Vietnam - US is a comprehensive strategic partnership, what benefits does the economy get?

The historic event of Vietnam and the US officially announcing the establishment of a comprehensive strategic partnership is expected to bring great benefits to the two countries, creating an "open corridor" for economic cooperation between the two countries.

The two delegations at the meeting at the Party Central Office on the afternoon of September 10 - Photo: NGUYEN KHANH

On the evening of September 10, General Secretary Nguyen Phu Trong and US President Joe Biden held a joint press conference on the results of the talks between the two countries' leaders, officially approving the Joint Statement elevating Vietnam-US relations to a comprehensive strategic partnership for peace, cooperation, and sustainable development.

Responding to a press interview about the results and prospects for development and cooperation between the two countries on the occasion of this event, Minister of Industry and Trade Nguyen Hong Dien expressed: The Ministry of Industry and Trade assesses that the historic visit of President Joe Biden and the event of upgrading relations to the level of Comprehensive Strategic Partnership will create unprecedented opportunities.

Promote exports, cooperation in new fields

"This event will promote new and breakthrough areas of cooperation, building internal strength so that Vietnam can truly be present in global value chains. It focuses on promoting the participation of Vietnamese enterprises in the field of supplying raw materials, components, and equipment for the energy, aviation, digital economy, and artificial intelligence applications...", Mr. Dien said.

According to the Minister of Industry and Trade, the benefits are primarily export activities. In the context of economic difficulties, high inflation in the US has caused a significant decrease in purchasing power of consumer goods, but this decrease is only temporary and not a mainstream trend.

Mr. Dien said that Vietnam's exports to the US have grown again in recent months, showing an expected improvement in 2023, when US consumer confidence is recovering.

Accordingly, Vietnam's traditional and strong export products such as textiles, wooden products, footwear, electronics, etc. are expected to continue to recover with positive export growth rates.

Special,   In recent years, Vietnam has been transforming strongly to become a major global manufacturing center. Vietnamese enterprises have produced many products with a wide variety of types, competitive prices and increasingly improved quality.

After the pandemic and recent geopolitical and economic instability, many corporations and retail and wholesale distribution channels are promoting diversification strategies to ensure sustainable supply. Therefore, Vietnam is chosen as one of the strategic locations in the global supply chain.

"This is a great opportunity. However, to seize the opportunity will also require great efforts from manufacturing and exporting enterprises," said Mr. Dien.

The Minister of Industry and Trade said that there are many cooperation opportunities but it requires great efforts from Vietnamese enterprises - Photo: Moit.gov.vn

Many promising areas of cooperation

According to Minister Nguyen Hong Dien, the demand and consumer tastes in Vietnam's export markets in general and the US in particular have seen many new trends, requiring businesses to quickly adapt.

Especially the requirements and demands on price, quality and requirements related to environmental protection and sustainable development, “ green production ” standards, “clean and sustainable” supply chains.

Mr. Dien said that the promising areas of cooperation between the two countries will be core and strategic areas such as energy, aviation, infrastructure development, high-quality human resource training, energy transition, digital economy, green production, etc.

Regarding the energy sector, Mr. Dien said that the US and Vietnam have implemented many cooperation projects, from oil and gas exploration and exploitation, oil and gas services, construction and supply of thermal power plant equipment, to wind power development, technical cooperation in specialized fields, etc.

The two sides have also established the Vietnam-US Energy Security Dialogue mechanism. Accordingly, Vietnam requested the US to support the energy transition process, including policy advice, human resource training, support for cooperation between enterprises in accessing new technologies, mastering equipment manufacturing technology, etc.

Tuoitre.vn