Minister of Finance Ho Duc Phoc highly evaluated financial cooperation between Vietnam and the US as he received US Secretary of the Treasury Janet Yellen in Hanoi on July 21, VNA reported.

He said that the two sides have signed many agreements and organised bilateral cooperation activities in the fields of taxation and customs; increased financing for infrastructure development; developed the capital market; and stepped up multilateral cooperation within the frameworks of the Asia-Pacific Economic Cooperation (APEC) Forum, the Association of Southeast Asian Nations (ASEAN), and the Indo-Pacific Economic Framework for Prosperity (IPEF) along with the US’s technical assistance to Vietnam’s Ministry of Finance in many fields.

Minister of Finance Ho Duc Phoc holds talks with US Secretary of the Treasury Janet Yellen in Hanoi on July 21. (Photo: VNA

Phoc emphasized the important role of international support resources, including those from the US Government, to help Vietnam cope with complicated changes and make positive achievements in recent years.

For her part, Yellen applauded Vietnam's economic development achievements and emphasised the important role that Vietnam has played in restoring and diversifying the resilience of the global supply chain.

On this occasion, she also shared the US Government's priority policies to promote the development of a sustainable supply chain in the context of the world economy's volatilities.

The US official highly appreciated the political declaration on the establishment of the Just Energy Transition Partnership (JETP) between Vietnam and its development partners, hoping that it would be an effective resource to support Vietnam in its energy transition, achieving the goal of net zero emissions by 2050.

Phoc expected that Yellen and the US Department of the Treasury would play an important role in further promoting profound and comprehensive financial cooperation between the two nations.

The same day, Vietnamese and US officials discussed economic outlook and climate finance at a meeting held by the State Bank of Vietnam (SBV) and the Foreign Trade University (FTU) in Hanoi.

The meeting, which attracted over 300 participants including many female officials and FTU students, affirmed women’s role and attention as well as young people’s awareness and determination to join hands to cope with such global challenges as climate change to achieve a greener society and a sustainable and prosperous future for all.

During the visit, Yellen also met Chairman of the National Assembly (NA) Vuong Dinh Hue.

The NA Chairman proposed that the US recognise Vietnam's market economy status and limit technical measures and trade defence to facilitate Vietnamese goods' access to its market. He suggested that the US Treasury and Government take measures to support Vietnam in enhancing its position in the global supply chain amid current trends of trade-investment diversification and restructuring.

Chairman of the National Assembly Vuong Dinh Hue (R) and US Treasury Secretary Janet Yellen at their meeting in Hanoi on July 21. Photo: VNA

Yellen said she will consider the matters raised by the Vietnamese NA leader and quickly give concrete reply on the ones that can be implemented in the immediate future.

She appreciated the progress Vietnam has made in implementing an action plan for exchange rate and information transparency. Both sides have engaged in positive dialogue, she said, expressing a wish to continue the bilateral cooperation in this area.

Yellen stated that the Biden administration prioritises key partners like Vietnam in a bid to ensure stability and resilience in supply chains.

Hailing Vietnam and partners' statement on the establishment of the JETP in December last year, she appreciated Vietnam's positive steps in carrying out the statement and stressed that the US supports Vietnam's access to multilateral and private financial sources to carry out its energy transition process.

US Secretary of the Treasury Janet Yellen visited Vietnam on July 18-21 to discuss bilateral economic relations and regional affairs.

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