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US firms should be encouraged to expand and increase investment in Vietnam, especially in high-tech, he said, highlighting the building of harmonious, sustainable and mutually-beneficial trade ties between the two countries.
The Government leader also called for stronger collaboration in climate response and the implementation of the Just Energy Transition Partnership (JETP), and asked for the US’ assistance in renewable energy development and the establishment of a domestic carbon market connected with the international market in Vietnam.
The PM appreciated the US side’s recognition of the State Bank of Vietnam (SBV)’s successful implementation of the action plan on exchange rate and information transparency, contributing to reinforcing cooperation between the two countries as well as between the SBV and the US Department of the Treasury.
Briefing the Treasury Secretary on Vietnam’s foreign policy, Chinh said Vietnam wishes to strengthen its comprehensive partnership with the US, and supports the enhancement of the bilateral friendship and cooperation across spheres, prioritising finance-banking.
Host and guest shared the view that the Vietnam-US relationship has been developing positively and firmly in all fields since the two countries established diplomatic ties 30 years ago and the comprehensive partnership a decade ago, with the economic-trade ties serving as a pillar and a driver.
The PM spoke highly of the objective and relevant assessment of the US Department of the Treasury on Vietnam's monetary policy and exchange rate management in the recent past, and briefed the US official on Vietnam’s socio-economic situation, and major financial and monetary policy orientations.
He urged the SBV and the US Department of the Treasury to maintain dialogues and close contacts to handle emerging issues in the time ahead given the evolving global situation.
For her part, Yellen expressed her impressions of Vietnam’s development, affirming that Vietnam is an increasingly important partner of the US and plays a key role in the country’s Indo-Pacific Strategy.
The Treasury Secretary said she will hold working sessions with US competent agencies and convey the Vietnamese PM’s suggestions to US leaders.
The US will forge cooperation with Vietnam in investment and supply chain diversification and relocation, and assist the country in development and economic reform, she pledged.
Yelle said she supports and wishes for further dialogues with the Vietnamese central bank on monetary policy, exchange rate and other macro matters, as well as more cooperation activities between the two sides.
The US highly values and backs Vietnam’s efforts and solutions in energy transition, the implementation of the National Power Development Plan VIII, and acceleration of the realisation of the Just Energy Transition Partnership (JETP) through the mobilisation of international financial sources, she emphasised.
State Bank of Vietnam, US Treasury Department to maintain close ties
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong and US Secretary of the Treasury Janet L. Yellen had a working session in Hanoi on July 20, pledging to maintain close cooperation between their agencies in the spirit of mutual respect.
The officials shared the view that their countries have multiple opportunities to strengthen cooperation towards the common target of promoting strong, inclusive, and sustainable growth via effective macro-economic policies and financial stability maintenance.
They said the SBV and the US Treasury Department have maintained close cooperation and set up channels for frequent and effective communication, thereby helping enhance mutual understanding, boost cooperation and information sharing, and deal with emerging issues in a timely manner.
The US Treasury Department recognised the results of the SBV’s handling of common challenges in emerging markets
Hong informed her guest about Vietnam’s socio-economic development achievements during 2011 - 2022, including those in macro-economic stabilisation amid common challenges and difficulties in the world.
She affirmed that Vietnam’s monetary and exchange rate policy is aimed at the consistent target of helping control inflation, stabilise the macro-economy, and guarantee safety for the credit institution system.
The SBV has governed the exchange rates in a proactive and flexible manner that matches the development level of the foreign exchange market and other economic factors. It does not use the exchange rate policy to create an unfair trade competition advantage, and has worked to ensure stable and smooth operations of the foreign exchange market to help with macro-economic stability, the Governor went on.
Yellen congratulated Vietnam on its macro-economic attainments and the monetary policy’s effectiveness. She also highly valued the SBV’s efforts in modernising and improving the transparency of the governance framework of Vietnam’s monetary and foreign exchange rate policy to enhance macro-economic stability and guarantee the safety and health of the banking system.
The Secretary said the measures taken by the SBV over the recent past were highly important to strengthening the macro-economic stability and the adaptability of the Vietnamese economy in the face of the global financial market’s volatility and external shocks.
Pledging to maintain close cooperation in the spirit of mutual respect, they agreed to hold frequent dialogue at all levels on macro-economic, financial, monetary policies; further enhance mutual understanding and assistance; and promote technical support in terms of banking supervision and financial stabilisation.
Following the meeting, Hong and Yellen issued a joint statement.
Source: VNA
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