PM meets US Treasury Secretary, leaders of economic groups

Prime Minister Pham Minh Chinh met with Treasury Secretary Janet Yellen in New York on September 20 (local time) to discuss cooperation between Vietnam and the US in economy and finance, and to share views on other issues of shared concern.

The meeting took place as part of the Vietnamese leader’s trip to the US for the high-level week of the 78th session of the United Nations General Assembly, and bilateral activities in the country.

Chinh affirmed that Vietnam considers the US a leading important partner, and stands ready to work together with the country to promote the bilateral relationship intensively, extensively, stably, and practically.

Vietnam also regards cooperation in economy, finance, trade and investment as a priority of the bilateral comprehensive strategic partnership, and highly valued substantive contributions by Yellen and the US Department of the Treasury to the economic and trade ties, he continued.

The PM suggested the department further allocate resources to the economic and trade relations, and called on the US to soon recognise Vietnam’s market economy mechanism.

The two countries should enhance dialogues and collaboration in the areas of mutual benefits like infrastructure, financial services, personnel training, IT application, management experience sharing, loans and grants, tax, and capital and stock markets, he said.

Chinh also suggested the US side ease trade remedies on Vietnamese garments-textiles, wood products, and especially farm produce.

For her part, Yellen shared Chinh’s view on the importance of the recent visit to Vietnam by President Joe Biden, saying the establishment of the comprehensive strategic partnership reflects spectacular steps in the bilateral relations, as well as the US’s commitment to opening up new economic cooperation opportunities between the two countries, helping raise mutual understanding and trust.

Since the normalisation of the relations in 1995, the US and Vietnam have remained important economic and trade partners of each other, she said, noting that Vietnam is a key partner in the US’s implementation of its regional policy.

The official affirmed the US is cooperating with the Southeast Asian nation to enhance the self-resilience of the regional supply chain, and that Vietnam boasts potential in the supply chain in the semiconductor industry.  

Yellen thanked Vietnamese government agencies for their active and proactive coordination with the US department in matters relating to trade, monetary and foreign exchange policies.

Regarding regional cooperation, Chinh expressed his hope that the US will continue its close connection with the economic development and international integration of the Asia-Pacific, and suggested the US provide more resources and finance for Mekong Sub-region countries to support their implementation of sustainable development goals.  

The two sides also reviewed cooperation priorities in economy and finance globally.

The same day, Chinh separately received representatives of some leading economic groups of the US and the world like Microsoft, Gates Foundation, SpaceX, Coca-Cola, and Pacifico Energy.

At the meetings, the leader spoke highly of their contributions to Vietnam’s sustainable socio-economic development, and briefed them on favourable business conditions in the country.  

Vietnam is selective in attracting investments, and prioritises projects in such spheres as science-technology, innovation, research and development, green economy, digital economy, knowledge-based economy and circular economy, he said.

The Vietnamese government will create optimal conditions for groups to operate in the country, targeting the harmony of interests of people, businesses and the State, the leader emphasised.

At the meeting with Microsoft Corp's co-founder Bill Gates, who is also founder and chairman of the Gates Foundation that operates in agricultural development, financial services for the poor, clean energy, environmental hygiene, global education, health care and nutrition, Chinh suggested him support the operation of the Vietnam National Innovation Centre and provide consultancy for Vietnam’s strategy on science-technology, and innovation.

He also called on Bill Gates, through the foundation, to continue his assistance to innovative startups, science-technology development, climate change response, green transition, green growth, renewable energy, health care and education in Vietnam.

Bill Gates, for his part, said he wants to promote cooperation with and support to Vietnam, focusing on hygiene, clean energy, environment; health care, especially tuberculosis prevention and control; and AI and advanced education models, and pledged to support the Vietnam National Innovation Centre.

PM Chinh also met with James Quincey, Chairman and CEO of The Coca‑Cola Company, who said Coca-Cola wants to expand its operation in Vietnam.

 

 

Meanwhile, Tim Hughes, Senior Vice President for Global Business and Government Affairs at SpaceX that designs, manufactures and launches advanced rockets and spacecraft, said the group plans to invest about 500 million USD in Vietnam, and expressed his hope to receive the investment licence for its Starlink services in Vietnam.

Chinh suggested SpaceX coordinate with the Vietnamese Ministry of Planning and Investment to connect and cooperate with potential Vietnamese partners in information technology, deploy cooperative activities to promote innovation in Vietnam, and propose OEM (original equipment manufacturers) build telecommunications equipment factories in Vietnam in the time ahead.

 

 

The PM asked Hughes to convey his invitation to SpaceX CEO Elon Musk to attend the Vietnam International Industrial Fair 2023 later this year.

Nate Franklin, President and CEO of Pacifico Energy, also affirmed that the group wants to invest more in renewable energy in Vietnam, and shared his ideas on offshore wind power development in the country.