At the moment, there are two big opportunities for the US and Vietnam to tighten the trade relationship between the two countries, which are the CPTPP and the IPEF. While I wish the US would consider rejoining the CPTPP, the business community will work hard to ensure the IPEF provides benefits and helps all participants come to an additional consensus on global standards for new areas such as digital, and some issues highlighted during the pandemic such as supply chain difficulties and healthcare needs and investments can also be addressed. 

Key to these energy concerns is decisions and investments made now through 2030. US supply chain investors need to have access to renewable energy in the short term, not just in the out years of the COP26 goals. Access to clean energy is becoming increasingly imperative for cross-border trade and consumer preferences and a strong goal for Vietnam. To assist Vietnam in these efforts to develop a cleaner energy mix, US public and private finance and investors are very interested in supporting transmission needs, smart grid upgrades, solar and wind projects, battery storage, direct power purchase agreements for renewables, energy innovation for the future, in addition to offshore gas and LNG projects. Additionally, the US and other countries in the G7 are building a Partnership for Global Infrastructure and Investment (PGII), for which they aim to collectively mobilize $600 billion by 2027 for sustainable energy. With the US suggestion, the G7 is engaging with Vietnam toward partnerships that will provide financing to assist in decarbonization and move toward cleaner energy sources based on the PGII.

We are also very interested in fast-tracking the digitalization drive. All companies, large and small, governments, and the public in general benefit from a digital environment that is widespread, fast, safe, effective, and with standards that are globally compatible. 

Asia, and Southeast Asia, are priority regions for the US and US companies, with Vietnam a key player. We hope that the US-Vietnam relationship can be upgraded from Comprehensive to Strategic Partnership to more accurately reflect the actual spirit of the relationship and to open new doors. The US also greatly welcomes Vietnam in multilateral forums and as companies, we salute Vietnam’s efforts to further integrate into global supply chains, adopt global standards, and welcome high-level global finance and investment. For now, the US-Vietnam partnership will remain important to the Biden administration’s vision for an Indo-Pacific region that is “free, open, resilient, and inclusive”. The future is bright for both Vietnam and the US.