Vietnam, US further promote financial cooperation

Hanoi – Minister of Finance Ho Duc Phoc highly evaluated financial cooperation between Vietnam and the US as he received US Secretary of the Treasury Janet Yellen in Hanoi on July 21.

He said that the two sides have signed many agreements and organised bilateral cooperation activities in the fields of taxation and customs; increased financing for infrastructure development; developed the capital market; and stepped up 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) along with the US’s technical assistance to Vietnam’s Ministry of Finance in many fields.

Phoc emphasised the important role of international support resources, including those from the US Government, to help Vietnam cope with complicated changes and make positive achievements in recent years.

For her part, Yellen applauded Vietnam's economic development achievements and emphasised the important role that Vietnam has played in restoring and persifying the resilience of the global supply chain.

On this occasion, she also shared the US Government's priority policies to promote the development of a sustainable supply chain in the context of the world economy's volatilities.

The US official highly appreciated the political declaration on the establishment of the Just Energy Transition Partnership (JETP) between Vietnam and its development partners, hoping that it would be an effective resource to support Vietnam in its energy transition, achieving the goal of net zero emissions by 2050.

Phoc expected that Yellen and the US Department of the Treasury would play an important role in further promoting profound and comprehensive financial cooperation between the two nations.

Politburo member and head of the Party Central Committee’s Economic Commission Tran Tuan Anh had a meeting in Hanoi on March 10 with a delegation from the US-ASEAN Business Council (USABC) and representatives from 28 leading US businesses.

The United States and Vietnam have a lot of potential to expand their business and trade cooperation in such fields as agriculture, life sciences and energy transition, according to President and CEO of the Business Council for International Understanding (BCIU) Peter Tichansky.

Minister of Information and Communications Nguyen Manh Hung on February 13 met with US Trade Representative Katherine Tai and US Ambassador to Vietnam Marc E. Knapper to discuss boosting bilateral ties in digital economy and digital trade.