US Treasury Secretary Yellen Emphasizes Strong Bilateral Economic Ties with Vietnam

In a recent bilateral meeting with Prime Minister Pham Minh Chinh of Vietnam, US Treasury Secretary Janet L. Yellen reaffirmed the robust economic relationship between the United States and Vietnam. The meeting took place in New York, marking a continuation of the discussions that began during Secretary Yellen’s visit to Hanoi in July.

Secretary Yellen expressed her commitment to further strengthening the economic ties between the two nations. Notably, this commitment aligns with the recent historic upgrade of the United States–Vietnam relationship to a Comprehensive Strategic Partnership, a significant milestone achieved earlier this month with the support of President Biden and General Secretary Trong.

This upgrade underscores the substantial progress in mutual understanding and trust that has been developed over recent years and highlights a shared dedication to enhancing cooperation in the future. It also opens new avenues for collaborative efforts aimed at fostering innovation-driven and inclusive economic growth.

Since the normalization of relations in 1995, Vietnam has evolved into a significant economic partner for the United States. Bilateral trade has reached record levels, with the United States standing as Vietnam’s largest export market.

Secretary Yellen emphasized the Biden-Harris Administration’s perspective on Vietnam as a crucial ally in its “friendshoring” approach. This strategy seeks to deepen integration with a broad range of partners and allies to establish resilient and sustainable supply chains across key industries. The United States is particularly encouraged by the increasing investments made by companies in Vietnam and recognizes the nation’s substantial potential within the semiconductor industry.

Furthermore, Secretary Yellen commended Vietnam’s leadership in the transition towards clean energy. She highlighted the development of a Resource Mobilization Plan under the Just Energy Transition Partnership (JETP) and expressed enthusiasm for discussing Vietnam’s trajectory in this regard.

The meeting between Secretary Yellen and Prime Minister Chinh underscores the growing economic collaboration between the United States and Vietnam, characterized by shared goals of economic prosperity, innovation, and sustainable development.

Keywords: US-Vietnam Relations, Comprehensive Strategic Partnership, Economic Cooperation, Supply Chains, Semiconductor Industry, Clean Energy Transition

Source: US Department of the Treasury