Regarding bilateral trade relations, Minister Nguyen Hong Dien affirmed that Vietnam will seriously implement the Agreements signed with the US, study appropriate policy options, and consider having different solutions in market acccess, resolve existing issues in economic and trade relations between the two countries, especially those related to monetary policy, digital trade and services, etc. Regarding legislation, Viet Nam confirmed that new regulations will only be issued on the basis of careful consultation to assure that they meet the interests of stakeholders to the fullest extent possible. Regarding prevention of trade remedy shirking, Viet Nam suggested that the US have a simple and convenient mechanism for Vietnamese manufacturing and exporting enterprises to obtain certification of not shirking trade remedies, so as not to create an undue compliance burden on them.

Regarding energy cooperation, Minister Nguyen Hong Dien announced the initiative jointly proposed by Viet Nam, Singapore and Brunei on energy transition collaboration to build grid interconnection between ASEAN countries and promote investment in renewable energy. Viet Nam asked the United States to join the initiative with ASEAN countries in the form of providing technical assistance and financial supports. If implemented in the near future, this initiative will create practical benefits for businesses and people of IPEF participating countries.

Minister Raimondo acknowledged and highly appreciated the contributions of ASEAN countries in general and of Viet Nam in particular under the IPEF. Regarding the initiative on clean energy collaboration, Minister Raimondo commented said that this is the first time such an initiative is studied by participating countries under the IPEF framework, and that the initiative is in line with the trend of cooperation in the region as well as the interests of many countries. Therefore, the US will soon assign specialized departments to consider the draft of the initiative, in the form of calling for interested businesses to invest in energy transition in ASEAN countries, such as establishing electricity transmission infrastructure (especially on the ocean floor).

Regarding the formation of the IPEF, Minister Nguyen Hong Dien thanked the United States for its efforts in coordinating the exchanges and developing draft Ministerial Statements on the Pillars in the direction of absorbing opinions, harmonizing the views of the countries, showing respect for the diversity and development level of the participating countries. The Vietnamese side said that it is in the process of domestic consultation to make decisions on specific areas that Viet Nam can participate in, which are in line with the interests of other countries, ensuring peace, harmony, cooperation and development in the region as well as on a global scale.

Minister Raimondo thanked Vietnam for making efforts and actively promoting ASEAN's common standpoint in the process of developing IPEF as well as coordinating with the US and other countries throughout the discussion of the Pillars, so that countries were able to reach consensus and announce joint Ministerial Statements at the Conference. The United States understands and respects Vietnam's internal process and hopes that Viet Nam can officially decide to participate in the elaborated discussion of all Pillars, contributing to the collaboration and prosperity across the entire region./.

Source: Multilateral Trade Policy Dept., Ministry of Industry and Trade