US Secretary of Commerce John Bryson (right) and Vietnamese Deputy Prime Minister Vu Van Ninh.

The agreement was reached during a working session in Washington DC on February 9 (local time) between US Secretary of Commerce John Bryson and Vietnamese Deputy Prime Minister Vu Van Ninh, who is currently on a visit to the US.

Both host and guest noted that bilateral trade and investment ties have grown and flourished in recent years, with two-way trade last year reaching US$21.45 billion and the US being the sixth largest foreign investor in Vietnam.

Ninh briefed Bryson on Vietnam’s socio-economic development in 2011 and stressed that in 2012 the government will continue to give priority to reigning in inflation, stabilizing the macroeconomy and ensuring social welfare, while restructuring its economy and renovating the growth model.

He requested Bryson introduce solutions to increase Vietnam-US trade and iron out snags in business relations.

He recalled recent trade disputes between Vietnam and the US, especially regarding Vietnamese seafood and industrial product imports to the US, and asked the US to come up with fair and objective approaches to deal with and avoid such disputes.

Vietnam welcomes relevant US agencies to come and investigate farms and production facilities so they can produce correct and objective evaluations, said Ninh.

He also proposed that Bryson support and early recognise Vietnam’s full market economy status and grant Vietnam the Generalised System of Preferences (GSP).

Bryson expressed confidence in the Vietnamese Government’s economic restructuring plan and proposed that Vietnam introduce preferential policies to attract foreign businesses.

He said many US businesses are considering expanding operations in Vietnam. In 2012, he said the US Department of Commerce will organize more than 30 events to encourage businesses to invest in Vietnam and promote bilateral trade.

Meanwhile, Ninh confirmed that Vietnam respects US investors, as well as bilateral and multilateral trade agreements it has signed and that it has only put forward policies that do not violate bilateral and international commitments.

The Vietnamese government will direct its ministries and agencies to timely resolve difficulties facing foreign businesses, including those from the US, said Ninh.

The same day, Deputy PM Ninh met with senator Jim Webb, World Bank Managing Director Sri Mulyani Indrawati and representatives of the International Monetary Fund and several economic groups.