Vietnam seeks closer cooperation with the US in economic development and addressing global challenges, including energy transition and realizing its commitments in COP26.

Prime Minister Pham Minh Chinh and US Secretary of the Treasury Department Janet Yellen. Photos: VGP

“Global issues require a global approach with justice and fairness, including the promotion of internationalism and multilateralism,” Chinh said.

Prime Minister Pham Minh Chinh gave the remarks during a meeting with US Secretary of the Treasury Department Janet Yellen in Washington on May 11 as part of his week-long visit to the US to attend the ASEAN-US special summit.

“In this context, Vietnam and the US could strengthen cooperation in building regional economic mechanisms and stabilizing supply chains,” he added.

Chinh welcomed strong progress in trade, economic, and finance cooperation between the two countries that is based on the Vietnam-US comprehensive partnership.

In the coming time, the prime minister also looks for US’s experience in developing the finance market, especially real estate and stock markets for its healthy and transparent development.

“Vietnam aims to build an independent, self-reliant, and sustainable economy with deepened integration into the global economy,” Chinh said, noting stable macro-economic foundation is of significance for the country.

On this occasion, Chinh thanked the US for Vietnam to stabilize the foreign-exchange market amid growing global uncertainties.

US Treasury Secretary Janet Yellen stressed the significance of boosting trade-economic-investment cooperation between the two countries, including finance banking.

Yellen welcomed Vietnam’s flexible management of foreign exchange to contain inflation and stabilize the macroeconomy.

She noted the US, via international and regional framework cooperation, would continue supporting developing countries, including Vietnam, in infrastructure development, infectious diseases response, energy transition, and climate change adaptation.

Yellen also stressed the US’s willingness to support Vietnam in enhancing capabilities for better managing capital and real estate markets.

The prime minister and US Secretary of Commerce Gina Raimondo.

Moving towards balanced and harmonized trade relations

On the same day, Chinh held a meeting with US Secretary of Commerce Gina Raimondo, in which the prime minister said the historical visit of the General Secretary of the Communist Party of Vietnam’s Central Committee Nguyen Phu Trong to the US seven years ago has laid the foundation for stronger Vietnam-US relations.

Chinh highlighted the significant progress in bilateral trade-economic cooperation, in which trade turnover rose from US$400 million in 1995 to nearly $112 billion in 2021 amid the severe impacts of the pandemic.

“This placed Vietnam into the top 20 countries with the highest trade turnover in the world,” said Chinh, noting the huge potential in trade relations between the two.

Chinh called for Vietnam and the US to continue to work toward a harmonized and balanced trade relation, focusing on diversifying supply chains, digitalizing trade activities, and promoting science-technology in priority fields for both.

Chinh reiterated Vietnam’s commitment to creating a fair and transparent business environment based on market mechanisms, in which risks and benefits are shared among involved parties.

“Vietnam during its course of development would need support from developed countries, including the US, in terms of green finance, technologies, and workforce training,” Chinh noted.

According to Chinh, Vietnam is giving priority to projects with modern technologies, environmentally friendly with high-added value, which would help the country further integrate into the global supply chains.

For her part, Raimondo expressed her strong impression of Vietnam’s achievements in socio-economic development over the years, and also the Government’s vision for transition to a digital and green economy.

She noted the US seeks to strengthen cooperation with Vietnam as the latter is moving to realize its commitments to net-zero emission by 2050.

In addition, the US would support Vietnam in the post-pandemic recovery, noted Raimondo, and expressed her delight at the growing number of Vietnamese businesses investing in the US.

She expected this would be a signal for strong economic cooperation between the two countries in the coming time.