Vietnam, US Target Strategic Partnership

At the meeting between Minister of Industry and Trade Nguyen Hong Dien and US Ambassador to Vietnam Marc Evans Knapper in Hanoi on March 21. Photo: VNA

Minister of Industry and Trade Nguyen Hong Dien and US Ambassador to Vietnam Marc Evans Knapper have affirmed that they will work towards the elevation of the Vietnam-US ties to a strategic partnership during their meeting in Hanoi on March 21.

Dien said the two countries have complementary economies so there is a lot of potential for cooperation not only in terms of energy and climate change but also in other fields, VietnamPlus reported.

Vietnam always considers and wishes the United States to be one of its most important partners, both in words and actions, he said.

He informed the ambassador that Vietnam is making efforts to fulfill its commitments at the 26th United Nations Climate Change Conference of the Parties (COP26), but the country needs cooperation and support of partners, including the US.

Congratulating Knapper on his appointment as the US Ambassador to Vietnam, he hoped the diplomat will be able to make breakthrough steps to raise the comprehensive partnership between the two countries to a new height.

The Ministry of Industry and Trade (MoIT) will cooperate effectively and sincerely with the US to achieve these goals, especially in the fields of each other's potentials and common interests such as stabilisation of global supply chains, energy and digital economy on the principle of harmonisation of benefits, and suitability for the circumstances, conditions and capacity of each country.

Vietnam-US trade totalled about $100 billion last year. Photo: VIR

For his part, the US Ambassador to Vietnam said the US embassy is committed to cooperating with the MoIT and the Government of Vietnam to raise the comprehensive partnership between Vietnam and the US to the strategic partnership level.

The US wants to become Vietnam's most important partner in energy security, food, and climate fields, the US diplomat said, adding that those are areas where Vietnam can collaborate with the US Government and its private sector.

Knapper highly appreciated the approval of the Vietnam Low Emission Energy Project (V-LEEP) which is sponsored by the US Agency for International Development (USAID). He hoped that the MoIT will facilitate the endorsement of a pilot programme on the direct power purchase agreement and the signing of the Letter of Intent on the Clean Energy Initiative.

These methods can help to promote Vietnam's energy transformation as well as create opportunities to welcome investment flows in clean energy into the country, Knapper said.

Relating to the case of Vietnamese honey being investigated by the US Department of Commerce (DOC), Minister Dien urged for the use of appropriate and objective data sources to ensure the principle of "fair competition of the World Trade Organisation (WTO) when calculating the dumping margins of Vietnamese enterprises.

Dien emphasised that Vietnam looks forward to receiving a positive, fair and objective review of the DOC in the final conclusion of the case, ensuring that it is in compliance with WTO regulations, towards harmonising the interests in bilateral trade and common goals of the two countries.

Vietnam is an important and potential market for US meat. Photo: VIR

As of February 20, 2022, the US ranked 11th among 140 countries and territories investing in Vietnam, with 1,145 projects worth over $10.3 billion. Meanwhile, Vietnam had 208 projects valued at $1.06 billion in the US, Nhan dan (People) newspaper cited statistics by Foreign Investment Agency.

Adam Sitkoff, Executive Director from the American Chamber of Commerce (AmCham) Hanoi, said in a recent interview that there are great opportunities and a bright future for US companies within sight in Vietnam despite the economic implications of the Covid-19 for the country.

US companies and investors have contributed significantly to the transformation and growth of Vietnam’s economy, Sitkoff told Dau Tu (Vietnam Investment Review).

This continues today as AmCham members represent billions of US dollars in foreign investment, tens of thousands of direct employees, hundreds of thousands of indirect employees, and a significant share of Vietnam’s exports and tax revenues, he said.

He revealed that the Vietnam-US trade totalled about $100 billion last year and the US remains Vietnam’s largest buyer, even during these tough times.

The official expected the Vietnamese and US government to begin efforts towards a bilateral trade agreement. A trade deal would improve investment and trade flows, assist sustainable supply chains, enhance business conditions that strengthen the private sector, ensure sustainable economic and social development, and promote prosperity in Vietnam, he stated./.

Vietnam, US Boost Health Security Cooperation Across Region Located in the heart of Hanoi, a United States Centers for Disease Control and Prevention (CDC) Southeast Asia Regional Office will be to coordinate Covid-19 ...

Vietnam, US agree to beef up defence cooperation Vietnam and the United States will increase bilateral defence cooperation, with priority to be given to addressing wartime legacy, improving law enforcement capacity at sea, ...

Vietnam, US to further cooperate in war legacy relief Vietnam-US cooperataion in dealing with war consequences has contributed to promoting solidarity and mutual trust between the two countries,