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| Minister of Industry and Trade Tran Tuan Anh holds phone conversation with US Trade Representative (USTR) Robert Lighthizer. Photo: VNA |
The dialogue was among the latest developments since the US trade office launched a currency probe in October under Section 301 of the 1974 Trade Act, which allows the USTR to unilaterally impose retaliatory tariffs in response to what it determines is an unfair foreign trade practice.
According to a Ministry of Industry and Trade statement, the Office of the USTR is in the middle of gathering and analysing information and has not yet reached any conclusions or made recommendations on the trade relationship between Vietnam and the US.
During the talk, the two agree that Vietnam - US relations are developing strongly, believing ties between the two countries with the right development orientations, will continue to grow, with economic and trade cooperation being the main driver.
Minister Tran Tuan Anh Anh voiced his deep concern over the US officially launching investigations into Vietnam’s monetary policy and timber imports and use under Section 301 of the US Trade Act of 1974.
Mr. Lighthizer said his office acknowledged real policy dialogue and exchanges that have taken place through the US-Vietnam Trade and Investment Framework Agreement. He also said the two sides had been able to make great progress and reach numerous solutions to resolve trade and economic issues within a short time.
Mr. Tran Tuan Anh urged his counterpart to conduct thorough and fair investigations and to carefully consider potential impacts to ensure a harmonious and mutually beneficial trade relationship between the two countries. He said the Vietnamese Government was willing to co-operate fully with US trade agencies.
The Minister reiterated the Government's stance on currency policy, which aims to rein in inflation and stabilise the macroeconomy and not create unfair trade advantages.
He asked Mr. Lighthizer to direct the USTR Office to conduct fair, thorough, and transparent investigations and carefully consider every issue and possible impact of any action in order to make the most objective conclusions, thereby wrapping up the cases without imposing duties on Vietnamese goods.
