At the talk, the two sides have discussed issues including the main following points:

In term of Assessment of Vietnam-U.S. bilateral relationship, the Finance Minister of Vietnam Dinh Tien Dung afiemed that the U.S. is a particularly important economic partner for Vietnam. The multifaceted cooperation between Vietnam and the U.S. is increasingly strengthened and developed. Vietnamese President Truong Tan Sang paid an official visit to the U.S. in July 2013. The comprehensive partnership between Vietnam and US set up in the President’s visit has laid a foundation for new development of the two countries in a more efficient and practical way.

At the talk, the two sided have discussed and updated the situation of the macro economies of respective countries.

Currently, Mr Dung said, Vietnam is conducting positive measures to guarantee the macroeconomic stability and reform the state-run business system and the banking system to ensure a sustainably developed socioeconomic environment.

Recently, the Vietnamese economy has been witnessing constructive changes. GDP growth keeps increasing quarterly, and it is estimated that GDP will achieve a growth of 5.4 %, higher than it was in the same period of last year. Key macroeconomic indicators have shown stable signals and inflation has been curbed (inflation rate of 2012, 2013 is 7%), liquidity of the banking system has increased and non-performing loans have reduced. In 2013, export keeps growing well (an increase of 15.2 %); the trade gap has been at its lowest level for the last years. The securities market has gradually flourished.

The two sides discussed the Trans-Pacific Partnership Agreement (TPP), having consensus that TPP is significant and particularly important in further promoting cohesion and economic development among member states in general and between Vietnam and the United States in particular in the 21st century. Accordingly, both parties have been trying our best to promote the TPP negotiations to be completed soon.

The both sides also discussed the situation and a number of specific content in the areas of financial services in the TPP negotiations. On the basis of the statement that the financial services industry plays a fundamental and particularly important role in the economy of each country, Mr Dung and Mr. Jacob J. Lew basically agreed that the integration of financial services should ensure that the economic efficiency is enhanced and the safety and stability of the economy are reinforced. The both sides also reaffirmed our commitment and urged all members of the TPP to make maximum efforts to achieve consensus in the remaining content in the negotiations on TPP financial services as soon as possible.

The U.S. Secretary of Treasury H.E. Mr. Jacob J. Lew said that the US aims to complete the TPP negotiation process by the year’s end.

Having discussion on restructuring state-owned enterprises, Mr Dung and Mr. Jacob J. Lew have talked about the issue of restructuring state-owned enterprises (SOE) in Vietnam. Accordingly, Vietnam is actively implementing SOE restructuring scheme, focusing on state economic groups and corporations to reaffirm Vietnam’s determination to effectively accelerate the SOE arrangement and reform in order to speed up the process of restructuring the growth pattern of the Vietnamese economy.

Mentioning about bilateral cooperation in the financial sector between Vietnam and the United States, both sides value the cooperation between Vietnam and the U.S. in the financial sector.

Mr Dung stressed that the  Ministry of Finance of Viet Nam has received much support from the U.S. in the process of building up the legal documents on tax administration, customs procedures, building and developing the stock market and financial market, and building capacity for the Ministry of Finance officials. The Ministry of Finance of Viet Nam has highly appreciated the contribution of the U.S. side and wishes to continuously receive the support of the U.S. in the future. The two sides pledged to further strengthen the cooperation in the financial sector.

On the same day, the U.S. Secretary of Treasury has talks with Prime Minister H.E. Mr. Nguyen Tan Dung, Governor of State Bank of Vietnam H.E.Mr. Nguyen Van Binh and. During the visit, the U.S. Secretary of Treasury have discussed with Vietnamese leaders about economic prospects of the United States and the region, policies for promoting regional and global demand, including the goals to accomplish negotiations on the Trans-Pacific Partnership Agreement (TPP) this year.

Source: The Ministry of Finance