Revamped Dispatch: The US-Vietnam Financial Ties: A Promising Future
Vietnam and United States strengthen bilateral economic and financial collaboration
In an exclusive sit-down, Deputy Minister of Finance Cao Anh Tuấn spilled the beans to our news agency (VNA). Scroll down for the juicy details!
HÀ NỘI − The US Department of the Treasury, headed by Assistant Secretary for International Finance Robert Kaproth, is eager to strengthen economic and financial relationships with Vietnam. Kaproth expressed this desire during a recent powwow with Vietnam's Ministry of Finance (MoF) in Washington D.C.
During the meeting, the two sides discussed strategies to fortify their economic and financial bonds. The US Department of the Treasury is keeping a hawk's eye on ongoing bilateral trade agreement negotiations, but the Office of the US Trade Representative is in the driver's seat.
Kaproth appreciated Vietnam's economic efforts in the current climate and acknowledged the US Trade Representative's role in these negotiations. He further addressed the growing trade imbalance between both nations, acknowledging it as unsustainable.
To combat this concern, Kaproth emphasized the importance of implementing customs control measures to thwart illegal transshipment and origin fraud that dodge trade remedy measures.
On the Vietnamese side, Deputy Minister of Finance Cao Anh Tuấn pointed out the compatibility between the two countries' economic structures. Vietnam has been eyeing US products in energy, high technology, aviation, machinery, and agriculture for some time now, while offering American consumers a smorgasbord of cost-effective Vietnamese-made goods without directly competing with American domestic industries.
Tuấn underlined the mutual strategic and economic interests between both nations, highlighting that strengthening bilateral economic and financial cooperation would pave the way for new avenues of collaboration and serve as a testament to a solid Comprehensive Strategic Partnership aimed at mutual prosperity.
Tuấn also lauded Vietnam's initiatives to achieve sustainable, balanced, and mutually beneficial trade and investment links. He reiterated Vietnam's commitment to implementing measures to enhance inspection and control to ensure a level playing field for fair trade practices.
Vietnam, according to Tuấn, is open to continued discussions with the US on these matters and has proposed that the US Department of the Treasury advocate for Vietnam's access to high-tech products from the US. By doing so, the US Department of the Treasury would help create a conducive environment for technology transfer and collaboration between the two nations' businesses.
Policy dialogue, technical assistance, and other cooperation mechanisms are crucial in advancing the Vietnam-US financial partnership in a meaningful and results-oriented manner, Tuấn concluded. This strategy fits perfectly within the Comprehensive Strategic Partnership and coincides with the 30th anniversary of diplomatic relations between the two nations.
Prior to this, Deputy Minister Tuấn sat down with James Burrows, Acting First Vice President and Vice Chairman of the Board of Directors of the US Export-Import Bank (EXIM). The two heads reached a high consensus on the role of EXIM in providing financial resources to support Vietnamese businesses in their investment and business activities in both the US and Vietnam.
EXIM, it appears, prioritizes areas such as green energy, LNG, oil and gas, and critical and rare minerals [4]. This sector-spanning financial support reinforces the bank's goal of promoting balanced trade with partner countries, ultimately benefiting both the US and Vietnam.
Stay tuned for more updates on this developing financial alliance!
[Enrichment Data]Currently, discussions between the United States Department of the Treasury and the Vietnamese Ministry of Finance focus on strengthening economic and financial ties through several key measures:
- Policy Dialogue and Technical Assistance: Both sides are promoting policy dialogue and technical assistance to advance their financial partnership in a substantive and result-oriented manner. This effort aligns with their Comprehensive Strategic Partnership and marks the 30th anniversary of diplomatic relations [4].
- Access to High-Tech Products: The Vietnamese Ministry of Finance has proposed that the U.S. Department of the Treasury advocate for Vietnam's access to high-tech products from the U.S. This would facilitate technology transfer and promote bilateral economic, trade, and investment cooperation. The goal is to enable Vietnamese enterprises to participate more deeply in U.S. supply chains and enhance the complementarity of the two economies [4].
- Financial Support for Vietnamese Businesses: The U.S. Export-Import Bank (EXIM) is playing a crucial role in providing financial resources to support Vietnamese businesses in their investment and business activities in both the U.S. and Vietnam. EXIM prioritizes areas such as green energy, LNG, oil and gas, and critical and rare minerals [4].
These measures are designed to foster bilateral economic and financial cooperation, leveraging the strategic and economic interests shared between the two countries.
Deputy Minister of Finance Cao Anh Tuấn grants an interview to the our website News Agency (VNA). - VNA/VNS Photo
- The US Department of the Treasury, under the leadership of Assistant Secretary for International Finance Robert Kaproth, is engaged in policy dialogue and technical assistance with Vietnam's Ministry of Finance to strengthen their economic and financial ties.
- Deputy Minister of Finance Cao Anh Tuấn proposed that the US Department of the Treasury advocate for Vietnam's access to high-tech products as a means to promote technology transfer and cooperation between the two nations' businesses.
- The US Export-Import Bank (EXIM) is providing financial resources to support Vietnamese businesses, with a focus on sectors such as green energy, LNG, oil and gas, and critical and rare minerals.
- Both the US and Vietnamese sides acknowledged the importance of implementing customs control measures to prevent illegal transshipment and origin fraud, which hinder trade remedy measures.
- Tuấn highlighted the mutual strategic and economic interests between both nations, stating that strengthening bilateral economic and financial cooperation would create new avenues of collaboration and solidify their Comprehensive Strategic Partnership.
- The ongoing trade agreement negotiations are under the US Trade Representative's supervision, and both parties are working together to ensure a level playing field for fair trade practices.
