US Secretary of Commerce: Promote the early acknowledgment of Vietnam's market economy status

US Secretary of Commerce: Promote the early acknowledgment of Vietnam’s market economy status

On September 19, during his visit to the United States to participate in the high-level general discussion session of the 78th United Nations General Assembly, Prime Minister Pham Minh Chinh met with US Secretary of Commerce Gina Raimondo in Washington, D.C.

During the meeting, Prime Minister Pham Minh Chinh expressed his deep appreciation for President Joe Biden’s State visit to Vietnam and conveyed his happiness regarding the establishment of a comprehensive Strategic Partnership between Vietnam and the United States. This partnership is aimed at fostering peace, cooperation, and sustainable development, providing new momentum and a long-term collaborative framework for the two countries. It opens up a new chapter in economic, trade, and investment cooperation.

The Prime Minister said that Vietnam considers economic, trade, and investment cooperation as the foundation and driving force behind the comprehensive Strategic Partnership with the United States. He also commended the US Department of Commerce and Minister Gina Raimondo for their practical contributions to promoting trade cooperation between the two nations in recent times.

In line with the objectives of the Vietnam-US Comprehensive Strategic Partnership, the Prime Minister proposed that the US Department of Commerce promptly acknowledge Vietnam’s status as a market economy. He further suggested a focus on bolstering bilateral economic and trade relations, particularly encouraging high-tech US enterprises to engage in business activities in Vietnam. The Prime Minister also emphasized the need for increased exchange visits and the sharing of experiences.

Moreover, the Prime Minister called for groundbreaking strides in science and technology collaboration, innovation, education, and training. He stressed the importance of robust cooperation in addressing climate change, promoting green growth, and advancing renewable energy initiatives.

Minister of Commerce Gina Raimondo echoed Prime Minister Pham Minh Chinh’s assessment of the significance of President Joe Biden’s visit to Vietnam and the establishment of the comprehensive Strategic Partnership framework.

Minister Raimondo emphasized the keen interest of US businesses in exploring business and investment opportunities in Vietnam. She expressed confidence that after the successful conclusion of negotiations on the Indo-Pacific Economic Framework for Prosperity (IPEF), businesses and investment funds would make substantial investments in Vietnam.

The Prime Minister urged the United States to further open its market to Vietnamese products, including electronics, textiles, footwear, agricultural goods, and fresh produce. He encouraged both nations to maintain the growth of two-way trade, taking into consideration the interests of Vietnamese businesses and avoiding trade defense measures against Vietnamese products. This should be done while ensuring a balanced, equitable, and mutually beneficial trade relationship.

The US Secretary of Commerce emphasized the significance and importance of the comprehensive Strategic Partnership framework between the two countries. She pledged to work towards the prompt recognition of Vietnam’s market economy status by the United States and to collaborate in implementing the agreed-upon contents of the Joint Declaration, particularly in priority areas like economics, trade, and investment. This would lead to deeper and more efficient cooperation between the two countries.

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