US offers to help Vietnam make microchips

By Anh Minh   July 20, 2023 | 06:47 pm PT
US offers to help Vietnam make microchips
Vietnam Prime Minister Pham Minh Chinh (R) and U.S. Treasury Secretary Janet Yellen pose for a photo in Hanoi on July 20, 2023. Photo by Vietnam Government Portal
U.S. Treasury Secretary Janet Yellen has said her country is willing to assist Vietnam in producing semiconductors and improving its renewable energy capacity.

"The United States considers Vietnam a key partner in advancing a free and open Indo-Pacific," she told Prime Minister Pham Minh Chinh during her visit to Vietnam Thursday.

The U.S. wants to promote economic and trade cooperation with Vietnam and plans to strengthen cooperation on supply chains on the basis of a comprehensive and reliable partnership, she said.

She offered increased cooperation from the U.S. Treasury for the State Bank of Vietnam and the Ministry of Finance to modernize monetary policymaking and exchange rate mechanisms and access international financial resources.

Chinh told her that expanding the supply chain and manufacturing semiconductors are also a priority for Vietnam.

It is focusing on improving its institutions, policies and technical infrastructure and modernizing governance and human resource training, he said.

Vietnam adheres to a foreign policy of independence, self-reliance, peace, friendship, cooperation, and development, he said.

The country also prioritizes multilateralization and active international integration, and is willing to be a reliable partner and responsible member of the international community, he said.

It considers the U.S. one of its most important partners and deeply appreciates the high-level contacts with it, he said, referring especially to the telephonic conversation General Secretary Nguyen Phu Trong had with U.S. President Joe Biden in March.

He said the State Bank of Vietnam and the U.S. Treasury should have a mechanism to resolve any issues that arise amid the global economic uncertainties through dialogue.

He hoped the U.S. would help Vietnam develop its renewable energy industry and establish a carbon market.

Companies and individuals can use carbon markets to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions.

Last year trade between Vietnam and the U.S. topped US$123 billion. The U.S. has become the second largest trading partner and one of the most important export markets for Vietnam.

The U.S. is the 11th biggest of the 142 countries and territories that have invested in Vietnam.

After nearly 30 years since establishing diplomatic relations (1995) and 10 years of the Comprehensive Partnership (July 25, 2013), bilateral relations have developed positively and steadily in all fields including trade, investment, science and technology, and education and training.

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