Prime Minister Pham Minh Chinh meets with US Secretary of Treasury Janet Yellen in Hanoi on July 20, 2023. (photo: VNA)

The PM proposed the two sides continue to exchange delegations and implement agreements between their senior leaders.

He asked the State Bank of Vietnam and the US Department of Treasury to maintain dialogues to address related issues in the context of multiple global economic fluctuations. Mr Chinh also suggested strengthening coordination between the two economies, increasing the resilience of the supply chain, encouraging US businesses to expand investment in Vietnam, particularly in high-tech fields, and building harmonious, sustainable, and mutually beneficial trade relations.

He wished to promote bilateral cooperation in climate change response and the implementation of the Just Energy Transition Partnership (JETP). He urged the US to support Vietnam to develop its renewable energy industry and establish a domestic carbon market connected to the international market.

US Secretary of Treasury Janet Yellen said Vietnam is an increasingly important partner of the US and plays a key role in its Indo-Pacific strategy. She emphasized that the US will continue to promote trade and investment cooperation with Vietnam, and support Vietnam in economic development and transformation.

Ms. Janet Yellen said that the US plans to shift its supply chain to Vietnam because of the country's safety and reliability and intends to help Vietnam improve capacity to produce chips and semiconductors. The US Department of Treasury wishes to maintain dialogues with the State Bank of Vietnam on monetary policy, exchange rate, and other macro issues.

The same day, Ms. Janet Yellen met with Tran Tuan Anh, Head of the Party Central Committee’s Economic Commission and Governor of the State Bank of Vietnam Nguyen Thi Hong.