Vietnamese Minister of Finance Hồ Đức Phớc proposed Việt Nam and the US promote further cooperation in finance at a working session with US Secretary of the Treasury Janet Yellen in Hà Nội on July 21.

 

At the meeting, Minister Phớc highly appreciated the financial cooperation relationship between the two countries.

 

He said the two sides had many agreements and bilateral cooperation activities in the fields of taxation, customs, strengthening finance for infrastructure, and capital market development.

 

They also had multilateral cooperation within the framework of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN) and the Indo-Pacific Economic Framework for Prosperity (IPEF), along with technical assistance from the US in many fields for Việt Nam's Ministry of Finance.

 

During the working session, Minister Phớc shared about Việt Nam's macroeconomic situation. Việt Nam's economy had achieved positive results despite many complicated and unpredictable changes in the world context. 

 

To achieve the growth goals, besides the great efforts of the Government of Việt Nam, Minister Phớc emphasised the important role of international support resources, including from the US Government.

 

US Secretary of the Treasury Janet Yellen welcomed Việt Nam's economic development achievements and emphasised the important role Việt Nam plays in restoring and diversifying the resilience of global supply chains.

 

Beyond the direct benefits of the two countries' economic relationship, she believed that the deep economic ties between the US and Việt Nam helped create greater economic resilience through 'friendshoring’.

 

‘Friendshoring’ is about expanding US trade ties and diversifying its supply chains among many trusted partners like Việt Nam to mitigate against global shocks, geopolitical risks, and overconcentration in critical industries, according to Janet Yellen.

 

The US wants to continue to encourage moving forward through initiatives like the Indo-Pacific Economic Framework, of which the US and Việt Nam are both a part.

 

She said that the US would also continue to work with Việt Nam through the G7’s Partnership for Global Infrastructure Investment which seeks to mobilise US$600 billion over five years.

 

The secretary was encouraged by the announcement of the declaration on establishing the Just Energy Transition Partnership, or JETP, in December. This partnership would provide over $15 billion to help Việt Nam achieve a clean energy transition.

 

Minister Phớc hoped that Secretary Janet Yellen and US Department of the Treasury would continue to play an important role in promoting deep cooperation in the financial services sector between the two countries.

 

At the same time, he wishes the US success in its role as the host of the Asia-Pacific Economic Cooperation (APEC) in 2023.— VNS