Vietnam, US forge stronger trade, investment partnership: Minister of Industry and Trade Nguyen Hong Dien (R) and US Ambassador to Vietnam Marc E.Knapper at the working session. (Photo: VNA)

Minister of Industry and Trade Nguyen Hong Dien and US Ambassador to Vietnam Marc E.Knapper discussed ways to strengthen bilateral economic, trade and investment cooperation, with a focus on energy and industrial sectors, at their working session held recently in Hanoi.

Minister Dien spoke highly of the two countries’ robust trade ties right from the outset of the year, reaching a bilateral agreement to resolve disputes over anti-dumping duties on Vietnamese tra and basa fish at the World Trade Organisation. He praised this achievement as a result of goodwill and negotiation efforts from both sides, particularly the constructive approach from the Department of Commerce and the US Trade Representative.

He laid tress on the complementary nature of the two economies, describing it as a key factor driving the economic, trade and investment cooperation in a stronger and more harmonious and sustainable fashion. Vietnam always sees the US as a leading important partner and wants to step up economic, trade and investment ties with the country comprehensively and sustainably, contributing to enhancing mutual understanding and strategic trust between the two sides.

The US is a reliable and long-term source for energy, machinery, technology, and raw materials, he said, adding the US is now Vietnam's fifth-largest import market, with five import categories exceed 1 billion USD, namely chemicals, animal feed, plastics, materials, and machinery.

In the agricultural sector, Vietnam stands as the US’s ninth-largest export market, with American products like beef, pork, poultry, seafood, dairy, soybeans, corn, and fruits having won the taste of the Vietnamese consumers. Apple imports alone exceed 2 million boxes annually.

Given the figures, Minister Dien stressed that the two sides should step up collaboration in agriculture to diversify their products and supply chains, highlighting Vietnam stands ready to increase US imports and hopes the US side will open its door wider for Vietnamese products.

For his part, Ambassador Knapper highlighted that 2025 marks the 30th anniversary of Vietnam - US diplomatic relations, expressing a hope that this milestone will elevate bilateral cooperation to a new high under their comprehensive strategic partnership.

Both public and private sectors in the US are eager to enhance cooperation in emerging fields such as energy security, climate security, food security, and high technology, he said, stressing the American country seeks deeper involvement in Vietnam's major projects and encourages the Vietnamese government to expedite legal frameworks facilitating US investment in new sectors including energy, semiconductors, AI, and aviation.

The Ambassador praised Vietnam's efforts and called for continued strengthening of cooperation in combating origin fraud, illegal transshipment, and circumvention of trade remedies to protect business interests in both countries

Touching on Minister Dien’s concern over the US’s changes in trade policies, Knapper said they aim to promote fair trade and protect economic security rather than target Vietnam specifically. The US wants to maintain positive economic-trade ties with Vietnam, he noted.

Welcoming US investors to new energy projects in Vietnam to assure energy security and sustainable development in the two countries, Minister Dien suggested both sides continue accelerating the implementation of the Memorandum of Understanding on energy cooperation signed in 2019.