Latest news with #Vietnam-US
The Star
22-05-2025
- Business
- The Star
Eric Trump attends groundbreaking event for US$1.5bil Vietnam resort
Eric Trump (right) and wife Lara Trump (second left) at the groundbreaking ceremony for the Trump International, Hung Yen resort and golf course project in Hung Yen province on May 21, 2025. - AFP HANOI: Eric Trump said the Trump Organization's new US$1.5 billion luxury resort complex to be built in northern Vietnam will "blow everybody away,' even as the nation's leaders negotiate with the US administration to avoid a cripplingly high tariff. "I will be here incredibly often,' Eric Trump said at the groundbreaking event in Hung Yen province on Wednesday (May 21). "This project and many of the other ones that we do together are going to be the envy of all of Asia. They're going to be the envy of the entire world, and Vietnam deserves it,' he said. The project in Hung Yen province, which will feature five-star hotels, golf courses and residential estates, spans more than 990 hectares (2,446.3 acres) along the Red River. The first phase is expected to be completed in two and a half years, while the whole project is set to be ready by 2029, according to Vietnamese developer Kinh Bac City Development Holding Corp. Vietnam's Prime Minister Pham Minh Chinh, who was also at the event, said he looks forward to welcoming President Donald Trump to visit the nation, and that the project will contribute to the development of the Vietnam-US relationship and reaffirm the trust of foreign investors in Vietnam. The visit by the Trump Organization's executive vice president takes place as Vietnamese and US negotiators hold a second round of trade talks in Washington in search of a tariff deal. Vietnam has engaged in weeks of intense diplomacy with the US, seeking to avert a threatened 46% tariff, which was later wound back to 10% for 90 days to allow time for talks. The punitively high levy reflects US displeasure with the country's trade surplus, the third-largest globally behind China and Mexico. Vietnam has repeatedly vowed to purchase more American goods, while offering to remove all tariffs on US imports. It's also stepped up its fight against trade fraud, seeking to address US concerns about Chinese goods being shipped via Vietnam to sidestep tariffs. Trade between the two nations ballooned over the past decade to about $150 billion in 2024, as global companies sought to diversify production away from China during Trump's first term in office. Vietnam is one of South-East Asia's fastest-growing economies, though US tariffs could put this year's target of 8% expansion at risk. Eric Trump and a delegation from the Trump Organization are expected to be in Ho Chi Minh City on Thursday for talks with local officials on a proposed tower project in the Thu Thiem area of the commercial hub, Vietnam media reported. - Bloomberg
Fibre2Fashion
21-05-2025
- Business
- Fibre2Fashion
US, Vietnam begin 2nd round of trade pact talks
The second round of negotiations on a Vietnam-US reciprocal trade agreement is under way in Washington, DC, according to the Vietnamese Ministry of Industry and Trade (MoIT). The Vietnamese delegation is being led by MoIT Minister Nguyen Hong Dien. The second round of talks on a Vietnam-US reciprocal trade agreement is under way in Washington, DC, the Vietnamese Ministry of Industry and Trade (MoIT) said. MoIT Minister Nguyen Hong Dien, leading the country's delegation, also met representatives from nuclear technology firm Westinghouse and conveyed them that Vietnam wants to restart its nuclear power programme to ensure energy security. Dien also met representatives from Westinghouse, a nuclear technology corporation, and conveyed them that Vietnam intends to restart its nuclear power programme to ensure energy security amid rising electricity demand and the current limitations of renewable energy sources. Energy cooperation will also be an important driver for balancing bilateral trade, the minister affirmed. Both sides agreed to work towards signing a memorandum of understanding between Westinghouse and the Vietnam National Industry-Energy Group (Petrovietnam) in nuclear power development, a Vietnamese news agency reported. The two sides will also continue to promote cooperation, particularly in critical areas like investment models for energy infrastructure, technology transfer and the training and development of technical personnel for the nuclear power sector. Fibre2Fashion News Desk (DS)
The Star
18-05-2025
- Business
- The Star
Vietnam pushes forward trade talks to address US tariff pressure
HANOI (Bernama-Xinhua): Vietnamese Minister of Industry and Trade Nguyen Hong Dien held talks with US Trade Representative Jamieson Greer Friday on Jeju Island, South Korea. The meeting marked the first in-person negotiation at the ministerial level between the two countries following the online meeting on April 12 to implement the negotiation of the Vietnam-US Reciprocal Trade Agreement. According to the report, the two sides reached broad consensus on the negotiation principles, methodology, agenda, and schedule, laying a solid foundation for further substantive progress. Greer appreciated Vietnam's goodwill and proactiveness in preparing for the negotiations between the two sides and generally agreed with Vietnam's approach and proposals, the state-owned media outlet added. The meeting came after the US postponed the implementation of the 46 per cent tariff on Vietnam until July and agreed to initiate formal negotiations with Vietnam. In response, Vietnamese Prime Minister Pham Minh Chinh established a high-level negotiation team led by Dien and instructed the formulation of a detailed negotiation plan. Separately, local newspaper Tuoi Tre (Youths) reported Friday that the Vietnamese government has approved a US$1.5-billion investment project by the Trump Organisation and its partners in northern Hung Yen province. The project includes residential areas, eco-tourism zones, and luxury golf course, and was proposed during a meeting between Chinh and Trump Organisation representatives in March. - Bernama-Xinhua
The Star
09-05-2025
- Business
- The Star
Vietnam to send largest-ever delegation to 2025 SelectUSA Investment Summit
Minister of Finance Nguyen Van Thang (right) and US Ambassador to Vietnam Marc E. Knapper at their meeting on May 8. — Ministry of Finance HANOI: A Vietnamese delegation will take part in the 2025 SelectUSA Investment Summit, scheduled for May 11-14 in the United States' Maryland, Minister of Finance Nguyen Van Thang told US Ambassador to Vietnam Marc E. Knapper at their meeting in Hanoi on Thursday (May 9). Thang said this is seen as part of key activities aimed at boosting Vietnam-US trade and investment ties. He expressed his appreciation for the strong support from the US Ambassador and the US Embassy in Vietnam in general, in recent times, calling this a clear sign of the growing substance and effectiveness of the Vietnam-US Comprehensive Strategic Partnership. Vietnam is sending its largest-ever delegation to the summit, reflecting growing interest among Vietnamese businesses in the US investment environment and their desire to expand presence in the market, Thang stressed. Apart from joining activities at the summit, the Vietnamese delegates will also meet with US authorities, associations and businesses operating in the fields of semiconductors, high technology, startups, banking, and green and digital finance, he noted. He added that through these engagements, the Vietnamese Government aims to underscore its commitment to advancing bilateral economic and trade ties on the basis of fairness, mutual benefit, and sustainability as the world undergoes sweeping changes in trade policies and the global business environment. For his part, Knapper welcomed the strong Vietnamese presence at the summit, describing this as a strong sign of the growing bilateral ties as the two countries are preparing to celebrate the 30th anniversary of diplomatic relations in 2025. This will be a great opportunity for seeking ways to further deepen the economic and investment cooperation between the two nations, the diplomat said. In recent years, Vietnam and the US have witnessed the fruitful development in their bilateral relationship, especially since they established the Comprehensive Strategic Partnership in 2023. Thang voiced his belief that with Knapper's central role and close coordination among all relevant parties, the two sides will continue to foster an effective, substantive, and long-term economic and trade partnership. — Vietnam News/ANN
South China Morning Post
12-04-2025
- Business
- South China Morning Post
The ‘Tariff Man' cometh: Vietnam's misplaced faith in Trump 2.0
When US President Donald Trump announced sweeping global tariffs – including a staggering 46 per cent levy on Vietnam – on April 2, Hanoi immediately expressed deep disappointment, calling the move inconsistent with their newly elevated comprehensive strategic partnership. But Trump has never been one for diplomatic niceties. In his world view, most countries are neither friends nor foes but 'rippers' and 'robbers' of American wealth. He scorns the old playbook, operating without a coherent framework that balances economic priorities with geopolitical imperatives. The assumption that Trump could somehow be 'managed', as during his first term, has proved to be misguided. Advertisement The Vietnamese reaction to Trump's tariffs has been one of deep bewilderment and shock. Around the world, there had been widespread complacency that any 'reciprocal tariffs' would be far more modest than the sweeping measures Trump unveiled. In Vietnam, confidence in the country's ability to navigate Trump 2.0 had been palpable before April 2, especially among the public. An October 2024 poll conducted by VNExpress, the country's most widely read online news outlet, found that 78 per cent of respondents preferred Trump to Kamala Harris Admiration for strongmen like Trump and Russia's Vladimir Putin , alongside hopes that the US president would be tough on China – a country widely distrusted in Vietnam – has fuelled pro-Trump sentiment among many Vietnamese. This is despite the historical reality that Democratic US presidents have consistently done more to improve Vietnam-US relations. It was under Bill Clinton that Washington normalised relations with Hanoi in 1995 and signed the bilateral trade agreement granting Vietnam most-favoured nation status in 2000. Barack Obama lifted a lethal arms sale embargo against Hanoi and elevated ties to a comprehensive partnership in 2013. Under Joe Biden , relations were further upgraded to a comprehensive strategic partnership, while trade, aid, and American investments in Vietnam reached record highs. To Lam (left), general secretary of Vietnam's Communist Party, meets then-US president Joe Biden in New York last year. Photo: AFP Optimism about Trump 2.0 extended to Vietnam's elite as well. According to the State of Southeast Asia 2025 survey, released on April 3 – and based on polling completed before February 15 – 73.6 per cent of Vietnamese respondents expressed confidence that Vietnam–US relations would improve or significantly improve over the next four years; 74.1 per cent welcomed US economic influence; and 60.6 per cent expressed confidence, or strong confidence, that the US would do the right thing for global peace, security, prosperity, and governance – a level of optimism ranking among the highest in the region. Trump's tariff announcement soon shattered this confidence, with Vietnam considered among the hardest-hit economies, alongside China, Cambodia and Laos . The news sent Vietnam's stock index tumbling by 6.7 per cent, marking its steepest single-day drop in history. The Vietnamese leadership's ambitious targets of 8 per cent growth in 2025 and double-digit growth in the years beyond now appear increasingly out of reach. If enacted, the tariffs could shave 2 to 3 per cent off Vietnam's gross domestic product this year, risking a cascade of economic impacts from widespread lay-offs to a potential exodus of foreign investment. 02:30 Chinese woman recaptured after escape from Panama hotel holding hundreds deported by the US Chinese woman recaptured after escape from Panama hotel holding hundreds deported by the US The damage doesn't end there. Trump's hardline anti-immigration policy is expected to intensify the deportation of Vietnamese immigrants from the US, which hosts a Vietnamese community of around 2.5 million. He had tried this before, with limited success, in 2018. Advertisement
