Trump Talks with Vietnamese Prime Minister by Phone: "Fair Trade Between the Two Countries Must Be Ensured"

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] U.S. President Donald Trump held a phone call with Vietnamese Prime Minister Nguyen Xuan Phuc and expressed concerns about the trade deficit with Vietnam.

According to foreign media on the 23rd (local time), the White House issued a statement saying that during the call the previous day, President Trump expressed concerns about the trade deficit and urged bold measures to ensure fair and reciprocal trade between the two countries.

Vietnam is a country where U.S. exports have sharply increased in recent years as the Trump administration imposed tariffs on Chinese products. In particular, exports to the U.S. from January to November this year reached $69.9 billion, a 25.7% increase compared to the same period last year.

Earlier, on the 16th, the U.S. Treasury Department designated Vietnam, along with Switzerland, as a currency manipulator. This designation was based on Vietnam meeting all three criteria: ▲a significant bilateral trade surplus with the U.S. exceeding $20 billion in the past year ▲a substantial current account surplus exceeding 2% of GDP ▲persistent, unilateral foreign exchange intervention with net purchases of foreign currency exceeding 2% of GDP over a 12-month period.

Meanwhile, Vietnamese media such as VN Express, citing a press release from the Vietnamese Ministry of Foreign Affairs, reported that Prime Minister Phuc emphasized to President Trump that Vietnam does not seek to gain trade advantages through monetary policy. The Ministry also stated that Prime Minister Phuc congratulated President Trump on the rapid development of a COVID-19 vaccine and added that President Trump expressed his desire to visit Vietnam again.

This content was produced with the assistance of AI translation services.