The U.S. aims for a mutually beneficial agreement with Vietnam

On April 10 (local time), continuing the activities of his visit to the U.S. as Special Envoy of General Secretary To Lam to discuss bilateral economic and trade issues, Deputy Prime Minister Ho Duc Phoc held working sessions with U.S. Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick.

During his meeting with Secretary of the Treasury Scott Bessent, Deputy PM Ho Duc Phoc affirmed that Vietnam places great importance on the development of the Comprehensive Strategic Partnership with the U.S. and wishes to promote economic and trade relations in a balanced, harmonious, and sustainable manner.

The Deputy PM highly appreciated the agreement between the two sides to launch negotiations on a reciprocal trade agreement, including provisions on tariffs. He affirmed that Vietnam is ready to negotiate and proposed that both sides engage in detailed discussions as soon as possible in order to reach an agreement at the earliest opportunity. Such an agreement would contribute to the stable and sustainable development of bilateral economic and trade relations, serving the interests of both countries' people and business communities.

Secretary of the Treasury Scott Bessent expressed his pleasure at meeting Deputy PM Ho Duc Phoc and shared that he had previously visited Vietnam and holds many positive impressions of the country and its people. Secretary Bessent thanked Vietnam for its timely and proactive measures in addressing the concerns raised by the U.S. He welcomed the two sides’ decision to begin negotiations on a bilateral trade agreement and informed that the U.S. administration had appointed him as the head of the negotiation delegation with Vietnam. The Secretary expressed confidence that the two sides would soon arrive at appropriate solutions to advance a stable and mutually beneficial economic and trade relationship.

During his meeting with U.S. Secretary of Commerce Howard Lutnick, Deputy Prime Minister Ho Duc Phoc emphasized that the agreement between the two sides to initiate negotiations on a bilateral trade agreement is of great significance, aligning with the framework of the Vietnam - U.S. Comprehensive Strategic Partnership.

Highlighting the importance of the two countries celebrating the 30th anniversary of diplomatic relations (1995-2025), the Deputy Prime Minister expressed his pleasure at the positive development of bilateral ties and expressed his hope that both sides would continue close coordination to further deepen the Comprehensive Strategic Partnership, with economic, trade, and investment cooperation serving as a key pillar.

The Deputy Prime Minister affirmed Vietnam's consistent policy of maintaining political, economic, and social stability; building an independent and self-reliant economy in tandem with proactive, extensive, and effective international integration. He proposed that the U.S. Department of Commerce work closely with relevant Vietnamese ministries, sectors, and agencies throughout the negotiation process.

Secretary of Commerce Howard Lutnick affirmed the U.S.' strong appreciation of its relationship with Vietnam, stating that Vietnam is a major and promising economy, and an important partner of the U.S. in the region. Secretary Lutnick emphasized that the U.S. is currently prioritizing reindustrialization, bringing manufacturing back to the U.S., and ensuring fair trade.

He affirmed that the U.S. Department of Commerce would work closely with Vietnam to negotiate and resolve outstanding issues in bilateral economic and trade relations, aiming for a suitable agreement that contributes to the development of both the U.S. and Vietnam.

In recent days, during the official visit to the U.S. as the special envoy of General Secretary To Lam, Deputy PM Ho Duc Phoc has engaged in numerous exchanges and negotiations with the U.S. Government to reach an agreement on initiating bilateral trade negotiations, with tariff issues being a key focus. This achievement holds significant importance amidst the complex global trade situation.

This outcome follows the direction set during a crucial teleconference between General Secretary To Lam and President Trump on April 4, 2025, just two days after the U.S. announced reciprocal tariffs. It also reflects the proactive efforts of the government to materialize the results of the teleconference promptly.

Led by Deputy PM Ho Duc Phoc, the delegation has fulfilled the tasks and objectives entrusted by the Party, State, and Government leadership. As directed by the Prime Minister, on April 11, 2025, Vietnam's negotiating delegation will be established to immediately engage with the U.S. delegation led by Treasury Secretary Bessent, aiming to achieve a stable, sustainable, and mutually beneficial bilateral trade agreement."