Vietnam’s Prime Minister Pham Minh Chinh Seeks to Rebalance Trade Surplus with US
Pilot Scheme for Satellite Internet and Potential Import Deals
Hanoi, Vietnam: Vietnam’s Prime Minister Pham Minh Chinh has announced plans to rapidly issue a licence for Elon Musk’s Starlink to provide satellite internet services in the country under a pilot scheme. The move is part of the government’s efforts to rebalance its trade surplus with the US.
Rebalancing the Trade Surplus
Chinh met with nearly 40 US businesses in Hanoi, stating that Vietnam is taking measures to rebalance its trade surplus with the US. The country’s exports have contributed to a record trade surplus last year, making it vulnerable to reciprocal tariffs threatened by President Donald Trump.
Potential Import Deals
To reduce the trade surplus, the government is exploring potential imports of aircraft, arms, liquefied natural gas, agricultural goods, and pharmaceutical products. One possible measure is the purchase of Boeing planes by Vietnamese airlines, including a deal between flag carrier Vietnam Airlines and Boeing for the purchase of 50 737 Max jets.
Discussion on Lower Prices for Boeing Planes
The government reported that it is discussing possible lower prices for the planes with Boeing. Additionally, the deal between Vietnamese low-cost airline VietJet and Boeing for the purchase of 200 Boeing 737 MAX jets was mentioned. The deal was first signed in 2016 and revised afterwards, but no plane has yet been delivered.
Other Measures to Address Trade Surplus
The government has also expressed interest in buying US liquefied natural gas for the country’s fledgling LNG industry. Military deals have also been frequently discussed, including the purchase of Lockheed Martin Hercules military transport planes.
Conclusion
Vietnam’s Prime Minister Pham Minh Chinh is taking steps to address the country’s trade surplus with the US. The pilot scheme for Starlink and potential import deals could help reduce the trade surplus and mitigate the impact of reciprocal tariffs. The government’s efforts to address the issue will be closely watched by investors and businesses in the region.
FAQs
- What is Vietnam’s trade surplus with the US?
Vietnam’s exports have contributed to a record trade surplus last year, making it vulnerable to reciprocal tariffs threatened by President Donald Trump. - What are the potential import deals being discussed?
The government is exploring imports of aircraft, arms, liquefied natural gas, agricultural goods, and pharmaceutical products. - What is the situation with Boeing plane deals?
Vietnam Airlines has a deal with Boeing for the purchase of 50 737 Max jets, and VietJet has a deal for the purchase of 200 Boeing 737 MAX jets. The deals were first signed in 2016 and revised afterwards, but no plane has yet been delivered.