenges, gather feedback, and propose solutions to further strengthen Vietnam-U.S. trade and investment relations. Attendees included representatives from the U.S. Embassy in Vietnam, the American Chamber of Commerce (AmCham) in Hanoi, and 50 major U.S. companies doing business in the country.

This was PM Chinh’s second meeting with American businesses within two months, following a dialogue on March 1 with 38 major U.S. corporations.

The frequent engagements demonstrate Vietnam’s high regard for foreign investors and its willingness to hold open, honest, and constructive dialogues to address challenges and create the most favorable environment for U.S. businesses to succeed and expand in Vietnam.

US companies commend Vietnam’s openness and cooperation

During the meeting, representatives from the U.S. Embassy, AmCham, and prominent U.S. companies such as Boeing, Molex, Excelerate Energy, Abbott, Coca-Cola, and GE Vernova praised the Vietnamese government’s willingness to engage in meetings and working sessions to remove obstacles that hinder trade and investment cooperation.

They acknowledged Vietnam’s proactive efforts to promote balanced and sustainable trade relations with the U.S., including increasing imports of U.S. goods in high demand in Vietnam, reducing import tariffs on American products, and addressing regulatory and project-specific challenges faced by U.S. investors in Vietnam.

They appreciated recent improvements in Vietnam’s business environment and called for continued reforms, particularly in administrative procedures; non-tariff barriers; tax, fees, and licensing regulations; infrastructure, including electricity, IT, and logistics; and transparent origin tracking and compliance.

U.S. companies emphasized their commitment to long-term, sustainable investment in Vietnam, and expressed readiness to cooperate through challenges.

Addressing the concerns and proposals raised by the U.S. business community, PM Chinh affirmed Vietnam’s active and constructive approach in fostering balanced, sustainable economic ties with the U.S.

Highlighting Vietnam’s concrete actions, the Prime Minister noted that the country has actively addressed U.S. concerns; resolutely combated trade fraud, smuggling, and counterfeit goods; and actively simplified administrative procedures and business conditions.

He called on the U.S. business community and embassy to inform President Donald Trump’s administration about Vietnam’s goodwill and efforts so that the U.S. will take solutions to promote balanced and sustainable trade with Vietnam.

He said he wishes that the two sides will soon reach a tariff agreement that benefits both nations in the short and long term, for the good of their people and businesses.

Chinh also noted that Vietnam has reformed visa policies for foreign nationals, including Americans, and hopes the U.S. government will reciprocate with favorable visa policies for Vietnamese citizens.

Following 30 years of diplomatic relations, 10 years of comprehensive partnership, and two years of comprehensive strategic partnership, trade and investment ties have become central pillars of the Vietnam-U.S. relationship.

In 2024, bilateral trade reached $134.6 billion, making Vietnam the eighth largest trading partner and the fourth largest export market for the U.S. in ASEAN.

As of the end of 2024, U.S. direct investment in Vietnam totaled $11.94 billion, with over 1,400 projects. Most major U.S. corporations are already present and operating effectively in Vietnam.

Meanwhile, Vietnamese businesses are increasingly investing in the U.S., with 252 projects worth over $1.36 billion, making the U.S. Vietnam’s 6th largest outbound investment destination, out of 83 countries and territories.

U.S. Trade Representative (USTR) Jamieson Greer late last week described the ongoing trade talks with Vietnam and other countries as “fruitful”, saying “they understand what we're trying to solve for”.