Vietnam inks deals to buy US$3 Billion US products before talks
Vietnam has pledged to buy more US agricultural products. - Bloomberg
HANOI: Vietnamese businesses have signed 20 agreements worth about US$3 billion to import more US agricultural products ahead of the third round of official negotiations set to take place next week.
Memoranda of understanding were signed during talks involving Minister of Agriculture and Environment Do Duc Duy in Iowa, Ohio, Maryland and Washington from June 2-6, the ministry said in a statement on Saturday (June 7).
"These agreements highlight the strong commitment and goodwill of Vietnam's business community and government to promote balanced trade with the US, and to encourage the Trump administration to reconsider high reciprocal tariffs on Vietnamese goods,' it said.
Vietnam has engaged in weeks of intense diplomacy with the US - the largest export market of the trade-reliant country - as it seeks to avert a threatened 46 per cent tariff, which was later wound back to ten per cent for 90 days to allow time for talks.
The reference to "goodwill' echoes language used earlier this week, when the South-East Asian nation sent a written reply to US trade requests after the Trump administration vowed to keep pressuring the country to reduce its role in China supply chains.
Vietnam cited progress after the second round of trade talks last month but said that outstanding issues remain. It's taken steps to address some US concerns, such as stepping up a crackdown on trade fraud and promising to buy US agricultural products. - Bloomberg
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