Finance Minister Dinh Tien Dung and US Secretary of Treasury Jacob J. Lew discussed financial services, as part of the Trans-Pacific Partnership (TPP) negotiations, and Vietnam ’s economic renewal and stabilisation process at their talks in Hanoi on November 14.

Minister Dung updated his guest on Vietnam’s steps to stabilise its macro-economy and overhaul a chain of State-owned firms and banks.

Vietnam’s gross domestic product is forecast to grow by 5.4 percent this year, higher than last year. Exports are also expected to jump 15 percent while the trade deficit will be the lowest it has been for several years.

He stressed that Vietnam always considers the US a key trade partner within the framework of the TPP negotiations.

They shared the view that integration in financial services needs to ensure economic efficiency, safety and stability. Dung and Lew reiterated their commitments and called on TPP member countries to do their best to reach a consensus on financial services as soon as possible.

Lew said the US is looking to conclude the TPP negotiation process later this year.

Regarding the restructuring of State-owned enterprises in Vietnam, Minister Dung said Vietnam is actively rolling out a scheme on this issue, with a focus on economic groups and State-owned corporations.

On bilateral financial cooperation, Dung said the Vietnamese Finance Ministry has received a lot of support from the US in outlining legal regulations on tax management, customs procedures, the development of securities and financial markets, and personnel training.

At the talks, both sides promised stronger cooperation in finance.-VNA