Phuc, Trump talk of deepening trade cooperation between Vietnam and US

Vietnam and the US are committed to enhancing their mutually beneficial economic relationship, according to the joint declaration on enhancing the comprehensive partnership between Vietnam and the US signed by Prime Minister Nguyen Xuan Phuc and US President Donald Trump on May 31.

Vietnamese Prime Minister Nguyen Xuan Phuc and US President Donald Trump at the meeting in the White House (Source: baochinhphu.vn)

The two leaders said that there are more and more opportunities in the Vietnam-US relationship. The two countries’ political, diplomatic, and economic and trade relations are growing, and are complemented by an increasing cooperation in science and technology, defence and security, education, and many more field. The two leaders are committed to pursuing these opportunities.

Trump said he supports Vietnam in hosting the 2017 Asia-Pacific Economic Cooperation meetings (APEC 2017) and that he looks forward to visiting Vietnam and attending the APEC Summit in November.

Economics-wise, Phuc said Vietnam would pursue a consistent policy of economic reform and international integration, creating favourable conditions for foreign companies, including those from the United States, to do business and invest in Vietnam. In addition, the Vietnamese government will protect and enforce intellectual property rights and bring its labour laws in line with the country’s international commitments. 

The two leaders welcomed the resolution of several priority trade issues, including the debacles over mobile phone roaming services and veterinary drugs, and they pledged to continue to work together constructively to resolve other priority issues, including those related to intellectual property, advertising, and financial services, information-security products, white offal, distillers’ dried grains, siluriformes, shrimp, mango, and other issues.

The joint declaration was made after the two leaders met at the White House.

At the meeting, president Trump said he valued the relationship between the two countries and hoped that it will grow strongly in the next period. Phuc, meanwhile, said that Vietnam valued its comprehensive relationship with the US.

The high-level meeting between Vietnam and the US (Source: baochinhphu.vn)

PM Phuc, on behalf of the Communist Party of Vietnam and the Vietnamese government, invited President Trump and his family to visit Vietnam and join the APEC 2017 Summit. Trump accepted the invitation.

In the framework of the visit, PM Phuc attended a ceremony in which companies of the two countries signed cooperation agreements in trade and investment. About 19 documents were signed with a total value of about $10 billion. Below is the list:

No.

Vietnamese partner

US partner

Content

1

PVN

GE Power

GE and PetroVietnam will cooperate on the development of two 750MW combined-cycle gas turbine power plants—Mien Trung I & II—to exploit the Blue Whale gas field

2

Mainstream Renewable Power, and Phu Cuong Group

GE

Develop, build, and operate the 800MW Phu Cuong wind farm in the Mekong Delta province of Soc Trang. GE will provide the equipment and maintenance.

3

Vietjet

GE Aviation

GE will service and maintain the engines of 100 Boeing MAX200 airplanes

4

Vietjet

GE Capital Aviation Services

The MoU on financing the leasing of airplanes

5

Vietjet

GE Aviation

Vietjet ordered 20 CFM56-5B engines to power 10 new A321 CEO aircrafts

6

Vietjet

Honeywell

Honeywell will supply and provide technical maintenance for the auxiliary power unit (APU) of 98 A320/A321 airplanes.

7

PetroVietnam Exploration Production Corporation and Sovico Holdings

Murphy Asia Oil, SK Innovation

A proposal to sign the oil and gas exploration contract for lot 15-2/17 of Cuu Long basin

8

216 JSC

Passport Systems Inc

216 JSC will import 18 SmartScan 3D fixed cargo scanners

9

Ministry of Science and Technology

Arizona State University

Agreement on research, training, technology transfer and innovation

10

General Department of Vietnam Customs

US Customs and Border Protection

Letter of intent on pushing the negotiation of a government-level agreement on cooperation and mutual support between the two customs agencies.

11

BRG Group

Hilton

In-principle contract on business cooperation and hotel operation

12

BRG Group

Nicklaus Design

In-principle contract on importing hotel equipment and golf course equipment from Nicklaus Design

13

Tin Thanh Group

The Roberts Group

Contract on investment and trade cooperation

14

FPT

GE

Continue partnership between FPT and GE Predix

15

FPT

UPS

Cooperation to build an electronic management system

16

Vietnam-Japan Medical High-Tech Development Joint Stock Company

Varial and UPMC

Purchase of radiotherapy equipment and maintenance of cancer treatment equipment for Vietnam-Japan International Oncology Hospital

17

Vietnam-Japan Medical High Tech Development Joint Stock Company

UPMC

Building the mechanism to operate the hospital, training and technology transfer for Vietnam-Japan International Oncology Hospital

18

Phu Thai Group

Caterpillar

Cooperation on technology development

19

Semi Surface Semiconducting Technology Joint Stock Company

Silicon Specialists Inc

Contract to supply equipment

By Hong Anh



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