Prime Minister of Vietnam Discuss Bilateral Trade Balance and Potential Purchase of More U.S. Energy Exports

Nov 2, 2020

by ASME.org

Export-Import Bank of the United States (EXIM) President and Chairman Kimberly Reed recently participated in discussions with Vietnam’s Prime Minister Nguyen Xuan Phuc regarding Vietnam potentially expanding its purchasing of U.S.-made goods and services. More than just consumer products, Chairman Reed encouraged the Prime Minister to consider purchasing U.S. technology innovations related to 5G, renewable energy, biomedical sciences, biotechnology, infrastructure, and more. The Prime Minister noted that energy is one of the most important areas of cooperation between the U.S. and Vietnam.

 

President Trump reauthorized the EXIM in 2019 after four years of inactivity. The reauthorization included a Congressional mandate to establish the Program of China and Transformational Exports, which prompted the U.S. delegation to travel to Vietnam. The purpose of the EXIM is in part to level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments, mainly China.

 

The delegation that traveled to Vietnam included senior government officials from the U.S. Departments of Commerce, Energy, State, and Treasury.

 

Speaking of the meeting, EXIM writes “both Chairman Reed and Prime Minister Phuc look forward to future transactions that would benefit both nation’s economies and workers.” While no specifics have been detailed, this meeting is an important marker in the continuation of the bilateral trade that will continue to advance between the U.S. and Vietnam, as well as other Indo-Pacific countries, in the coming years, especially trade related to rising U.S. advanced technology sectors.

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