U.S. Treasury Secretary Janet L. Yellen and Vietnam's State Bank Governor, Nguyen Thi Hong, convened in Hanoi on July 21. During their meeting, they reiterated their dedication to strengthening the economic partnership between the United States and Vietnam and promoting robust, inclusive economic growth.
"The United States and Vietnam are trusted partners with a friendship grounded in mutual respect and the shared goal of promoting strong, resilient, secure, and inclusive growth. We look forward to strengthening this partnership further in coming years," U.S. Secretary of Treaury Janet L. Yellen said.
According to a press release issued by the U.S. Department of Treasury, Secretary Janet L. Yellen and Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong convened in Hanoi, Vietnam, on July 21, exploring ways to bolster economic resilience within the Southeast Asian nation.
The two financial leaders issued a joint statement, underlining their recognition of a "significant opportunity to strengthen cooperation toward the shared objective of strong, inclusive, and sustainable growth through well-designed macroeconomic policies and efforts to maintain financial stability."
The statement also emphasized the consensus reached between the U.S. Treasury and SBV to intensify their involvement in essential areas. To achieve this, they plan to establish a regular dialogue on senior staff level concerning macroeconomic and financial policies. Such communication will foster mutual comprehension of each nation's fiscal and monetary conditions and policies. It will also facilitate the exchange of insights on nurturing stable and efficient financial markets, while promoting mutual goals of solid, resilient, secure, and inclusive economic growth and financial stability. A potential technical assistance partnership is another point of discussion between the U.S. Treasury and the SBV.
"The United States and Vietnam are trusted partners with a friendship grounded in mutual respect and the shared goal of promoting strong, resilient, secure, and inclusive growth. We look forward to strengthening this partnership further in coming years," the statement further read.
During her address, Secretary Yellen painted a promising picture of the economic future of the U.S.-Vietnam partnership, emphasizing the pivotal role of economic resilience in today's interconnected global economy. She underlined the U.S.'s dedication to nurturing Vietnam's economic advancement and fortifying the economic ties between the two countries. Yellen acknowledged the substantial economic evolution Vietnam has undergone since establishing diplomatic ties with the U.S. in 1995, attributing it to market reforms as well as global trade and investment.
Secretary Yellen stated that Vietnam has evolved into a crucial component of global economy and is integral to various international supply chains. This "undeniable strength," she suggested, will equip the country to attain its ambition of becoming a high-income nation by 2045.
The meeting between Secretary Yellen and Governor Nguyen Thi Hong solidified the commitment of the United States and Vietnam to work together towards fostering economic growth, resilience, and financial stability. The partnership seeks to leverage each other's strengths and promote a sustainable and prosperous future for both nations.