US Treasury Secretary’s visit to Vietnam for deepened economic ties

An official visit paid to Vietnam by United States Secretary of the Treasury Janet Yellen on July 18-21 focuses on resuming global supply chains after the disruption of the Covid-19 pandemic and existing challenges. 

Secretary of the Treasury Janet Yellen at a press conference in Washington, D.C. on July 28, 2022. Photo: AFP/VNA

The topic, along with discussions on bilateral economic relations and regional affairs, will underscore that the deep economic ties between the US and Vietnam help build greater economic resilience, according to the US Embassy in Hanoi.

During the three-day visit, Secretary Yellen will hold a bilateral meeting with the State Bank of Vietnam Governor Nguyen Thi Hong, among other things, to express satisfaction with the joint efforts to support Vietnam’s financial and macroeconomic resilience. She will emphasize how supportive the US is of Vietnam’s development and how it benefits both Vietnamese and US citizens.

In a meeting with Prime Minister Pham Minh Chinh, Secretary Yellen will highlight the importance of relocating supply chains to proper countries.

She will also meet with National Assembly Chairman Vuong Dinh Hue and the Head of the Party Central Committee’s Economic Commission, Tran Tuan Anh.

Along with that, Secretary Yellen will attend a meeting with Minister of Finance Ho Duc Phoc to accentuate that the US views Vietnam as a key partner in the Indo-Pacific and to highlight initiatives to strengthen the already robust trade and investment ties between the two nations.

Secretary Yellen will visit a startup to underline the two countries' cooperation on driving a clean energy transition, meet with women economists and entrepreneurs, and participate in a moderated discussion at a Female Leadership Conference in the Economic Sector hosted by Foreign Trade University. 

On this occasion, she will deliver remarks on the importance of developing resilient supply chains and combating climate change.

Secretary Yellen’s trip to Hanoi comes as the US and Vietnam celebrate the 10th anniversary of the Comprehensive Partnership. Signed in 2013, this partnership has strengthened the overall bilateral relationship and deepened trade and economic ties between the two countries.

To mark the celebration, US State Secretary Anthony Blinken and Trade Representative Katherine Tai visited Vietnam earlier this year.

Over the past three decades, bilateral trade and investment have grown tremendously and now total billions of dollars. From having almost no economic ties when relations were established 28 years ago, trade in goods between Vietnam and the US hit US$138 billion in 2022.