HANOI: Vietnam and the United States held their first direct ministerial-level negotiations on Friday against the backdrop of an impending US tariff of 46 percent on imports from the Southeast Asian nation, which could significantly impact its growth.
The Vietnamese trade ministry said in a statement released on Saturday that the meeting, which occurred in Jeju, South Korea, following the 31st APEC Ministerial Meeting on Trade, symbolized both nations’ commitment to fostering a stable economic, trade, and investment relationship.
The talks follow a phone call last month between Vietnamese trade minister Nguyen Hong Dien and US Trade Representative Jamieson Greer that officially started negotiations.
“USTR Greer agreed with Vietnam’s current approach and proposal,” the trade ministry’s statement said. “The United States hopes that with the mutual efforts, the technical-level negotiations in the coming days will yield positive results.”
The US has postponed the implementation of the 46 percent tariff on Vietnam until July. If enforced, the levy could disrupt growth in Vietnam, which is heavily dependent on sales to the United States, its largest export market, and substantial foreign investments in manufacturing goods for export.
Vietnam has the fourth-largest trade surplus among all US trading partners, worth $123.5 billion last year.
In an attempt to diminish that trade surplus, Hanoi has recently implemented several measures, including reducing tariffs on a multitude of goods destined for the US and intensifying its efforts to curb the shipment of Chinese goods to the US via its territory.
Vietnam steps up talks with US to reduce hefty tariff
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Vietnam steps up talks with US to reduce hefty tariff
- The US has postponed the implementation of the 46 percent tariff on Vietnam until July.
- Vietnam has the fourth-largest trade surplus among all US trading partners
Air India 777 aircraft turns back after drop in engine oil pressure, regulator says
- The aircraft, which was headed to Mumbai, landed safely back in Delhi and the incident will be investigated
- Air India has been under intense scrutiny this year after the June 12 crash of a Boeing Dreamliner killed 260 people
BENGALURU: An Air India Boeing 777 aircraft had to turn back after a drop in oil pressure forced the pilots to turn off one of the jet’s engines, India’s aviation regulator said on Monday.
The aircraft, which was headed to India’s financial capital of Mumbai, landed safely back in Delhi and the incident will be investigated, the Directorate General of Civil Aviation (DGCA) said in a statement. Modern aircraft are designed to safely fly and land on a single engine, if required. Air India has been under intense scrutiny this year after the June 12 crash of a Boeing Dreamliner killed 260 people. The DGCA has flagged multiple safety lapses at the airline, which was previously owned by the government till 2022. An Air India investigation into why one of its planes conducted commercial flights without an airworthiness permit found “systemic failures,” with the airline admitting it needed to do better on compliance, Reuters reported earlier this month.
On Monday, pilots observed a low engine oil pressure on the B777-300ER aircraft’s right-hand engine during flaps retraction after take-off. The pressure shortly thereafter dropped to zero and the crew shut down the engine and turned back as per procedure, the DGCA said.
“Air India sincerely regrets inconvenience caused due to this unforeseen situation. The aircraft is undergoing the necessary checks,” an Air India spokesperson said in a statement. The aircraft is 15 years old and has flown to locations such as Vienna, Vancouver and Chicago, according to Flightradar24. Boeing did not immediately respond to a request for comment on the incident.
