Vietnam US exchange economic supports

During the first two working days with representative of US Trade- Michael Froman, Minister of Finance- Jack Lew, Minister of Commerce- Penny Prizker, and Professor Jeffrey Schott, Deputy PM Vu Van Ninh discussed issues of Vietnam US economic relation.

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From September 15 - 19, Vietnamese high-ranking delegation led by Deputy Prime Minister Vu Van Ninh has a working visit in the United State. The visit is to boost the negotiation progress of Trans-Pacific Strategic Economic Partnership Agreement (TPP), as well as bilateral economic relationship between Vietnam and US. On the first two working days, Deputy Prime Minister Vu Van Ninh had meetings and discussions with representative of US Trade, Michael Froman, Minister of Finance, Jack Lew, Minister of Commerce, Penny Prizker, Jeffrey Schott, professor as well as experts on TPP under Peterson Institute for International Economics. Simultaneously, he met officers of Vietnam Embassy and Vietnamese representative agencies in Washington.

At the meeting with Mr. Froman, the Vietnamese Prime Minister expected the United State to pay attention to reducing tax on textile and footwear in the negotiation of TPP. Also, he suggested the US to consider and recognize market economy regulations to Vietnam after TPP negotiations. In terms of Intellectual Property Rights, Vietnam mentioned about the important awareness of the issue and hoped the US to have flexible approaches. Vietnam will positively coordinate with the US and other countries to figure out acceptable solutions for all sides. The Deputy Prime Minister proposed the US for conducting programs on technical support to implement TPP commitment. Mr. Froman, the US Trade representative pledged to create favorable conditions to release the most suitable approaches to Vietnam goods as textile and footwear. The US representative also suggested Vietnam to create good conditions for US pork and poultry in Vietnam. At the same time, the US promised to provide Vietnam with technical support to implement TPP after signature. When finishing the meeting, both sides underlined that two side need to make more attempt in the last phase of the TPP to complete all the issues.

Meeting Minister of Finance – Jack Lew, Vietnamese Deputy Prime Minister recommended the US to enhance technical supports in terms of finance for Vietnam, as well as to have methods to reopen channels of ODA in Vietnam, and preferential loans, and to foster programs on humanitarian aid and development assistance in Vietnam. The Vietnam Deputy Prime Minister highly appreciated support activities of the US to Vietnam in terms of anti-money laundering. And, he advised to have more technical aids for officers to directly conduct and to promote efficiency. The US Minister agreed with the assessment and proposal of the Vietnamese Deputy Prime Minister and expected Vietnam to pay more attention to the recommendations of the United States enterprises which are now having co-operations and Businesses in Vietnam.

During the meeting with the US Commerce Minister, Ms. Penny Pritzker, the two sides discussed the situation of bilateral Vietnam US relation, the implementations of large US commercial projects in Vietnam, which reaffirms their determination to conduct the plan of opening direct Vietnam US air route in 2015. Both sides agreed to strengthen bilateral trade relation, along with fasten the negotiations of TPP. Meeting Professor Jeffrey Schott, Deputy Prime Minister Vu Van Ninh appreciated the roles of the Peterson Institute for International Economics and the professor in studies of international economic issues. He also applauded the recent cooperations between the institute and several agencies of Vietnam. According to the Deputy Prime Minister, all information and advice of experts under Peterson Institute for International Economics help Vietnam economy have clearer approaches in terms of current international economic issues.