HANOI: Vietnam and the US have nearly completed negotiations covering a trade deal, Vietnamese Deputy Prime Minister Pham Gia Tuc said on Wednesday at an event in Hanoi, though US officials appeared more cautious.
Vietnam has sent the final text of the agreement to the US, Tuc said at a business forum in Hanoi.
"We expect the US to continue to create favorable conditions for Vietnamese goods to access the US market in a stable and sustainable manner," Tuc said.
Tuc also said Vietnam expects the US to make an objective and balanced assessment in its Section 301 investigation into issues including industrial overcapacity and intellectual property rights in Vietnam.
Jennifer Wicks, the US ambassador to Vietnam, said at the event that "our governments continue to negotiate an agreement on reciprocal trade."
She urged Vietnam to adapt its regulatory framework on data protection to attract investment and allow businesses to deploy new technologies efficiently.
US tech companies have repeatedly warned that Vietnam's strict limits on cross-border data transfers discourage investment in the country.
Wicks also urged Vietnam to develop predictable policies and stable rules on pricing to favour foreign investment in its expanding energy sector.
Vietnam has been negotiating for years with potential foreign investors on prices that it would pay for electricity generated by power plants. It has also retroactively cut price subsidies for some investors in renewables.
David Fogel, the US assistant secretary of commerce, said at the event that he was "hopeful" the two countries would continue to work together on a trade agreement. Negotiations have been ongoing for more than a year.
The US is the largest export market for export-reliant Vietnam and Fogel warned that the US' deficit with Vietnam was the largest that the US has with any partner. Vietnam's trade surplus with the US reached US$122.6 billion in the first three quarters of this year, according to the Vietnamese government's customs data.
He urged Vietnamese businesses to invest more in the US, adding that "we look forward to working with Vietnam to bring world-class super-intelligence hardware and innovative solutions" to Vietnam.
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