The PM’s instructs that during the negotiation process, it is necessary to consider thoroughly and actively and timely respond to the proposals of the U.S. side under constructive spirit, goodwill and close cooperation.

Prime Minister Pham Minh Chinh presided over a meeting on May 6 to discuss preparations for trade negotiation with the the U.S., during which he stressed the need for active preparations for trade negotiations with the U.S. to protect Vietnam's legitimate interests while meeting appropriate requirements of the U.S. side, according to a report from the Government News.

During the negotiation process, it is necessary to consider thoroughly and actively and timely respond to the proposals of the U.S. side under constructive spirit, goodwill and close cooperation, the Prime Minister said.

He asked relevant ministries to timely resolve the issues concerned by the U.S. side, and step up import of goods and equipment from the U.S. to gradually balance bilateral trade between the two countries.

He urged localities to promptly process administrative procedures related to investment projects of American investors in Ba Ria-Vung Tau and Hung Yen provinces in accordance with Vietnam's law.

Vietnam along with the United Kingdom, India, South Korea, Japan and Indonesia are the first countries that the U.S. has prioritized for negotiations, with the first round scheduled for May 7.

On April 2, the U.S. officially announced a blanket 10 per cent tariff policy on imports from all countries and set very high reciprocal tariffs, with Vietnam subject to a 46 per cent reciprocal tariff. One week later, the U.S. Administration announced a 90-day suspension of this reciprocal tariff plan.

Vietnam's exports to the U.S. in the first quarter this year reached $31.4 billion, a 22 per cent year-on-year increase, while imports rose by almost the same rate to $4.1 billion.

Source: VnEconomy

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