Vietnam will increase the import of high
technologies and services from the U.S.
Vietnamese Prime Minister Nguyen Xuan Phuc said on Tuesday he would sign deals for
U.S. goods and services worth $15 billion to $17 billion during his visit to
Washington, D.C., mainly for high technology products and for services.
“Vietnam will increase the import
of high technologies and services from the United States, and on the occasion
of this visit, many important deals will be made,” Phuc told a U.S. Chamber of
Commerce dinner.
Phuc, who is due to meet with U.S.
President Donald Trump on Wednesday at the end of a three-day visit to the
United States, did not provide any further details of the transactions.
GE Power Chief Executive Officer
Steve Bolze told the dinner that General Electric Co will sign new business
worth about $6 billion with Vietnam, but also offered no details.
Phuc’s comments came after U.S.
Trade Representative Robert Lighthizer expressed concern about the rapid growth
of the U.S. trade deficit with Vietnam, saying this was a new challenge for the
two countries and he was looking to Phuc to help address it.
“Over the last decade, our
bilateral trade deficit has risen from about $7 billion to nearly $32 billion,”
Lighthizer said. “This concerning growth in our trade deficit presents new
challenges and shows us that there is considerable potential to improve further
our important trade relationship.”
Lighthizer and other Trump
administration trade officials have pledged to work to reduce U.S. bilateral
trade deficits with major trading partners. The $32 billion deficit with
Vietnam last year, the sixth largest U.S. trade deficit, reflects growing
imports of Vietnamese semiconductors and other electronics products in addition
to more traditional sectors such as footwear, apparel and furniture.
The trade issue has become a
potential irritant in a relationship where Washington and Hanoi have stepped up
security cooperation in recent years given shared concerns about China’s increasingly
assertive behavior in East Asia.
Phuc’s meeting with Trump makes him
the first Southeast Asian leader to visit the White House under the new
administration.
Vietnam was disappointed when Trump
ditched the 12-nation Trans-Pacific Partnership (TPP) trade pact, in which
Hanoi was expected to be one of the main beneficiaries, and focused U.S. trade
policy on reducing deficits.
Source:
E.Vnexpress
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