PM suggests Vietnam, US enhance economic connectivity

Prime Minister Pham Minh Chinh (R) and US Treasury Secretary Janet Yellen at their meeting in Hanoi on July 20 (Photo: VNA)

Prime Minister Pham Minh Chinh suggested Vietnam and the US enhance connectivity between their economies, step up bilateral trade and accelerate the recovery of their supply chains at a reception for US Treasury Secretary Janet Yellen in Ha Noi on July 20.

US firms should be encouraged to expand and increase investment in Vietnam, especially in high-tech, he said, highlighting the building of harmonious, sustainable and mutually-beneficial trade ties between the two countries.

The Government leader also called for stronger collaboration in climate response and the implementation of the Just Energy Transition Partnership (JETP), and asked for the US’ assistance in renewable energy development and the establishment of a domestic carbon market connected with the international market in Vietnam.

The PM appreciated the US side’s recognition of the State Bank of Vietnam (SBV)’s successful implementation of the action plan on exchange rate and information transparency, contributing to reinforcing cooperation between the two countries as well as between the SBV and the US Department of the Treasury.

Briefing the Treasury Secretary on Vietnam’s foreign policy, Chinh said Vietnam wishes to strengthen its comprehensive partnership with the US, and supports the enhancement of the bilateral friendship and cooperation across spheres, prioritising finance-banking.

Host and guest shared the view that the Vietnam-US relationship has been developing positively and firmly in all fields since the two countries established diplomatic ties 30 years ago and the comprehensive partnership a decade ago, with the economic-trade ties serving as a pillar and a driver.

Treasury Secretary Janet Yellen affirms that the US will forge cooperation with Vietnam in investment and supply chain diversification and relocation, and assist the country in development and economic reform (Photo: VNA)

They noted that two-way trade exceeded 123 billion USD last year, making the US become Vietnam’s second biggest trade partner and one of the most important export markets. Currently, the US ranks 11th out of the 142 countries and territories investing in Vietnam.

The PM spoke highly of the objective and relevant assessment of the US Department of the Treasury on Vietnam's monetary policy and exchange rate management in the recent past, and briefed the US official on Vietnam’s socio-economic situation, and major financial and monetary policy orientations.

He urged the SBV and the US Department of the Treasury to maintain dialogues and close contacts to handle emerging issues in the time ahead given the evolving global situation.

For her part, Yellen expressed her impressions of Vietnam’s development, affirming that Vietnam is an increasingly important partner of the US and plays a key role in the country’s Indo-Pacific Strategy.

The Treasury Secretary said she will hold working sessions with US competent agencies and convey the Vietnamese PM’s suggestions to US leaders.

The US will forge cooperation with Vietnam in investment and supply chain diversification and relocation, and assist the country in development and economic reform, she pledged.   

Yelle said she supports and wishes for further dialogues with the Vietnamese central bank on monetary policy, exchange rate and other macro matters, as well as more cooperation activities between the two sides.

The US highly values and backs Vietnam’s efforts and solutions in energy transition, the implementation of the National Power Development Plan VIII, and acceleration of the realisation of the Just Energy Transition Partnership (JETP) through the mobilisation of international financial sources, she emphasised.

VNA