Vietnam and US deepen economic and financial ties

A Ministry of Finance (MoF) delegation, led by Deputy Minister Cao Anh Tuan, met with Robert Kaproth, deputy assistant secretary for international finance at the US Department of Treasury headquarters on May 14 to explore ways to deepen Vietnam-US economic and financial cooperation.

Vice Minister Cao Anh Tuan (fourth from the right) and Deputy Assistant Secretary Robert Kaproth (fifth from the right)

"Vietnam has burgeoning demand for key US exports in energy, high technology, aviation, machinery, and agricultural products, while Vietnamese consumer goods offer American consumers a diverse, cost-effective range of choices without competing directly with US industries," said Tuan.

Underscoring the strategic and economic alignment between the two nations, Tuan noted that enhancing financial and economic collaboration would open new areas of cooperation and serve as a symbol of mutual trust and the Comprehensive Strategic Partnership between the two countries.

Tuan also shared Vietnam’s ongoing efforts and ambitious policies aimed at achieving sustainable, balanced, and mutually beneficial development.

Tuan also conveyed a message from Minister of Finance Nguyen Van Thang to US Secretary of the Treasury Scott Bessent, extending greetings and inviting him to visit Vietnam at the earliest opportunity.

Deputy Assistant Secretary Kaproth acknowledged Vietnam’s recent efforts and reaffirmed the US Department of Treasury's commitment to strengthening economic ties and resolving existing issues in bilateral financial relations.

He noted that while the Office of the US Trade Representative is directly responsible for trade negotiations, the Treasury Department remains closely engaged in the ongoing discussions with Vietnam.

Kaproth revealed the United States’ concerns over the growing bilateral trade deficit, stressing the importance of effective customs controls to combat illegal transshipment and origin fraud aimed at circumventing trade remedies.

In response, Tuan said that Vietnam is implementing multiple measures to enhance inspections and oversight, ensuring fair trade practices.

“The Ministry of Finance and the broader government remain open to further dialogue with the US on these matters,” said Tuan.

Tuan proposed that the US.Department of Treasury support Vietnam's efforts to gain greater access to high-tech imports and facilitate technology transfer, helping to expand bilateral trade and investment, enabling businesses from both countries to enter each other's markets fairly and efficiently, while also integrating Vietnamese companies more deeply into US supply chains.

Earlier, Tuan met with James Burrows, vice president of Export-Import Bank of the United States (US Exim), with representatives from major Vietnamese enterprises such as the Vietnam National Industrial Energy Group and Vietnam Maritime Corporation.

Deputy Minister Cao Anh Tuan and the MoF delegation pose for a commemorative photo with James Burrows, vice president of the US Export-Import Bank

During this session, both sides reached a strong consensus on the strategic role of US Exim in providing financial resources to support Vietnamese enterprises investing and conducting business both in the US and Vietnam.

According to Burrows, US Exim operates across all sectors, with a lending portfolio exceeding $135 billion. The bank’s current priorities include green energy, liquefied natural gas, oil and gas, and critical and rare minerals.

“Our bank is committed to supporting US exports globally and promoting balanced trade with partner countries,” said Burrows.

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