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

June 01, 2017 | 17:35

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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)

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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