HANOI: Vietnam and the USA held their first direct ministerial-level negotiations on Friday (Might 16) in opposition to the backdrop of an impending US tariff of 46 per cent on imports from the Southeast Asian nation, which might considerably affect its development.
The Vietnamese commerce ministry stated in an announcement launched on Saturday that the assembly, which occurred in Jeju, South Korea, following the thirty first APEC Ministerial Assembly on Commerce, symbolised each nations’ dedication to fostering a secure financial, commerce, and funding relationship.
The talks comply with a telephone name final month between Vietnamese commerce minister Nguyen Hong Dien and US Commerce Consultant Jamieson Greer that formally began negotiations.
“USTR Greer agreed with Vietnam’s present strategy and proposal,” the commerce ministry’s assertion stated. “The US hopes that with the mutual efforts, the technical-level negotiations within the coming days will yield constructive outcomes.”
The US has postponed the implementation of the 46 per cent tariff on Vietnam till July. If enforced, the levy might disrupt development in Vietnam, which is closely depending on gross sales to the USA, its largest export market, and substantial international investments in manufacturing items for export.
Vietnam has the fourth-largest commerce surplus amongst all US buying and selling companions, price $123.5 billion final yr.
In an try and diminish that commerce surplus, Hanoi has just lately applied a number of measures, together with lowering tariffs on a mess of products destined for the US and intensifying its efforts to curb the cargo of Chinese language items to the US through its territory.
