At their talks in Hanoi on Thursday, Finance Minister Dinh Tien Dung and US Secretary of Treasury Jacob J. Lew discussed financial services, as part of the Trans-Pacific Partnership (TPP) negotiations.

>> 4th Vietnam-US defense dialogue held in Washington Minister Dung briefed his guest on Vietnam’s economic renewal and stabilization process, including the overhaul of a chain of State-owned firms and banks. The minister said Vietnam’s GDP is forecast to grow by 5.4 percent in 2003, higher than last year. With exports expected to jump 15 percent, the trade deficit will be the lowest it has been for several years, he added. He also affirmed that Vietnam always considers the US a key trade partner, especially in the framework of the TPP negotiations. The host and guest shared the view that integration in financial services is crucial to ensure economic efficiency, safety and stability. Lew told his host that US is looking to conclude the TPP negotiation process later this year. The two sides also called on TPP member countries to try their best to reach a consensus on financial services soon. Minister Dung told his guest that Vietnam is stepping up the restructuring of State-owned enterprises, with a scheme on the work being conducted, with focus put on economic groups and State-owned corporations. Dung also said the Vietnamese Finance Ministry has received a lot of support from the US in outlining legal regulations on the fields of tax, customs, training, and securities and financial markets. On the same day, the US Secretary of Treasury also had talks with Prime Minister Nguyen Tan Dung, during which the latter pressed for the prompt signing of the Vietnam-US double taxation avoidance agreement and conclusion of the TPP negotiations this year as committed by leaders of member nations.

The PM also said Vietnam will closely coordinate with the US in the TPP talks, adding that there should be flexibilities that match each nation’s development pace during the process of negotiations.