The recognition of Vietnam's market economy status by the US is significant for Vietnamese leadership and citizens, said Deputy Prime Minister Le Minh Khai during a phone talk with US Secretary of Treasury Janet Yellen on June 5.

Deputy Prime Minister Le Minh Khai during the talk. Photo: VGP

In this spirit, Khai requested Secretary Yellen and the US Treasury Department to support and build consensus within the US Administration and Congress for the early recognition of Vietnam's market economy status.

"This would be a testament to mutual trust and lay the groundwork for cooperation in various fields, bringing practical benefits to businesses and people of both countries. We are open to different viewpoints during the review process, ready to listen, absorb, and adjust to find common ground, and hope for your support in this matter," the Deputy Prime Minister stated.

Vietnam hopes that the US will continue to provide strong financial support for its economic development through bilateral and multilateral initiatives, including the Just Energy Transition Partnership (JETP) program.

During the talk, the Deputy Prime Minister highly valued the positive development in economic and trade relations between Vietnam and the US since the two countries upgraded their relationship to a Comprehensive Strategic Partnership.

Bilateral trade between the two countries reached $38.6 billion in the first four months of 2024, with the US remaining Vietnam's largest export market during this period.

The Deputy Prime Minister emphasized that the new relationship framework has created opportunities to enhance cooperation in areas such as cybersecurity, emerging technologies, core technology transfer, semiconductor and electronics industry supply chain development, and efforts to address war legacies.

US Treasury Secretary Janet Yellen, who has made it a priority to improve economic relations between the two countries, expressed her delight at the upgraded partnership between Vietnam and the US following the historic meeting between President Joe Biden and General Secretary Nguyen Phu Trong.

Yellen stressed the broadening and deepening of cooperation in various fields and expressed hope that her call with Deputy Prime Minister Khai would lead to more effective collaboration between the two economies.

Both sides had a sincere discussion on cooperation in finance, banking, energy transition, and macroeconomic management.

She added that the US welcomes cooperation with the State Bank of Vietnam (SBV) in pursuit of strong, inclusive, and sustainable economic development.

Khai appreciated the ongoing information and policy exchanges between the SBV and the US Treasury Department and the preparations for the first Policy Dialogue session between the two agencies, as committed in the Joint Statement between Secretary Yellen and the Governor of the State Bank of Vietnam during her visit to Vietnam in July 2023.

"The Vietnamese Government welcomes the positive evaluations by the US Treasury Department of Vietnam's monetary policy and exchange rate management," Khai said.

He noted that the SBV has managed the exchange rate flexibly, aligning with the development level of the foreign exchange market and economic factors to ensure market stability and macroeconomic stability without using the exchange rate policy for unfair trade advantages.

Highlighting the unique aspects of Vietnam's economy, Khai expressed his hope that the US Treasury Department would continue to provide objective assessments that take into account the specific economic structure and context of each country.

He shared that to achieve its development goals, Vietnam needs significant investment, focusing on breakthroughs in infrastructure, sustainable energy transition, and climate change response.

For her part, Secretary Yellen expressed her willingness to work with Vietnam in all areas to deepen the bilateral relations further.