Prime Minister Pham Minh Chinh welcomed the Minister's visit to Vietnam; highly appreciated the US side for confirming that the State Bank of Vietnam had successfully implemented the "Action Plan on Exchange Rates and Information Transparency", contributing to promoting cooperation between the two countries in general and between the two agencies in particular.

Informing Secretary Janet Yelle about Vietnam's foreign policy, the Prime Minister said that Vietnam wishes to promote the Comprehensive Partnership with the United States and supports strengthening friendship and cooperation in all fields, of which the banking and finance sector is an important priority.

Prime Minister Pham Minh Chinh receives US Treasury Secretary Janet Yellen. Photo: Duong Giang

The Prime Minister and the US Treasury Secretary expressed their delight at the fact that after nearly 30 years of establishing diplomatic relations and 10 years of Comprehensive Partnership, the relationship between the two countries has been developing positively and steadily in all areas. In particular, economic and trade relations are the pillars and strong driving force. Bilateral trade turnover in 2022 reached more than 123 billion USD, the US became the second largest trading partner and one of the most important export markets of Vietnam. The US ranked 11th out of 142 countries and territories investing in Vietnam.

The Prime Minister welcomed the cooperation activities and the objective and appropriate assessments of the US Department of the Treasury on Vietnam's monetary and exchange rate policies in recent times; and shared about the socio-economic situation and major orientations in Vietnam's financial and monetary policies.

The Prime Minister also stated that after many years of war, Vietnam is a developing country with a transitional economy, modest in scale but highly open, and limited resilience to external impacts.

Scene of the reception. Photo: VNA

The Prime Minister suggested that both sides continue to promote delegation exchanges, especially high-level delegations, and implement agreements between the two countries' senior leaders. In particular, the Prime Minister suggested that the State Bank and the US Treasury continue to maintain the mechanism for resolving related issues through dialogue and close exchanges between the two agencies on issues arising in the coming time, in the context of many fluctuations in the world economy.

The Prime Minister also proposed to strengthen coordination between the two sides in enhancing connectivity between the two economies, trade cooperation, increasing the resilience of the supply chain, promoting US businesses to expand and continue investing in Vietnam, especially in high-tech fields, building harmonious, sustainable and mutually beneficial trade relations; promoting cooperation between Vietnam and the US in responding to climate change, implementing the Just Energy Transition Partnership (JETP) Statement, supporting Vietnam in developing the renewable energy industry, and establishing a domestic carbon market connected to the international market.

US Treasury Secretary Janet Yelle expressed her impression of Vietnam's development; affirmed that Vietnam is an increasingly important partner of the United States and plays a key role in the country's Indo-Pacific strategy.

The Minister said she would discuss with US authorities and report to US leaders on the contents that the Prime Minister had commented on; affirmed that the US would continue to promote cooperation with Vietnam on investment, diversification and shifting of supply chains, and support Vietnam in the process of developing and transforming the economy.

The US Treasury Department supports and wishes to continue dialogue with the State Bank of Vietnam on monetary policy, exchange rates and other macroeconomic issues, further enhancing cooperation activities between the two sides; said that the US highly appreciates and supports Vietnam's efforts and solutions in the energy transition process, implementing the VIII power plan, accelerating the implementation of JETP with the mobilization of international financial resources.

VNA

* Please visit the Politics section to see related news and articles.