PUBLISHED: 14 Mar 2025 at 11:10
UPDATED: 14 Mar 2025 at 11:12
WASHINGTON — In a significant discussion this Thursday, US Trade Representative Jamieson Greer urged Vietnam to enhance the trade balance and further liberalize its markets. Industry and Trade Minister Nguyen Hong Dien responded by indicating that Vietnam is actively considering the removal of trade barriers to facilitate American investment.
Greer emphasized the necessity for more robust measures to address the trade imbalance, which saw the United States facing a $123.5 billion deficit with Vietnam in 2024, according to recent reports by the Office of the USTR. This substantial gap has become increasingly relevant as the current administration’s economic strategy includes tariffs aimed at correcting perceived unfair trade practices.
This deficit ranks as the third highest for the US, following China and Mexico. Factors contributing to this imbalance include companies rerouting goods to evade tariffs, with Vietnam recently surpassing Japan to become China’s third-largest export destination.
During the meeting, Minister Dien conveyed Vietnam’s commitment to dismantling trade barriers that hamper investments and vowed to implement stronger systems to counter trade fraud and illegal shipping practices. He reaffirmed Vietnam’s dedication to establishing sustainable economic and trade relations with the United States.
Dien also reiterated Vietnam’s appeal for recognition as a market economy, a status that would significantly benefit Vietnamese exports to the US. In parallel, Prime Minister Pham Minh Chinh addressed concerns regarding economic and trade relations with the US, indicating ongoing reviews of import tariffs and a push for increased imports of American products, such as liquefied natural gas (LNG), high-tech items, and agricultural goods.
