Businesses should take the initiative to strike trade deals with American partners, he said Wednesday while speaking at a meeting with executives of major companies including Petrovietnam, Vietnam Electricity, Vietnam Airlines, Vietjet, Thaco, and Viettel.
Current trade with the U.S. does not reflect the full bilateral potential, and the two countries need to achieve a “balanced, harmonious and sustainable trade” with businesses needing to take proactive steps, he said.
In recent years major Vietnamese companies have imported many U.S. products like aircraft, machinery and equipment, turbines for gas power plants, power transmission systems, graphics processing units, and others worth billions of U.S. dollars.
In March, during Dien’s visit to Washington, businesses from the two nations signed economic and trade deals worth US$4.15 billion.
Before the visit, contracts valued at $50.15 billion had been signed, focusing on aircraft, aviation services, oil and gas exploration, and refined petroleum products.
Negotiations for agreements worth another $36 billion are underway, and they are expected to be finalized soon.
In all, trade and economic agreements planned for implementation from 2025 are projected to exceed $90 billion.
The executives at the meeting Wednesday announced plans to intensify engagements with U.S. partners through June to implement agreements and memoranda of understanding that have been signed.
In the first quarter of 2025 Vietnam exported $31.4 billion worth of goods to the U.S. while its imports were worth $4.1 billion, marking a 20% increase in trade year-on-year.
Also Wednesday Dien met with U.S. ambassador to Vietnam, Marc E. Knapper and reaffirmed Vietnam’s commitment to bilateral cooperation and sought U.S. support in promoting “harmonious, sustainable and long-term” trade.
He highlighted the complementary nature of the two economies, which drives growing economic and trade collaboration, and urged both sides to remove barriers and facilitate business cooperation in essential products.
Knapper commended Vietnam’s proactive and constructive engagement, and claimed that the U.S.’s new trade policy is aimed at safeguarding its economic and national security, and protecting U.S. workers.
While acknowledging that challenges remain, he expressed the belief that, with goodwill, the negotiation process would yield positive outcomes, benefiting citizens and businesses in both countries.
