US Treasury Secretary Highlights Increased US Business Collaboration with Vietnam

Janet Yellen, US Treasury Secretary, affirmed the importance of Vietnam in the global supply chain on her first visit to the country.

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According to a report from VNA, Minister of Finance Ho Duc Phoc expressed his strong appreciation for the financial collaboration between Vietnam and the United States during his meeting with US Secretary of the Treasury, Janet Yellen, in Hanoi on July 21.

He mentioned that both parties have successfully signed multiple agreements and organized various collaborative activities in the areas of taxation and customs. They have also increased funding for infrastructure development, enhanced the capital market, and strengthened multilateral cooperation within the frameworks of the Asia-Pacific Economic Cooperation (APEC) Forum, the Association of Southeast Asian Nations (ASEAN), and the Indo-Pacific Economic Framework for Prosperity (IPEF). Additionally, the Ministry of Finance in Vietnam has received technical assistance from the United States in several fields.

US Treasury Secretary: US Businesses Step up Cooperation with Vietnam
Minister of Finance Ho Duc Phoc holds talks with US Secretary of the Treasury Janet Yellen in Hanoi on July 21. (Photo: VNA

Phoc emphasized the crucial role of international support resources, including assistance from the US Government, in helping Vietnam navigate complex challenges and achieve significant accomplishments in recent years.

Janet Yellen, the Secretary of the Treasury, praised Vietnam for its notable economic development accomplishments and underscored the significant contribution that Vietnam has made in rejuvenating and broadening the global supply chain’s resilience.

During this event, she also discussed the United States Government’s priority policies aimed at promoting the development of a sustainable supply chain amidst the volatile global economy.

The US official expressed great appreciation for the political declaration regarding the establishment of the Just Energy Transition Partnership (JETP) between Vietnam and its development partners. It is believed that this partnership will serve as a valuable resource to assist Vietnam in its energy transition efforts and contribute towards the achievement of the country’s target of reaching net zero emissions by 2050.

Phoc Holdings anticipates that Janet Yellen, the Secretary of the US Department of the Treasury, will play a pivotal role in fostering extensive and meaningful financial collaboration between the United States and our nation.

The State Bank of Vietnam (SBV) and the Foreign Trade University (FTU) held a meeting in Hanoi, where Vietnamese and US officials gathered to discuss economic outlook and climate finance.

The meeting, which attracted over 300 participants including numerous female officials and FTU students, reinforced the significance of women’s role and attention, as well as the determination of young people to unite in addressing critical global challenges like climate change. The ultimate goal is to create a greener society and ensure a sustainable and prosperous future for all.

During the visit, Yellen also had a meeting with Chairman of the National Assembly (NA), Vuong Dinh Hue.

The Chairman of the National Assembly proposed that the United States recognize Vietnam’s market economy status and implement measures to facilitate access for Vietnamese goods. He also suggested that the US Treasury and Government support Vietnam in enhancing its position within the global supply chain, given the current trends of trade-investment diversification and restructuring.

US Treasury Secretary: US Businesses Step up Cooperation with Vietnam
Chairman of the National Assembly Vuong Dinh Hue (R) and US Treasury Secretary Janet Yellen at their meeting in Hanoi on July 21. Photo: VNA

Yellen assured the Vietnamese NA leader that she will carefully address the concerns raised and promptly provide a tangible response to those that can be readily implemented.

The representative expressed her appreciation for the progress Vietnam has made in implementing an action plan for exchange rate and information transparency. She highlighted the positive dialogue that both sides have had, and expressed a desire to continue the bilateral cooperation in this area.

Janet Yellen, US Secretary of the Treasury, recently announced that the Biden administration is committed to prioritizing key partners such as Vietnam. This strategic decision aims to enhance stability and resilience in global supply chains.

Hailing Vietnam and partners’ statement on the establishment of the Joint Energy Transition Partnership (JETP) in December last year, she expressed appreciation for Vietnam’s proactive efforts in implementing the statement. Furthermore, she emphasized that the United States is committed to supporting Vietnam’s access to both multilateral and private financial sources in order to facilitate its energy transition process.

US Secretary of the Treasury Janet Yellen paid a visit to Vietnam from July 18-21 to engage in a constructive dialogue regarding bilateral economic relations and regional affairs.

Hannah Nguyen