Shifting from trade cooperation to comprehensive and in-depth development cooperation

PGS.TS Ngô Trí Long – chuyên gia kinh tế |

In a phone call on July 2 with General Secretary To Lam, President Donald Trump made commitments to reduce taxes, open markets and transfer technology.

PGS.TS Ngo Tri Long - chuyen gia kinh te, nguyen Vien truong Vien Nghien cuu gia (Bo Tai chinh). Anh: Nhan vat cung cap
Associate Professor, Dr. Ngo Tri Long - economic expert, former Director of the Institute for Price Research (Ministry of Finance). Photo: Character provided

Unlike conventional phone calls of a social nature, this dialogue between General Secretary To Lam and President Donald Trump is considered to have strategic depth, reshaping the situation of bilateral cooperation on three pillars: trade - technology - institutions.

The two leaders' direct discussion and reaching consensus on core issues not only demonstrates mutual trust but also reflects Vietnam's increasingly proactive position on the international economic stage. This phone call, with a frank, substantial spirit and a desire for results, unlocked those barriers with a series of specific strategic commitments.

Trade rebalancing - towards a winning model

One of the highlights is the joint statement on building a framework for counterpartition, fair and balanced trade agreements, emphasizing the principle of "mutual benefit - mutual development".

Accordingly, the United States agreed to gradually lift unreasonable counterpart tariffs on many key export groups of Vietnam such as textiles, wood furniture, electronic products and seafood - sectors that contribute significantly to bilateral trade turnover of more than 100 billion USD. With this move, export costs will be significantly reduced, improving the competitiveness of Vietnamese goods in the US market.

At the same time, President Donald Trump also announced his readiness to support legal and technical infrastructure to help Vietnam improve its traceability capacity, meeting new environmental and labor standards - strict requirements in the trend of global green trade.

On the other hand, Vietnam is also committed to expanding market access for products with strengths from the US such as large-displacement cars. This not only helps Vietnamese consumers have more quality options but also sends a positive signal about an equal, transparent and market-oriented business environment.

Strengthening strategic trust - shifting from trade cooperation to value cooperation

Not stopping at tariffs and market issues, the two leaders agreed to promote cooperation in high-value areas such as research - development (R&D), innovative startups, digital transformation, high-quality human resource training and building flexible supply chains.

Notably, the two sides committed to promptly implementing the mechanism of " periodic high-level economic dialogue" to promptly remove arising problems and improve the effectiveness of implementing commitments. This mechanism is expected to have the participation of functional ministries and business representatives of the two countries, becoming a real "policy roundtable", instead of just a symbolic forum.

Vietnam - a trustworthy partner in the global supply chain

The phone call between General Secretary To Lam and President Donald Trump is the key to high-quality integration in high-level dialogue, clearly demonstrating the particularly important role of high-level dialogue in policy making.

From tax reduction commitments, market opening to technology transfer and institutional recognition all show a bilateral relationship that is shifting from trade cooperation to comprehensive and in-depth development cooperation. In the context of an increasingly uncertain world, only those countries that are proactive, maintain their mettle and seize opportunities correctly can rise up sustainably.

Vietnam is showing that not only through words, but through concrete actions, vision and strategy. The Vietnam - US Partnership enters a new era: not only a "grand trade partner" but also a " substantial strategic partner" - towards inclusive, effective and sustainable development.

PGS.TS Ngô Trí Long – chuyên gia kinh tế
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