They agreed to discuss the tariffs, the most important feature of the agreement, after Deputy Prime Minister Ho Duc Phoc, who is on a visit to Washington as special envoy of Party General Secretary To Lam, met with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick on April 10 (U.S. time).
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Deputy Prime Minister Ho Duc Phoc meets with U.S. Treasury Secretary Scott Bessent in Washington. Photo by VGP |
At his meeting with Bessent, Phoc said Vietnam hopes to foster balanced, harmonious and sustainable economic and trade relations with the U.S., and the two sides should engage in detailed discussions to reach an agreement as soon as possible.
“This will (…) serve the interests of people and businesses in both countries.”
Bessent, appointed by the U.S. to lead negotiations with Vietnam, expressed confidence that the two sides would soon find appropriate solutions to advance stable and mutually beneficial trade relations.
He has visited Vietnam and has fond memories and a positive impression of the country and its people, he said.
During his meeting with Lutnick, Phoc said an agreement to initiate negotiations on a bilateral trade agreement aligns with the framework of the Vietnam–U.S. Comprehensive Strategic Partnership.
He said the U.S. Department of Commerce should work closely with its counterparts in Vietnam through the negotiation process.
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Deputy Prime Minister Ho Duc Phoc meets with U.S. Commerce Secretary Howard Lutnick in Washington. Photo by VGP |
Lutnick said Vietnam is an important partner for the U.S. and that the latter is focused on bringing manufacturing back to the country and ensuring fair trade.
He said the commerce department would closely coordinate with Vietnam to negotiate and reach a deal that supports the development of both countries.
Reaching an agreement to start talks on a bilateral trade deal is considered a major breakthrough following several days of intense negotiations between the Vietnamese delegation and the U.S. government.
They signed one such agreement in 2000 and a proposal for another had not been agreed to by the U.S.
The Vietnamese government is expected to establish a technical negotiation team, led by Minister of Industry and Trade Nguyen Hong Dien, on April 11 to engage immediately with the US delegation, led by Bessent. The aim is to swiftly reach a stable, sustainable, and mutually advantageous bilateral trade agreement, according to Vietnam News Agency.
Prime Minister Pham Minh Chinh has emphasized that such an agreement must not affect Vietnam’s existing free trade agreements with its partners while adequately addressing U.S. trade concerns, especially regarding rules on origin, non-tariff barriers, and intellectual property.
“Resolving one issue must not negatively affect another, and dealing with one partner must not impact our relations with others.”
