media/NEWS

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Washington DC - March 14, 2025  - 

 Economic, trade and investment cooperation has emerged as the cornerstone driving bilateral relations between Việt Nam and the US.

A series of key cooperation agreements were signed between Vietnamese and US businesses on March 13 (local time) during a working trip to the US led by Special Envoy of the Prime Minister and Minister of Industry and Trade Nguyễn Hồng Diên.

The agreements covered various sectors, highlighting efforts to strengthen bilateral trade and investment ties. Notable agreements included PetroVietnam Gas Corporation (PV GAS) signing long-term LNG contracts with Conoco Phillips and Excelerate Energy corporations.

Bình Sơn Refining and Petrochemical JSC partnered with Kellogg Brown & Root for a study on sustainable aviation fuel, while PVPower signed a Memorandum of Understading (MoU) with GE Vernova for gas-fired power plant equipment.

Further agreements were made between Vietnam National Petroleum Group (Petrolimex) and top US ethanol suppliers US Grains Council (USGC), Renewable Fuels Association (RFA) and Growth Energy (GROWTH) to boost biofuel trade, alongside an MoU between Masan Group and the US International Development Finance Corporation for financial support in deep mineral processing projects.

Economic, trade and investment cooperation has emerged as the cornerstone driving bilateral relations between Việt Nam and the US. Trade volume between the two countries reached nearly US$150 billion in 2024, with the US becoming Việt Nam's second-largest trading partner and one of its most crucial export markets. — VNS

Source: https://vietnamnews.vn/

Hanoi - Feb, 12, 2025  - 

In the afternoon of February 12, 2025, at the headquarters of the Ministry of Industry and Trade, Minister Nguyen Hong Dien had a working session with Mr. Marc E. Knapper, Ambassador Extraordinary and Plenipotentiary of the United States of America to Vietnam to discuss the contents of enhancing bilateral economic, trade and investment cooperation in the coming time, focusing on important areas such as energy and industry.

At the meeting, Minister Nguyen Hong Dien highly appreciated the fact that since the beginning of 2025, the economic and trade relations between Vietnam and the United States have had a good start, when the two countries reached a bilateral agreement to end the dispute in the case of anti-dumping tax on tra and basa fish at the WTO. The fact that Vietnam and the United States reached a bilateral solution to resolve the case is the result of goodwill and negotiation efforts from both sides. Vietnam welcomes the constructive spirit, goodwill and efforts to seek bilateral solutions from the United States, especially the United States Department of Commerce (DOC) and the United States Trade Representative (USTR).

Vietnam's policy is to consider the United States as one of the long-term and reliable import sources for energy, machinery, equipment, technology, raw materials, etc. The United States is currently Vietnam's 5th largest import market (with 150 million USD of wheat, 325 million USD of wood products, 464 million USD of soybeans, 512 million USD of pharmaceuticals, 580 million USD of automobiles and means of transport, more than 540 million USD of vegetables and fruits, 680 million USD of cotton, 5 groups of imported goods with a turnover of over 1 billion USD are chemicals, animal feed, plastics, raw materials, and machinery and equipment. The group of goods with the largest turnover is electronics and components reaching 4.4 billion USD)

Regarding agricultural products, Vietnam is currently the 9th largest export market of the United States. Products such as beef, pork, chicken, seafood, milk, soybeans, corn, grapes, apples, cherries, blueberries, etc. from the United States are also very popular with Vietnamese consumers. Vietnam imports more than 2 million boxes of American apples per year. Therefore, the two countries need to further strengthen cooperation in the agricultural sector so that each side can diversify its products and supply chains. Vietnam is ready to open its market, increase imports of agricultural products from the United States, and at the same time hopes that the United States will further open its market to Vietnamese agricultural products...

Source: for the whole article: https://moit.gov.vn

 Hanoi, Feb 12, 2025 - Vietnam’s steel industry faces a double threat from the U.S. after President Donald Trump signed an executive order to impose a 25% tax on all steel imports from March 4. It was already being investigated by the U.S. Commerce Department for illegal subsidies and dumping. Vietnam’s aluminum exporters face a similar surcharge.

Vietnam is the fifth-largest exporter of steel to the U.S., which is Vietnam’s number three market.

It isn’t the first time Trump has imposed such sanctions. In 2018, he imposed a 25% tariff on steel and 10% on aluminum imported from Vietnam and several other countries.

On Feb. 11, Vietnam’s Doanh Nghiep & Tiep Thi newspaper quoted Do Ngoc Hung, a commercial counselor and head of the Vietnam Trade Office in the U.S. as saying Vietnamese enterprises still had many opportunities to export to the U.S. because its steel and aluminum manufacturers cannot immediately meet domestic demand. However, profit margins would narrow due to higher import charges.

The amount of Vietnamese steel exported to the U.S. in 2024 reached nearly 1.7 million tons, worth US$1.3 billion, an increase of over 50% compared with 2023 in terms of both volume and turnover, according to the Vietnam Steel Association as cited on the VietnamBiz news site.

Meanwhile, data from the Customs Department show that last year, the import value of iron and steel from other countries to Vietnam reached $19.07 billion, of which 63% was imported from China, worth $12.03 billion.

Source: Full article: https://www.rfa.org/english/vietnam/2025/02/12/steel-aluminum-us-tariffs-explainer/

 On November 27, 2024, the US-Vietnam Business Summit was held in Hanoi, Vietnam, with the theme “Policies and Approaches to Ensure Mutually Beneficial Trade Relations.” The summit was attended by Prime Minister Pham Minh Chinh, who delivered a keynote speech emphasizing the importance of strengthening economic ties between the two nations.

1. Trade Union Law Amendments: The National Assembly passed the amended Trade Union Law, maintaining the 2% trade union fee contribution rate and adding provisions for trade union supervision and social criticism.
2. Investment Policy for Cultural Development: The National Assembly approved the Resolution on investment policy for the National Target Program on Cultural Development for the 2025-2035 period.
3. Business-Friendly Environment: The summit highlighted the need to upgrade Vietnam’s policy framework and economic environment to attract new investors and support current businesses, with a goal of increasing two-way trade revenue to $200 billion.
4. Digital Economy and Innovation: Discussions focused on unlocking the full potential of Vietnam’s digital economy, promoting sustainable investment, and fostering innovation in sectors like semiconductor manufacturing.

1. Prime Minister Pham Minh Chinh
2. U.S. Secretary of Commerce Gina Raimondo (virtually)
3. Deputy Assistant to the President and Coordinator for the Indo-Pacific Kurt Campbell (virtually)
4. AmCham Chairman John Rockhold
5. High-ranking ministry officials from Vietnam and the US

Source: Bloomberg (no specific article provided, as the search results only contain snippets from various sources)

Ho Chi Minh City, Sept. 26, 2024 -   In the afternoon of September 26, Mr. Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People's Committee, received Mr. Mark Chandler, Deputy Mayor, Director of Foreign Trade of the Mayor's Office of San Francisco City (USA) on the occasion of attending the Ho Chi Minh City Friendship Dialogue and Ho Chi Minh City Economic Forum 2024.

 At the meeting, the two sides discussed the challenges of industrial transformation and the application of artificial intelligence (AI) in economic and social life.

Mr.  Vo Van Hoan affirmed that AI is no longer a trend but has been present in daily life and is developing very quickly. At the inauguration ceremony of the Industrial Revolution 4.0 Center within the framework of the Ho Chi Minh City Economic Forum, Prime Minister Pham Minh Chinh affirmed that the task of Ho Chi Minh City is to design policies for the Government to promulgate and deploy in the city first. 

For the Center to operate effectively and apply AI in management and operation, Ho Chi Minh City plans to send a delegation to San Francisco to learn from experience and share knowledge about regulations, processes, standards, and ways to manage and operate using AI, especially in the fields of health, education, and urban transportation.

 According to Mr. Mark Chandler, the San Francisco city government has always strongly supported industries through establishing artificial intelligence platforms and favorable conditions for businesses to operate. Mr. Mark Chandler affirmed that the city of San Francisco is ready to welcome the delegation, learn, exchange, and find the best solutions to respond to the rapid changes of AI to serve the operation, management of the government and the lives of the people.

Note: Mr. Mark Chandler is a member of the Advisory Board of the US-Vietnam Business Council 

Source:  SGGPO September 26, 2024 

https://www.sggp.org.vn/tphcm-va-tp-san-francisco-hoa-ky-hop-tac-phat-trien-tri-tue-nhan-tao-post760893.html#lg=1&slide=0 

Hanoi,  Dec.30, 2023 -US Ambassador to Vietnam Marc Knapper reaffirmed that Washington and Hanoi share a common vision for the region and said the two countries' economies are more connected than ever when reviewing achievements in US relations. -Vietnam in the past year. 

In a video released by the US Embassy in Vietnam on December 29, Mr. Knapper called 2023 a "great" year for relations. between the United States and Vietnam, from former enemies to comprehensive strategic partners. 

Mr. Knapper mentioned what he called President Joe Biden's "historic" visit to Hanoi in September as the most important event in relations between the two countries in the past year.

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During this visit, President Biden and General Secretary Nguyen Phu Trong raised US-Vietnam relations to the highest level of partnership. Vietnam's two-level upgrade, making the US an equal partner with China in its diplomatic relations system, is unprecedented. 

Economic - trade - investment cooperation is a high priority area in bilateral relations. The US remains Vietnam's largest export market and Vietnam has become the US's 7th largest trading partner. 

Trade growth between the two countries increases from 450 million USD in 1995 to more than 123 billion USD in 2022.Accumulated to 2023, the US ranks 11th among investors in Vietnam with about 1,200 projects, total capital of nearly 11.4 billion USD. 

Vietnam currently has 230 investment projects in the US, with a total registered capital of 1.26 billion USD.

Source: VOA . Dec. 30, 2023