US-ASEAN Business Council supports balanced Vietnam-US trade agreement

 The US-ASEAN Business Council (USABC) supports efforts toward a balanced and harmonized trade agreement between Vietnam and the United States, chairman and CEO Jeffrey Pearlman said during a meeting with Vietnam’s Minister of Industry and Trade Nguyen Hong Dien on June 9.

Pearlman, who also serves as CEO of private equity firm Warburg Pincus, reaffirmed the council’s commitment to deepening economic ties and enhancing bilateral trade cooperation.

Pearlman said that he would soon meet with US Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer to present three key proposals.

First, the USABC supports a balanced and harmonious trade agreement between Vietnam and the US. Second, the US should strengthen its cooperation with ASEAN, a strategically important region in US foreign policy. Third, the current trade deficit should be viewed objectively and comprehensively because it is a structural feature of the relationship between a developed economy, such as the US, and a developing economy, such as Vietnam.

During the meeting, Minister Dien spoke highly of the progress in economic and trade cooperation between Vietnam and the US, affirming the US is one of Vietnam's most important economic partners.

The economic relationship between the two countries is complementary and helps create competitive advantages and promote sustainable development. This aligns with Vietnam's strategic direction of building an independent, self-reliant, and deeply integrated economy internationally.

He called on the USABC and the US business community to continue supporting Vietnam in negotiating a reciprocal trade agreement with the US. He also encouraged them to market Vietnam’s investment and business potential to their American counterparts.

Pearlman, on behalf of USABC, expressed strong confidence in Vietnam’s economic prospects and noted that Vietnam is currently Warburg Pincus’s second-largest market in Asia. He talked about the fund’s long-term investment commitment to Vietnam and its intention to play an active role in supporting the bilateral economic and trade relationship.

The two sides also discussed potential areas of cooperation, including energy, industry, digital transformation, green transition, logistics, and supply chain development. The USABC reaffirmed its commitment to supporting Vietnam in maintaining macroeconomic stability and pursuing sustainable development.

Fostering a fair and adaptive trade environment

Later in the day, Dien met with leaders of the American Apparel and Footwear Association (AAFA) and executives from leading US textile and footwear companies, including Gap, Levi Strauss, Hanes Brands, and Under Armour.

He acknowledged the AAFA's crucial role in fostering US–Vietnam trade relations and thanked the association for its ongoing efforts as an effective liaison between US businesses and Vietnamese manufacturers.

Minister Dien affirmed Vietnam’s willingness to be a reliable partner in global supply chains. He emphasized the country’s intent to work closely with US businesses to promote a fair, adaptable, and sustainable trade environment.

He called on major US industry associations and corporations to convey Vietnam’s message to President Donald Trump’s administration, highlighting the importance of continued engagement. The minister also noted that the recent upgrade of US-Vietnam relations to a Comprehensive Strategic Partnership has significantly expanded opportunities for American investment and trade in Vietnam.

"Long-term cooperation with Vietnam will deliver strategic benefits and help improve the trade balance in a fair, harmonious, and sustainable manner,” said Dien. “We urge the United States to treat Vietnam as a priority trade partner.”

He also called on the US to work closely with Vietnam to resolve outstanding trade and economic issues, including the recognition of Vietnam as a market economy. “This recognition would pave the way for the removal of Vietnam from export-restrictive lists such as D1 and D3, which currently hinder the flow of high-tech products,” Dien said, adding that doing so would bring mutual benefits for both countries in the short and long term.

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