Spokesperson for the Ministry of Foreign Affairs Phạm Thu Hằng addresses reporters during the press conference on May 15 in Hà Nội. — Photo from the Ministry of Foreign Affairs

HÀ NỘI — Việt Nam has been actively promoting investment and trade cooperation with the United States in a balanced and sustainable manner, the foreign ministry's spokesperson Phạm Thu Hằng said on Thursday.

Asked by the press on the progress of the bilateral trade talks amid looming prospects of 46 per cent reciprocal tariffs imposed by the US administration, Hằng noted that the efforts "take into consideration the spirit of effectiveness, frankness and pursuing a constructive, mutually beneficial and mutual respectful approach, so as to bring about mutual benefits for both sides."

The diplomat noted that negotiations between Việt Nam and the US concerning the tariff policies of the US on Vietnamese exports are currently ongoing and more concrete information will be provided.

Việt Nam and the US started the first round of the negotiations for a bilateral trade agreement on May 7, with the Minister of Industry and Trade Nguyễn Hồng Diên appointed chief Vietnamese negotiator, while the US side is led by Treasury Secretary Scott Bessent.

The outcomes of those talks have not been made publicly available. The second round is set for May 15-16 in South Korea, on the sidelines of the APEC Ministers Responsible for Trade Meeting.

In a meeting with representatives of major US businesses in Việt Nam, including Boeing, Molex, Abbott, Coca-Cola and GE Vernova, earlier this week, Prime Minister Phạm Minh Chính reaffirmed Việt Nam's efforts to work towards trade balance.

The country will, he said, import more goods and products that US has strengths in and Việt Nam has demands for, reduce tariffs on American goods and address bottlenecks that US projects may face in Việt Nam.

Việt Nam is also attempting to resolve concerns from the US Government and businesses regarding counterfeit products, trade fraud and administrative reforms.

PM Chính hopes that the US will continue to share with Việt Nam – a country that has suffered many losses, pains and heavy damages after a long period of war, and where bombs left over from the war still explode every day, causing casualties to the people, a country that has gone through a long period of embargo and is currently a developing country with a transitional economy, on a modest economic scale, and limited resilience to external shocks.

US goods trade with Việt Nam totalled an estimated US$149.6 billion in 2024. US exports to Việt Nam in 2024 were $13.1 billion, up 32.9 per cent from 2023, while US goods imports from Việt Nam totalled $136.6 billion in 2024, up 19.3 per cent from 2023.

The current trade deficit of the US with Việt Nam was $123.5 billion in 2024, an 18.1 per cent increase over 2023, according to data from the Office of the US Trade Representative. — VNS