On Wednesday, Donald Trump spoke with Vietnam’s Prime Minister Nguyen Xuan Phuc. During the visit at the White House, the U.S. President talked about trade agreements regarding business arrangements worth billions in revenue and bringing future prosperity to the nation’s employment rate. The Southeast Asian country mentioned that it formed several business deals worth more than $5.58 billion with General Electric Co. The agreements surrounding electrical power generation, aircraft carrier engines and the services alike are Vietnam’s largest investment ever in a single combination.
The billions and the deficit
Earlier this week, Phuc stated he plans to acquire several U.S. stocks and enterprises estimated around $17 billion. The undertakings are primarily advanced technology services and their products. Over the years, the Communist country that is Vietnam went from being a crude adversary of the U.S. to becoming a critical accomplice in the Asian Pacific after the Cold War. Americans and Vietnamese alike both share their views and concerns over China’s latest rise in power.
Phuc revealed to Trump that the relationship between their two countries encountered major obstacles throughout history, yet the two countries presently stand as solid goal-seeking accomplices. They are also indebted to each other.
Be that as it may, both Washington and Hanoi increased their levels of security as of late in response to one another. American trade in Vietnam poses as a potential aggravation in Southeast Asia, with a deficiency broadening consistently in Vietnam. The deficit initially estimated at $7 billion a decade ago. Last year, the debt reached a staggering $32 billion.
Both nations seek refuge from North Korea
Donald Trump as the current U.S. President always expresses his views strongly when it comes to foreign countries having large exchange surpluses with the United States. During the White House briefing with Phuc, in regards to Vietnam, he mentioned that he looks forward to examining foreign exchanges with the Prime Minister.
He also commented that he eventually wants to do the same with Kim Jong Un and the nation of North Korea.
The meeting between Phuc and Trump comes after leaders in Washington requested international assistance to aid in getting Kim’s regime to cease its nuclear missile programs. North Korea turned the atomic practices into an increasing threat to the U.S. and Vietnam views their actions as a cause of concern to their nation as well.
The public opinion and the facts we know
Spectators at the conference between the political leaders commented that even though the United States now manages new business deals with Vietnam, the two countries need to continue focusing on all the different trades they currently have already with one another.
One of the critics in attendance was Robert Lighthizer, a specialized trade representative for the United States. He stressed his worries about the current deficit America had with Vietnam and communicated that he hoped Phuc addresses the situation soon and explained its rapid growth.
The debt at hand with the Asian nation is the sixth largest deficit accrued within the United States. Financial reports provided by the American government to the press with Yahoo! News reveals that the debt reflects the current import developments surrounding semiconductors in Vietnam. It is also known to be a result of supply and demand discrepancies between the two countries in more traditional areas like electronics, furniture, shoes and apparel.
