Vietnam to Buy US Defence Products to Address Trade Gap: PM Chinh
In a bid to address the growing trade gap between the two nations, Vietnamese Prime Minister Pham Minh Chinh has announced that Vietnam will purchase US defence products. This move comes as the country is seeking to negotiate with the US for a more balanced trade relationship. Chinh made the announcement on Monday, amidst growing tensions between the two nations over trade tariffs.
The trade gap between Vietnam and the US has been a long-standing issue, with the US running a significant trade deficit with Vietnam. The US has been criticized for its trade practices, with many countries, including Vietnam, accusing the US of unfair trade practices and tariffs. In response, Vietnam has been seeking to diversify its trade relationships and reduce its dependence on the US market.
The announcement by Chinh comes as the US is set to impose reciprocal tariffs on Vietnam, following a recent announcement by US President Donald Trump. Trump had announced that the US would impose tariffs on Vietnamese steel and aluminum products, citing the country’s alleged unfair trade practices. Vietnam has been seeking a 45-day delay in the imposition of these tariffs, which Chinh has requested.
In a statement, Chinh said that Vietnam is seeking to “negotiate” with the US for a more balanced trade relationship. He emphasized that Vietnam is committed to reducing its trade deficit with the US and is willing to work with the US to achieve this goal. Chinh also emphasized that Vietnam is seeking to diversify its trade relationships and reduce its dependence on the US market.
The announcement by Chinh is seen as a significant development in the trade relations between the two nations. Vietnam has been a key trade partner of the US, and the country has been seeking to strengthen its economic ties with the US. However, the trade deficit between the two nations has been a major point of contention, with many Vietnamese officials accusing the US of unfair trade practices.
The US has been a major trading partner of Vietnam, and the country has been seeking to strengthen its economic ties with the US. Vietnam has been a key player in the US-led Trans-Pacific Partnership (TPP), a free trade agreement that aims to reduce trade barriers between member countries. However, the US withdrew from the TPP in 2017, citing concerns over the agreement’s impact on American jobs and industries.
Despite the challenges, Vietnam remains committed to strengthening its economic ties with the US. The country has been seeking to diversify its trade relationships and reduce its dependence on the US market. Vietnam has been actively pursuing free trade agreements with other countries, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA).
The announcement by Chinh is seen as a significant development in Vietnam’s efforts to diversify its trade relationships. The country has been seeking to reduce its dependence on the US market and has been actively pursuing trade agreements with other countries. The CPTPP, for example, includes several major economies, including Canada, Mexico, and Japan, and provides Vietnam with access to a large and diverse market.
The EVFTA, on the other hand, provides Vietnam with access to the European market, one of the largest and most dynamic in the world. The agreement is expected to boost Vietnam’s exports to the European Union by up to 15%, and is seen as a major boost to the country’s economy.
In conclusion, the announcement by Vietnamese Prime Minister Pham Minh Chinh that Vietnam will purchase US defence products is a significant development in the trade relations between the two nations. The move is seen as a bid to address the growing trade gap between the two nations and is part of Vietnam’s efforts to diversify its trade relationships and reduce its dependence on the US market.
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