On Wednesday (local time), Prime Minister Phm Minh Chnh met with Treasury Secretary Janet Yellen in New York to discuss economic and financial cooperation between Vit Nam and the US as well as to exchange opinions on other matters of shared interest.
The meeting was a part of the Vietnamese president’s visit to the US for the high-level week of the 78th General Assembly of the United Nations and bilateral events there.
Chnh reaffirmed that Viet Nam views the US as a significant and forward-thinking partner and that the country is willing to cooperate with it to advance their bilateral relationship in a strong, stable, and effective manner.
Yellen and the US Department of the Treasury have made significant contributions to the economic and trade connections, and Viet Nam views collaboration in these areas as a priority of the two countries’ overall strategic partnership, he added.
The PM urged the department to devote more resources to trade and economic relations and urged the US to quickly recognise Viet Nam’s market economy system.
According to him, the two nations should improve their communication and cooperation in areas that might benefit both of them, such as infrastructure, financial services, employee training, IT applications, management experience sharing, loans and grants, taxation, and capital and stock markets.
Chnh also urged that the US relax its trade sanctions against Vietnamese textiles, wood products, and particularly agricultural items.
Chnh and Yellen both agreed on the significance of President Joe Biden’s recent visit to Vietnam. Yellen stated that the development of the comprehensive strategic partnership demonstrates the US’s commitment to fostering new avenues for economic cooperation between the two nations while also advancing mutual understanding and trust.
She noted that the US and Vietnam have continued to be significant economic and commercial partners since the normalisation of relations in 1995 and that Viet Nam is a crucial ally in the US’s implementation of its regional policy.
The official confirmed that the US is working with the Southeast Asian country to strengthen the supply chain in the area and that Viet Nam has promise in the semiconductor supply chain.
In regards to trade, monetary, and foreign exchange policies, Yellen complimented Vietnamese government agencies for their proactive coordination with the US department.
In terms of interregional cooperation, PM Chnh expressed his hope that the US would maintain a close relationship with the regional economic integration and growth of the Asia-Pacific, and he suggested that the US give the Mekong Subregion countries more resources and financial aid to help them achieve their commitment to sustainable development.
The two discussed their top priorities for international economic and financial cooperation.
Separate meetings with representatives of some of the top US and international corporations, including Microsoft, the Gates Foundation, SpaceX, Coca-Cola, and Pacifico Energy, took place on the same day.
The meeting’s leader praised their contributions to Viet Nam’s sustainable socioeconomic growth and informed the attendees of the country’s favourable business climate.
According to him, Vietnam is selective in its investment-attraction efforts and gives projects in the fields of science, technology, innovation, research, and development, as well as the green economy, digital economy, knowledge-based economy, and circular economy priority.
The leader highlighted that the Vietnamese government would establish the best possible environment for organisations to function in the nation while aiming to balance the needs of the populace, industry, and government.
PM Chnh suggested that Bill Gates, co-founder of Microsoft Corp. and founder and chairman of the Gates Foundation, support the operation of the Vietnam National Innovation Centre and provide consulting for Viet Nam’s strategy on science, technology, and innovation during their meeting. The Gates Foundation works in agricultural development, financial services for the poor, clean energy, environmental hygiene, global education, health care, and nutrition.
Additionally, he urged Gates to keep supporting science and technology advancement, climate change mitigation, green transition, green growth, renewable energy, healthcare, and education in Vietnam through the Gates Foundation.
In addition to promising to fund the Vietnam National Innovation Centre, Gates stated that he wanted to encourage cooperation with and support for Vietnam, with an emphasis on sanitation, clean energy, the environment, health care, particularly the prevention and control of tuberculosis, and innovative educational models.
The Coca-Cola Company’s chairman and CEO, James Quincey, and PM Chnh also had a meeting during which Coca-Cola expressed a desire to expand operations in Vietnam.
Tim Hughes, Senior Vice President for Global Business and Government Affairs at SpaceX, which develops, produces, and launches cutting-edge rockets and spacecraft, revealed that the company plans to invest about US$500 million in Vietnam and expressed his hope to be granted the investment permit for its Starlink services there.
PM Chnh suggested SpaceX work with the Vietnamese Ministry of Planning and Investment to connect with and collaborate with potential Vietnamese partners in the information technology sector, to implement cooperative activities to foster innovation in Vietnam, and to suggest OEM (original equipment manufacturers) establish telecommunications equipment factories in Vietnam in the near future.
The prime minister urged Hughes to extend Elon Musk’s invitation to the Vietnam International Industrial Fair 2023 later this year.
Nate Franklin, president and chief executive officer of Pacifico Energy, also reaffirmed the company’s desire to invest further in renewable energy in Vietnam and discussed the potential for the development of offshore wind farms there.