Vietnamese PM Nguyen Xuan Phuc greets US Secretary of Commerce

Washington DC, Juen 2 (VNA) – Prime Minister Nguyen Xuan Phuc received Secretary of the US Department of Commerce (DOC) Wilbur Ross in Washington DC on May 31 (local time), asking the department to recognise Vietnam’s market economy status soon. During the reception, he highly valued considerable growth in the Vietnam-US trade ties over the past 20 years, affirming the country’s strict implementation of commitments in the bilateral trade agreement as well as within the World Trade Organisation. He highlighted potential for the bilateral trade’s development as the two countries have complimentary economies. Vietnam imports high-tech goods and services from the US as well as input materials for its for-export products to the American nation. The PM also proposed the DOC to have objective assessments to reflect the essence of the trade deficit between the two countries while settling trade issues based on the Trade and Investment Framework Agreement (TIFA) as well as the World Trade Organisation’s regulations. He hoped the US side to create conditions for Vietnam’s farm produce like fruits and seafood to access the US market. Secretary Ross, for his part, affirmed the need to increase bilateral trade on the basis of balance and mutual benefit as a common goal, while stressing his support for the comprehensive and stronger development of the US-Vietnam ties. He agreed that the two sides need to restart the mechanism of discussing the market status for Vietnam. The DOC will work with Vietnam’s Ministry of Trade and Industry to discuss issues in bilateral trade, and talk technical matters with relevant Vietnamese agencies, promoting trade ties between the two countries. Following the reception, PM Phuc and Secretary Ross witnessed the exchange of some trade and investment cooperation documents signed by the two sides’ enterprises during the Vietnamese leader’s US visit from May 29-31. The same day, Prime Minister Phuc received leaders of some major economic groups, including ASG, McKinsey, Boeing, General Electrics, and Murphy Oil. He highly spoke of effectiveness of US firms’ projects in Vietnam, affirming the Vietnamese Government encourages US businesses to increase investment in Vietnam. He pledged to continue improving investment and business climate to create more favourable conditions for foreign enterprises, including those from the US, to do business with Vietnam. US firm supported resolve and solutions the Vietnamese Government have implemented in recent times to create a healthy investment and business environment and a fair playground for foreign businesses. They affirmed to continue expanding cooperation and increasing investment in Vietnam./.