Prime Minister Phạm Minh Chính (right) and US Secretary of the Treasury Janet Yellen (left). —VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính proposed to strengthen the connection between the two economies, especially in investment and trade, at a meeting with US Secretary of the Treasury Janet Yellen in Hà Nội on July 20.

The PM also suggested promoting bilateral cooperation to increase the resilience of supply chains and promote the expansion of US business investment in Việt Nam, with a priority on high technology.

Also at the meeting, Prime Minister Chính said that Việt Nam wishes to promote the Comprehensive Partnership with the US and cooperate in a variety of sectors, especially banking and finance.

The Prime Minister and the Secretary of the Treasury expressed their pleasure that after nearly 30 years of diplomatic relations and 10 years of comprehensive partnership, the relationship between the two countries has been developing steadily in all areas, with trade being a key pillar.

Bilateral trade turnover reached more than US$123 billion in 2022. The US became the second-largest trading partner to and one of the most important export markets of Việt Nam. The US also ranked 11th out of 142 countries and territories investing in Việt Nam.

The Prime Minister welcomed the cooperation of the US Department of the Treasury as well as its objective assessments on the management of monetary and exchange rate policies of Vietnam over the past time.

The Prime Minister also noted that Việt Nam is a developing country, with an economy in transition. Its economy has a modest scale but high openness.

The Prime Minister suggested the two sides continue to promote the exchange of delegations, especially high-level ones, and implement agreements between senior leaders.

Chính proposed that the State Bank of Việt Nam and the US Department of the Treasury continue to maintain a mechanism to resolve related issues through close dialogue and exchange between the two agencies.

The Prime Minister also suggested promoting cooperation between the two countries in responding to climate change and emphasises implementing the Declaration on establishing the Just Energy Transition Partnership (JETP).

In addition, he asked the US to support Việt Nam in developing its renewable energy industry and domestic carbon market to connect with the international market.

US Secretary of the Treasury Janet Yellen expressed her positive impressions of Việt Nam's development.

She affirmed that the US considers Việt Nam a key partner in advancing a free and open Indo-Pacific.

The US will continue to promote cooperation with Việt Nam in investment, and continue to establish a diverse, resilient, and sustainable supply chain in key industries, said Yellen, adding that the US also supports Việt Nam in the process of economic development and transformation.

The US Department of the Treasury hopes to continue dialogue with the State Bank of Việt Nam on monetary policy, exchange rates, and other macroeconomic issues.

The US also highly appreciated Việt Nam's efforts and solutions in the energy transformation and implementation of its Power Plan VIII. — VNS