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  • Vietnam And U.S. To Advance Trade Agreement Talks In Upcoming 2025 Meetings

    Vietnam And U.S. To Advance Trade Agreement Talks In Upcoming 2025 Meetings

    Vietnamese representatives are set to visit the United States in October and November 2025, with the goal of progressing discussions and finalizing a balanced trade agreement. Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan, revealed this during a recent press conference, pointing out that Vietnam has been diligently working to expedite negotiation proceedings.

    Negotiation Principles and Goals

    The ongoing negotiations are being guided by principles of openness, constructiveness, equality, mutual respect, independence, self-reliance, and shared benefits. These principles consider the level of development of both nations. The ultimate aim is to foster stable and harmonious economic, trade, and investment relationships, in accordance with the Comprehensive Strategic Partnership between Vietnam and the U.S.

    End-of-Year Plans and Measures

    Bui Huy Son, Director of the Department of Planning, Finance and Enterprise Management at the Ministry of Industry and Trade (MoIT), stated the department is committed to meeting set targets and making new strides in the remaining months of the year. The MoIT is set to enforce a resolution from the Politburo that was issued on January 24, 2025, regarding international integration in a new context.

    Simultaneously, the MoIT is carefully observing changes in the U.S. tariff policy and is actively working with relevant authorities from both countries to identify and resolve emerging issues. This is in an effort to limit the risk of unfavorable trade measures being imposed on Vietnamese exports.

    Future Trade Negotiations

    The MoIT is prioritizing the commencement of Free Trade Agreement (FTA) discussions with the Southern Common Market (Mercosur) and the Gulf Cooperation Council (GCC) in the fourth quarter of 2025. It is also planning to initiate talks with Pakistan to broaden export opportunities, and aims to conclude FTA negotiations with the European Free Trade Association (EFTA) by the end of the year.

    Supporting Domestic Enterprises

    The MoIT is committed to addressing issues within domestic enterprises to decrease dependence on the FDI sector. It plans to continue working closely with businesses through regular consultations with industry associations and local authorities, thus providing timely policy advice to the Government and ensuring appropriate support.

    The department will also step up efforts around trade promotion, supply-demand connection, and product marketing to assist Vietnamese companies in reaching new customers and maintaining robust relations with traditional partners, especially in the U.S. market.

    The MoIT reiterated its commitment to enforcing origin-related regulations through inspections, licensing, and violation settlements, while also reinforcing supervision to combat trade remedy evasion and origin fraud.

    Questions & Answers

    What is the purpose of the Vietnamese delegation’s visit to the U.S. in late 2025?
    The delegation aims to progress discussions and finalize a reciprocal trade agreement with the United States.

    What principles guide the ongoing trade negotiations between Vietnam and the U.S.?
    The principles of openness, constructiveness, equality, mutual respect, independence, self-reliance, and shared benefits guide the negotiations, with the development levels of both nations taken into consideration.

    What are the MoIT’s plans for supporting domestic enterprises in Vietnam?
    The MoIT plans to address limitations within domestic enterprises, reduce reliance on the FDI sector, and work closely with businesses for regular consultations. The department also plans to intensify efforts around trade promotion, supply-demand connection, and product marketing.

  • Myanmar opens talks with Thailand on reciprocal banking access

    Myanmar opens talks with Thailand on reciprocal banking access

    The central banks of Thailand and Myanmar agreed Sunday to start talks on granting access to designated banks in each other’s markets, marking a small step forward in the financial integration of the Association of Southeast Asian Nations.

    For Thailand, Myanmar is the third country to enter bilateral discussions on bank access, following Malaysia and Indonesia; for Myanmar it is a first.

    Under the ASEAN Banking Integration Framework, countries can enter into bilateral deals allowing banks that meet certain criteria to become “Qualified ASEAN Banks” that operate in each other’s markets on the same terms as local banks.

    “The expansion of a banking presence through QAB will enable greater efficiency and reduce costs for bankers and customers alike,” Bank of Thailand Gov. Veerathai Santiprabhob told bankers who were in Bangkok for the 21st ASEAN Banking Conference on Monday.

    With Myanmar opening up its economy after nearly 50 years of isolation and the ASEAN Economic Community kicking off last year, banks in  Thailand and Myanmar have been growing more active in each other’s markets.

    Myanmar’s largest lender, Kanbawza Bank, opened a representative office in Bangkok in August, becoming the first Myanmar bank to venture abroad.

    Last year, Thailand’s Bangkok Bank was among the first of nine banks to be granted a foreign banking license in Myanmar. Other big Thai banks were not granted licenses in the first round, but have opened representative offices in Myanmar in anticipation of the next opportunity.

    “It’s good that the Bank of Thailand signed the QAB agreement with Myanmar,” said Predee Daochai, president of Kasikornbank, which now has a representative office in Myanmar. “We would like to open a bank there,” he said.

    The time frame for the negotiations and details such as the number of banks to be designated QABs have yet to be decided.

    While trade and investment have been increasing in the region in the wake of deregulation and elimination of tariffs, “much work remains with regards to financial connectivity” in the region, Veerathai said.

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