VINACHEM

USABC chairman Jeffrey Pearlman calls the US-Vietnam trade deficit a natural outcome of a developed-developing economy dynamic.

The chairman of the US-ASEAN Business Council (USABC) stated that the current trade deficit between the United States and Vietnam is a structural outcome in the relationship between a developed economy like the US and an emerging one like Vietnam.

As part of his working trip to the United States, on June 9 in Washington D.C., Minister of Industry and Trade Nguyen Hong Dien held a meeting with Jeffrey Pearlman - Chairman of investment fund Warburg Pincus and also Chairman of the US-ASEAN Business Council (USABC).

At the meeting, Minister Nguyen Hong Dien emphasized that the United States remains one of Vietnam’s most important economic partners.

He stressed that the economic relationship between the two countries is mutually complementary, creating competitive advantages and promoting sustainable development, aligning with Vietnam's goal of building an independent, self-reliant, and deeply integrated economy.

The minister called on USABC and the American business community to continue supporting Vietnam in its negotiations for a reciprocal trade agreement between the two countries. He also proposed joint efforts to promote investment and business opportunities in Vietnam to American partners.

On behalf of USABC, Mr. Jeffrey Pearlman expressed strong confidence in Vietnam’s economic prospects and confirmed that Vietnam is Warburg Pincus’s second-largest market in Asia.

Warburg Pincus is committed to long-term investment in Vietnam and will actively advocate for enhanced bilateral economic and trade relations.

Mr. Pearlman also noted that he would soon meet with Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and U.S. Trade Representative (USTR) Jamieson Greer to propose several key points:

USABC supports a balanced and harmonious trade agreement between the US and Vietnam;

The United States should strengthen cooperation with ASEAN, a region of strategic importance in US policy;

The current trade deficit is a structural result of the relationship between a developed economy like the US and an early-stage developing economy like Vietnam, and should be assessed objectively and comprehensively.

The two sides also discussed potential cooperation in fields such as energy, industry, digital transformation, green transition, logistics, and supply chain development. USABC reaffirmed its commitment to supporting Vietnam’s efforts in maintaining macroeconomic stability and pursuing sustainable growth.

Later that day, Minister Nguyen Hong Dien also met with the leadership of the American Apparel & Footwear Association (AAFA) and major US textile and footwear companies such as GAP, Levi Strauss, Hanes Brands, and Under Armour.

The minister affirmed that Vietnam is ready to be a reliable partner in the global supply chain and expressed the desire to enhance collaboration in building a fair, resilient, and sustainable trade environment.

In his meetings, Minister Nguyen Hong Dien called on US associations and major corporations, leveraging their influence, to convey Vietnam’s message to President Trump’s administration: “The elevation of Vietnam-US relations to a comprehensive strategic partnership has created significant momentum, offering favorable conditions for US companies to invest and operate in Vietnam.

Therefore, long-term cooperation with Vietnam will bring strategic benefits and contribute to balancing trade in a fair, harmonious, and sustainable manner. Vietnam should be treated as a priority trade partner by the United States.

Vietnam calls on the US to work jointly to resolve existing economic and trade issues, to soon recognize Vietnam as a market economy, and to remove Vietnam from the D1 and D3 export control lists for high-tech products. This will deliver tangible benefits for both nations in both the short and long term.”  – Source: VNN