Top legislator meets with US Treasury Secretary

Currently on a visit to Vietnam, Yellen said that she believes Vietnam will successfully achieve its development goals and that the US wishes to contribute to this process.

Chairman Hue stated that in Vietnam’s foreign policy of independence, self-reliance, peace, friendship, cooperation and development, the US is a crucial partner. He affirmed support of the enhancement of stable and long-lasting bilateral relations for the interests of both countries, as well as for peace, friendship, and cooperation in the region and the world.

The top Vietnamese legislator proposed both sides further promote relations across the channels of party, state, parliament, and people-to-people exchange; strengthen parliamentary cooperation, high-level delegation exchanges; and establish mechanisms for legislative collaboration commensurate with the bilateral relationship.

He urged both countries to coordinate to set up new and more effective bilateral and multilateral cooperative mechanisms in trade and investment. Vietnam does not pursue a trade surplus policy with the US, he said, highlighting the Southeast Asian nation’s continuous improvement of the domestic legal system and investment climate to create favourable conditions for long-term and successful operations of US enterprises.

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.

He recommended the US support Vietnam in a fair energy transition, particularly in terms of finance, and proposed allocating resources supporting the Just Energy Transition Partnership (JETP) and cooperative initiatives within the framework of the Mekong - US partnership.

He also requested the US to assist Vietnam's development of the digital economy, digital government, digital society, and digital transformation to meet sustainable development requirements.

For her part, 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.