Latest news with #NguyễnHồngDiên
Business Recorder
5 days ago
- Business
- Business Recorder
Pakistan, Vietnam to initiate talks on Preferential Trade Agreement this year
Pakistan and Vietnam have agreed to initiate negotiations on a Pakistan–Vietnam Preferential Trade Agreement (PTA) within this year. The development came during the 5th Meeting of the Pakistan–Vietnam Joint Trade Committee (JTC) convened on Friday in Hanoi, reactivating this institutional forum after a hiatus of eight years. The session was co-chaired by Nasir Hamid, Additional Secretary of Commerce, Islamic Republic of Pakistan, and Phan Thi Thang, Deputy Minister of Industry and Trade, Socialist Republic of Vietnam. The signing ceremony of the agreed minutes was solemnly witnessed by Jam Kamal Khan, Minister for Commerce of Pakistan, and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam. The JTC reviewed the current state of bilateral trade and outlined future cooperation in key areas, including trade facilitation, market access, textiles and fisheries, Halal certification, civil aviation, healthcare, and banking channels. Vietnam envoy for expanding economic ties with Pakistan During the meeting, both sides emphasised enhancing institutional and business linkages for sustained trade growth. The meeting concluded with a reaffirmed commitment to unlocking the untapped trade potential between the two countries. Earlier, Jam Kamal Khan held a bilateral meeting Nguyễn Hồng Diên to strengthen economic cooperation and explore new avenues for trade and investment between the two countries. The high-level meeting took place in a spirit of mutual friendship and partnership, reflecting the growing economic and diplomatic ties between Pakistan and Vietnam, read a statement released by the Ministry of Commerce. During the meeting, the two ministers emphasised the need for enhanced business-to-business linkages, promotion of joint ventures, and cooperation in sectors such as textiles, agriculture, pharmaceuticals, information technology, and energy. Discussions also focused on reducing trade barriers and working towards a Preferential Trade Agreement (PTA) to facilitate smoother trade flows. A PTA is a trade pact between two or more countries where they agree to reduce or eliminate tariffs and other trade barriers on certain goods and services traded between them. During the meeting, Jam Kamal highlighted Pakistan's strategic location and offered Vietnam greater access to Central Asian and Middle Eastern markets through regional connectivity projects. Meanwhile, Nguyễn Hồng Diên expressed Vietnam's interest in increasing imports of Pakistani rice, textiles, and leather products, and welcomed Pakistani investment in Vietnam's manufacturing and technology sectors. The meeting concluded with a shared vision to elevate Pakistan-Vietnam bilateral trade volume and to foster long-term economic partnership for the mutual benefit of both nations.
Yahoo
22-05-2025
- Business
- Yahoo
Vietnam Completes Second Round of Trade Talks With U.S.
The United States and Vietnam have concluded a second round of trade negotiations according to Vietnam's trade ministry, which noted significant progress being made in talks scheduled from May 19-22 in Washington. In a statement on Thursday, the trade body said that both sides engaged in substantive discussions on all agenda items outlined ahead of the session. Vietnam faces one of the highest tariff impositions announced by president Trump's administration in April, at 46 percent. More from Sourcing Journal Trump Lashes Out at Walmart, Says Retailer Should 'Eat the Tariffs' Tariffs Tank China's US Exports, but Southeast Asia and India Cash In Vietnam-to-US Exports, Freight Rates Soar on Tariff Drama Nguyễn Hồng Diên, minister of industry and trade in Vietnam met with Ambassador and US Trade Representative Jamieson Greer to review the outcomes of the second round and identify key issues. According to a statement from the ministry on Thursday, discussions will continue at the end of June. The 90-day pause on the proposed 46-percent tariffs ends on July 8. Hồng Diên spoke about the intent to foster a balanced and sustainable economic and trade relationship with the U.S., for the benefit of both countries' peoples and businesses', while Ambassador Greer praised Vietnam's goodwill and efforts to address US concerns and expressed a desire to continue technical-level and ministerial-level exchanges to reach an agreement as soon as possible. According to the office of the U.S. Trade representative, the trade deficit of Vietnam with the U.S. was $123.5 billion in 2024, with the U.S. importing goods worth $136.6 billion in 2024, as against exporting goods worth $13.1 billion to Vietnam. Meanwhile, the industry in Vietnam has been gathering at several forums over the past few weeks to get a handle on what the 46 percent tariff levied against Vietnam could mean for the industry. Vietnam exported apparel worth $44 billion in 2024, with an approximate 38 percent of this to the U.S, an increase of 12.33 percent over the previous year according to the Vietnam Textile and Apparel Association (VITAS). At a forum organized by Cascale in Ho Chi Minh City on May 14-15, Vu Duc Giang, Chairman of the Vietnam Textile & Apparel Association (VITAS) mirrored the feeling that appeared to be reverberating through the 600 industry professionals present. 'None of us can go alone—collaboration is the only way. When brands, manufacturers, organizations and governments come together and share responsibility, any goal can be achieved,' he said in his keynote address. The point was amplified through the event. 'The Cascale Forum in Ho Chi Minh City reminds us that while policy can shift and stall, manufacturers have a great opportunity to lead. Our ongoing mandate is to ensure that this progress isn't slowed by uncertainty—but accelerated through collaboration,' Andrew Martin, executive vice president, Cascale, said in a session. Cascale, a global nonprofit alliance formerly known as the Sustainable Apparel Coalition, empowers collaboration to drive equitable and restorative business practices in the consumer goods industry, and owns and develops the Higg Index, which is available on Worldly, a comprehensive sustainability data and insights platform. Sharing their thoughts, and in urgent discussions that often skirted around the looming tariffs were manufacturers, leading brands, service providers, and supply chain partners. Other important issues including decarbonization, regulatory changes, facility improvements, responsible contracting and worker rights were also discussed. Vietnamese manufacturers attending the event told Sourcing Journal about their fears that global brands would pressure them to shoulder the costs of tariff impacts, while underlining the need to protect workers as the apparel industry in Vietnam employs more than three million people. Discussions about how this situation should be handled were also ongoing. As Lindsay Wright, director of communications and strategic partnerships, Better Buying, Cascale observed: 'Manufacturers are clear: Global brands should not use tariffs as an excuse to roll back on their responsible business commitments. If they do, the consumer goods industry will have to pick up the pieces later.' Massimiliano Tropeano, garment, trade and sustainability expert at GIZ-EuroCham Cambodia, noted that while tariffs focused on reshaping physical trade flows, the real story is much more complex. 'The complexity of a topic like tariff trade cannot be simplified, however, the base number on which the trade imbalance have been calculated are intrinsically wrong. Take the iPhone. Designed in California, yes—but manufactured in China. This shows up as China's export numbers, not America's. And it's not just hardware. Software giants like Microsoft, Meta, and Alphabet sell digital products and services globally—but often book the revenue through offshore entities in low-tax jurisdictions like Ireland or the kicker to all of this is that ironically the above is adding to the very trade imbalance that U.S. tariffs aimed to correct.' 'As we move forward in a world of digital globalization, maybe it's time to rethink how we measure economic power, national competitiveness, and fair trade,' he said. Important points to note for manufacturers included the focus on managing regulations as well as sustainability and environmental concerns. 'In the Asia-Pacific region, regulation is fast becoming strategy,' Cascale's Martin emphasized. 'We are increasingly seeing many countries stepping up with more progressive policies. To support this, Cascale advocates for clear, consistent guidance that manufacturers can actually use. We're actively engaging across all three regions to push for global and regional frameworks that are practical, aligned, and grounded in manufacturers' realities. 'Our shared mission is driving positive impact across the largest engaged supply chain network in the industry,' said Adele Stafford, chief growth officer at Worldly at the event. She spoke about the growing momentum on the platform: 'Over 20,000 Higg Facility Environmental Modules (FEMs) have already been completed in 2025, with each supplier sharing data with an average of four brands, improving efficiency.' While economists are calling for 'increased self reliance,' manufacturers are also looking at ways to speed past the possible deadline on July 8. The HCM City Association of Garments, Textiles, Embroidery and Knitting has called for ramping up production to increase shipments before the tariff increases kick in. 'There's only so much we can do to sidestep this huge tariff,' a manufacturer said, asking not to be named. 'Meanwhile, we're just counting on negotiations turning this new avalanche around.'
