PM proposes US recognizes Vietnam's market economy

By Hoang Thuy   September 20, 2023 | 12:58 am PT
PM proposes US recognizes Vietnam's market economy
Vietnamese Prime Minister Pham Minh Chinh shakes hands with U.S. Secretary of Commerce Gina Raimondo. Sept. 19, 2023. Photo by Nhat Bac
Prime Minister Pham Minh Chinh has recommended the U.S. Department of Commerce (DOC) soon recognize Vietnam’s market economy so the Comprehensive Strategic Partnership can be implemented effectively.

The PM met with Secretary of Commerce Gina Raimondo on Tuesday in Washington D.C. as part of his trip to attend the high-level General Debate of the 78th session of the United Nations General Assembly.

Secretary Raimondo said she would push the U.S. to expedite the PM’s request, and to co-implement agreed terms in the Joint Declaration relating to economics, trade and investment.

Chinh said the establishment of the Vietnam-U.S. Comprehensive Strategic Partnership had created momentum and a framework for long-term cooperation between the nations, opening up a new phase for economic, trade and investment partnerships.

"The DOC and Secretary Raimondo have of late made substantial contributions to promote trade cooperation between the two countries," the PM said.

The PM hopes DOC will continue to promote bilateral economic and trade relations, chiefly encouraging high-tech firms to do business in Vietnam. Both nations, he said, should strive for breakthroughs in science and technology, innovation, and education.

He also encouraged cooperation in joint efforts on countering climate change, green growth, and renewable energy development.

Secretary Raimondo said U.S. firms saw Vietnam as a place for business and investment opportunities. She believes that, once negotiations on the Indo-Pacific Economic Framework for Prosperity (IPEF) are done, capital and investments will pour into Vietnam.

The PM suggested extra access to the U.S. market for Vietnamese goods like electronics, textiles, footwear, agricultural products, and fresh fruits.

He said he would like to see the countries’ two-way trade to continue to grow, with consideration of Vietnamese business interests, and for the U.S. to refrain from deploying trade defense measures on Vietnamese goods.

The same day, the PM met U.S. Trade Representative Katherine Tai and again suggested both nations actively work to realize their respective leadership’s agreements. On top of the aforementioned areas, he suggested the U.S. supports Vietnam in building a supply chain for semiconductors.

Tai said the U.S. had always considered Vietnam an important partner in the region, and would keep promoting bilateral economic cooperation. She said she would contribute her efforts on the latter front for the foreseeable future.

Tai said she hoped Vietnam would continue to support efforts to conclude the Indo-Pacific Economic Framework negotiations.

PM Chinh on Tuesday night arrived in New York to participate in the UN’s General Debate. This is part of his Sept. 17-23 trip to the U.S., which began after President Joe Biden's Vietnam visit.

go to top