US Treasury Secretary Talks About Starting Formal Discussions on Reciprocal Trade with Vietnam

US Treasury Secretary Scott Bessent's X post. Screenshot

US Treasury Secretary Scott Bessent said on the X platform that he had met with Special Envoy of General Secretary To Lam and Deputy Prime Minister of Vietnam Ho Duc Phoc to confirm the start of formal discussions on reciprocal trade.

The US Treasury Secretary added that at the meeting, he emphasized the need to maintain continuous dialogue and achieve rapid, clear progress to resolve outstanding issues.

This information was later reposted by the US channel CNBC along with a post on X by US Treasury Secretary Scott Bessent.

The US Treasury Department website also posted information about the meeting, stating that on April 10, US Treasury Secretary Scott Bessent met with Special Envoy of General Secretary To Lam and Deputy Prime Minister Ho Duc Phoc.

Following Deputy Prime Minister Ho Duc Phoc's meeting with U.S. Trade Representative Jamieson Greer, Secretary Bessent and Deputy Prime Minister Ho Duc Phoc agreed to begin formal discussions on reciprocal trade between the United States and Vietnam.

"During the discussions, Secretary Bessent emphasized the importance of maintaining dialogue with trading partners, as well as the need to make rapid, tangible progress to resolve outstanding issues," the statement on the US Treasury Department's website added.

Previously, according to a VNA reporter in Washington, on the afternoon of April 9, 2025 (local time), within the framework of his visit to the United States as Special Envoy of General Secretary To Lam to discuss bilateral economic and trade issues, Deputy Prime Minister Ho Duc Phoc met with US Trade Representative Jamieson Greer.

Deputy Prime Minister Ho Duc Phoc affirmed that Vietnam wishes to continue to strengthen and deepen the Comprehensive Strategic Partnership with the United States; thanked the US Government for always supporting a "strong, independent, self-reliant and prosperous" Vietnam; emphasized that Vietnam is persistent in building an independent and self-reliant economy, and persistently pursuing an independent and self-reliant foreign policy, multilateralizing and diversifying foreign relations.

Deputy Prime Minister Ho Duc Phoc affirmed that Vietnam wishes to work with relevant US agencies to concretize the contents of the discussion between General Secretary To Lam and US President Donald Trump on April 4, 2025, thereby continuing to maintain stable and sustainable economic and trade relations for the benefit of businesses and people of the two countries.

The Deputy Prime Minister emphasized that in recent times, Vietnam has proactively implemented many measures to contribute to resolving the trade deficit between the two sides, responding to the concerns of the United States; accordingly, the US's imposition of high tariffs on Vietnamese export goods is not consistent with the mutually beneficial economic and trade relations between the two countries, and does not reflect the spirit of the Vietnam - United States Comprehensive Strategic Partnership.

The Deputy Prime Minister suggested that although the United States has decided to postpone the imposition of tariffs for 90 days, the two countries need to soon negotiate a bilateral trade agreement to create a long-term framework to promote stable and mutually beneficial economic and trade relations, in line with the framework of the Comprehensive Strategic Partnership between the two countries.

Deputy Prime Minister Ho Duc Phoc met with US Trade Representative Jamieson Greer. Photo: VNA

US Trade Representative Jamieson Greer highly appreciated Deputy Prime Minister Ho Duc Phoc's visit as Special Envoy of General Secretary To Lam, expressing gratitude and appreciation for Vietnam's positive and proactive steps, demonstrating Vietnam's commitment to promoting Vietnam-US economic and trade relations.

The US Trade Representative affirmed that the US highly values ​​bilateral relations with Vietnam and wishes to closely coordinate to resolve the trade deficit, aiming for increasingly deeper relations in all fields.

The US Trade Representative shared the reasons and challenges for the US economy that forced the Trump administration to implement the recent tariff policy, explaining that the high tariffs imposed by the Trump administration on Vietnam were due to the large trade deficit between the US and Vietnam. The US agreed that the two sides should start negotiations on a reciprocal trade agreement, which would include tax agreements, and suggested that technical levels of both sides start discussions immediately.

The two sides agreed to continue to closely coordinate to promote a favorable business environment, proactively review and consider minimizing non-tariff barriers to each other's goods, creating favorable conditions for US businesses to increase investment and business in Vietnam, and strengthening coordination to control and prevent acts of trade fraud.

Source: https://baotintuc.vn/the-gioi/bo-truong-tai-chinh-hoa-ky-noi-ve-viec-bat-dau-thao-luan-chinh-thuc-ve-thuong-mai-doi-ung-voi-viet-nam-20250411050729730.htm