Implement activities to promote trade balance with the United States

Strong import of goods from the United States

According to information from the Ministry of Industry and Trade , before the first official negotiation on tariffs between Vietnam and the United States, Minister of Industry and Trade - Head of the Government Negotiation Delegation Nguyen Hong Dien had a meeting with corporations, general companies, and large enterprises of Vietnam to promote previously signed agreements and memorandums of understanding.

According to reports from corporations such as Vietnam Energy - Industry Group (PVN), Vietnam National Petroleum Group (Petrolimex), Vietnam Gas Corporation (PV Gas), Vietnam Electricity Group (EVN), Vietnam National Coal - Mineral Industries Group (TKV), Vietnam Chemical Group, Vietnam Airlines Corporation ( Vietnam Airlines ), Vietjet Aviation Joint Stock Company, Truong Hai Industrial Group (THACO Industries), Military Industry - Telecommunications Group (Viettel), Vietnam Posts and Telecommunications Group (VNPT) ... in recent years, these corporations have imported many products such as aircraft, machinery, equipment, turbines for gas power plants, power transmission systems, GPU chips, raw materials ... from the United States, worth up to billions of dollars.

At this meeting, representatives of the Corporations reported on the implementation of the signed purchasing agreements in 2025; assessed and forecasted the demand for imports, procurement of equipment, goods and services, raw materials in which the United States has strengths this year and the following years. The Corporations said that from now until June 2025, they will increase meetings and work with US partners to promote the implementation of contracts to realize the signed agreements and memorandums of understanding.

The Prime Minister also urged businesses to promptly implement signed agreements with the US at a meeting in late April. Accordingly, the Prime Minister requested ministries and sectors to soon sign contracts to purchase more LNG, aircraft, medicine, and agricultural products from the US in May. At the same time, he noted that ministries and sectors should promptly handle issues of concern to the US, increase imports of equipment and goods that the US has strengths in and that Vietnam needs in order to gradually balance trade sustainably.

Bilateral exchange demand increases steadily

In order to promote the negotiation process to resolve bilateral economic and trade issues between Vietnam and the United States, recently, in a meeting with the Ambassador Extraordinary and Plenipotentiary of the United States of America to Vietnam - Mr. Marc E. Knapper, Minister Nguyen Hong Dien said that the complementary nature of the two economies of Vietnam and the United States is an important feature that helps economic and trade cooperation between the two countries develop more and more strongly. Therefore, in the coming time, both sides need to support businesses to promptly remove difficulties and obstacles, create favorable conditions for businesses in cooperation projects, as well as the purchase and sale of essential products, supplementing each other's demand for goods.

The demand for bilateral trade between Vietnam and the United States is still increasing steadily in both import and export directions. Specifically, according to Mr. Do Ngoc Hung - Head of the Vietnam Trade Office in the United States, in the first quarter of 2025, Vietnam's exports to the United States reached 31.4 billion USD, up 22% over the same period, imports reached 4.1 billion USD, up 21%. This result shows that the foreign trade structure between Vietnam and the United States is complementary, not directly competitive.

Notably, Mr. Hung said that many leading US retail groups such as Walmart, Target (importing 30% of Vietnamese goods), Costco, HomeDepot... still show their support and trust that Vietnam will reach an agreement with the US, through removing reciprocal tariffs. Not to mention, many large US groups have also considered attending the event Connecting the International Supply Chain - Vietnam International Sourcing & Ho Chi Minh City Export Forum 2025, which will take place in September 2025, co-organized by the Ministry of Industry and Trade, and will be held annually from 2023.

Minister of Industry and Trade, Head of the Government Negotiation Delegation Nguyen Hong Dien affirmed that Vietnam currently has a need to purchase goods, equipment and services from the United States in large quantities, with high and stable value. These are all products that the United States has strengths in and that Vietnam has a need for. However, trade between the two countries has not really matched their potential. Minister Dien said that both sides need to urgently review and promptly remove difficulties and obstacles, creating favorable conditions for businesses in buying and selling essential products, supplementing each other's demand for goods.

At the same time, the Minister suggested that in the coming time, businesses need to be more proactive to realize this great potential. This is a practical action to help promote economic, trade and investment cooperation between the two countries in a substantive manner, increasingly in-depth and effective; at the same time, contributing towards a harmonious and sustainable trade balance.

Nhat Thu

Source: https://baophapluat.vn/trien-khai-cac-hoat-dong-thuc-day-can-bang-thuong-mai-voi-hoa-ky-post547818.html