Vietnam-US promote bilateral economic and financial cooperation

Deputy Minister of Finance Cao Anh Tuan gives an interview to VNA. (Photo: Ngoc Quang/VNA)

According to information from the Ministry of Finance, Deputy Minister Cao Anh Tuan led a delegation of the Vietnamese Ministry of Finance to have a working session with Mr. Robert Kaproth, Assistant Secretary for International Finance of the US Treasury Department and his colleagues at the headquarters of the US Treasury Department to discuss measures to strengthen bilateral economic and financial cooperation between Vietnam and the US.

At the meeting, Deputy Minister Cao Anh Tuan said that Vietnam and the United States are two economies with complementary structures. Vietnam has demand for products that are strengths of the United States in the fields of energy, high technology, aviation, machinery and equipment, and agricultural products, while consumer goods produced and exported by Vietnam create diverse choices that meet the needs of the American people at reasonable costs without competing with the United States.

Recognizing that Vietnam and the United States have many similarities in strategic and economic interests, Deputy Minister Cao Anh Tuan said that strengthening and deepening economic and financial cooperation between the two countries will open up new cooperation spaces and be a symbol of trust and comprehensive, substantive strategic partnership for the prosperity of the two countries.

Regarding strengthening trade and investment cooperation between the two countries in the coming time, Deputy Minister Cao Anh Tuan also discussed with Mr. Robert Kaproth about Vietnam's efforts and strong measures towards the goal of sustainable, balanced and mutually beneficial development.

At the meeting, Mr. Robert Kaproth highly appreciated the efforts of the Vietnamese Government in the current context, and affirmed that the US Treasury Department wishes to prioritize strengthening relations and is ready to resolve existing problems in economic and financial relations with Vietnam.

“Currently, the trade agreement negotiations are directly conducted by USTR, but the US Treasury Secretary is still closely following the negotiation process with Vietnam,” said Mr. Robert Kaproth.

In addition, Assistant Secretary Robert Kaproth also reiterated the US side's biggest concern about the recent increase in the trade deficit between the two countries as an unsustainable factor; at the same time, he also noted the need for customs control solutions to combat illegal transshipment, origin fraud, and evasion of trade defense measures.

Responding to Mr. Robert Kaproth's comments, Deputy Minister Cao Anh Tuan said: Vietnam is implementing many measures to help strengthen inspection and control to ensure fair trade; at the same time, the Ministry of Finance as well as the Vietnamese Government are ready to discuss with the United States on this issue.

Deputy Minister Cao Anh Tuan suggested that the US Treasury consider having a say so that Vietnam can access the import of high-tech goods; create conditions for technology transfer to promote bilateral economy, trade and investment.

From there, it will help businesses on both sides access each other's markets in a fair, effective and long-term manner so that Vietnamese businesses can participate more deeply in the US supply chain, enhancing the complementarity between the two economies.

At the end of the meeting, the two sides agreed that this was the right time to promote the organization of activities, including seminars, policy dialogues, technical assistance, etc. to deepen and substantiate bilateral financial cooperation between Vietnam and the United States, reflecting the Comprehensive Strategic Partnership as well as in the context of the two countries celebrating the 30th anniversary of diplomatic relations.

Previously, Deputy Minister Cao Anh Tuan had a working session with Mr. James Burrows, Vice President in charge of the US Export-Import Bank; also attending were representatives of large Vietnamese enterprises (Vietnam National Energy Industry Group; Vietnam National Shipping Lines).

At the meeting, the two sides discussed and reached a high level of agreement on the role of the US Export-Import Bank in providing financial resources to support Vietnamese enterprises in carrying out investment and business activities in the US and in Vietnam.

Mr. James Burrows informed that US Exim Bank operates in all fields, owns a loan fund of more than 135 billion USD, and currently prioritizes the fields of: green energy, LNG, oil, gas... important and rare minerals; supports US businesses in international exports and promotes trade balance with other countries.../.

(Vietnam+)

Source: https://www.vietnamplus.vn/viet-nam-hoa-ky-thuc-day-hop-tac-kinh-te-tai-chinh-song-phuong-post1038793.vnp