What have been the biggest outcomes of US President Joe Biden’s visit to Vietnam?
|Ha Kim Ngoc, Deputy Minister of Foreign Affairs |
President Biden’s state visit to Vietnam has been a special one. It is because this has been the first time that a US president paid a state visit to Vietnam at the invitation of the Party General Secretary.
The visit took place when Vietnam and the US celebrates 10 years of bilateral comprehensive partnership. For the first time, both US president and vice president visited Vietnam within one term. This also follows a 30-year tradition in Vietnam-US relations, in which all US presidents have visited Vietnam in their tenures.
The biggest outcome of the visit is that both countries have inked a joint statement to elevate their bilateral ties to a comprehensive strategic partnership, ushering in an important new chapter in their cooperation.
The new partnership covers 10 cooperation pillars embracing all sectors of the economy. It has reflected and meets shared benefits of both nations, and is also suitable to the region’s development trend and shared benefits.
The new cooperation framework will bring both short-term and long-term benefits for the two economies, while Vietnam’s status in the international arena will be further enhanced. Moreover, it will also help the two countries strengthen mutual trust, while helping the US consolidate its role in the region.
What have been the biggest highlights in the economic, trade, and investment sectors between the two countries since relations were normalised in 1995?
Bilateral trade has witnessed spectacular strides, from only $450 million in 1995 to $123 billion last year, and $71.6 billion in the first eight months of this year.
Vietnam has surged to become the seventh-largest trade partner of the US worldwide and the biggest trade partner of the US within ASEAN. Since 2022, the US has become the largest export market of Vietnam, with an export turnover of $100 billion.
When it comes to investment, the US has always been one of the top investors in Vietnam. Cumulatively as of August 20, the US had nearly 1,290 valid projects registered with $11.8 billion, not including big investments into Vietnam via third nations.
Meanwhile, a number of Vietnamese companies have come to the US for investment, with an accumulative figure of billions of US dollars, generating thousands of employment for US employees.
Vietnam and the US have reaffirmed the importance of economic, trade, and investment cooperation and innovation-driven inclusive economic growth as the core foundations and sources of momentum in the bilateral relationship.
Both sides have pledged to create improvements and facilitate the further opening of markets for each other’s goods and services, support trade and economic policy, and also regulatory measures to achieve this aim; and to address varying issues such as market access barriers via the Trade and Investment Framework Agreement.
The US applauds Vietnam’s progress in significant market-based economic reforms, and affirms its enthusiasm and commitment for a broad, strengthened, supportive, and constructive engagement with Vietnam in its transition to a market economy, and subsequently to market economy country status, under US law.
What sectors will be in prioritised cooperation between Vietnam and the US in the coming time?
Vietnam and the US will increase visits and contacts at all levels and via all channels.
What is more, cooperation in economics, trade, and investment will be the biggest priority. They will continue to act as a cornerstone and impetus for both nations’ fine relationship.
The two countries will concentrate cooperation on specific sectors such as supply chain, infrastructure, high-quality human resources, energy transition, digital economy, green economy, and industrial manufacturing development.
In addition, sci-tech and innovation will be a big breakthrough in bilateral cooperation. Both countries will centre on creating foundations for developing digital technologies, semiconductor ecosystem, and AI application.
At the same time, energy transition, biotechnology, health, and pharmacy will also be the sectors with big cooperation.
Moreover, Vietnam and the US will continue addressing war legacies. This is a priority in bilateral relations that contributes to the building of mutual trust and understanding between the two nations.
What is more, Vietnam and the US will boost cooperation in peacekeeping activities of the United Nations, army medical training, accident rescues, and improvement of naval and aviation capacity.
The two countries will also increase cooperation and coordination at regional and international forums such as ASEAN, the Asia-Pacific Economic Cooperation, and the United Nations.
In particular, they will continue working effectively with each other to deal with global challenges such as climate change as well as energy, food, water, and health security, as well as anti-terrorism.
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