Many garment items are not included in the US offer to enjoy tax cuts.

Vietnam is an increasingly important trade partner for the US, and TPP will bring economic interests to businesses of the US, Vietnam, and other members, said Calman Cohen, representative of the US Business Coalition.

The US Business Coalition has supported Vietnam in TPP negotiations, Cohen told Vietnamese ambassador to the US Nguyen Quoc Cuong during a dialogue on April 11 (Washington time).

The forum brought together representatives of 50 businesses and members of the US Business Coalition, including leading US groups.

Cuong confirmed Vietnam’s strong resolve to speed up TPP negotiations, saying the agreement is of great importance to member countries, including Vietnam and the US, in the context of the rapid trade liberalisation in a dynamically developing Asia-Pacific region and the rest of the world.

The US is one of Vietnam’s leading trade partners and bilateral economic ties have grown and flourished in recent times, said the ambassador.

He called on US businesses to further investment and trade in the Southeast Asian nation.

He proposed that the businesses support the US in granting the Generalised System of Preferences (GSP) to Vietnam and recognising the country’s market economy status. He said the move will help expand bilateral cooperation and accelerate TPP negotiations.

The diplomat also called on the US Business Coalition to lobby US Congress and administration to care about Vietnam’s interests in negotiations, especially for its garments and footwear imported into the US.

According to Cuong, the offer put forward by the US is not persuasive, as most Vietnamese garments are not included in the list of items to enjoy immediate tax cuts.

Vietnam and several other negotiating members have rejected the offer and asked the US to make a more attractive one. He reiterated Vietnam’s stance of conducting negotiations for the whole package instead of separate items.

Several participating businesses said they will continue to work on these issues with Congress and administration, and confirmed their strong support for tariff cuts in the US and other countries as well.

Negotiating parties to TPP are Australia, Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, the US, and Vietnam.    

(VOV)