Vietnam and US Aim to Strengthen Economic and Financial Ties, Says Deputy Foreign Minister

Hanoi – Vietnam is set to expand its comprehensive and practical ties with the United States, as confirmed by Deputy Minister of Foreign Affairs Le Thi Thu Hang. On November 13, during a meeting with Caroline Pham, Commissioner of the US Commodity Futures Trading Commission (CFTC), in Hanoi, Hang emphasized Vietnam’s readiness to develop its relationship with the US under the framework of their bilateral comprehensive strategic partnership, which was established in September and consists of ten pillars.

According to Vietnam News Agency, in the face of global economic uncertainties, Vietnam is committed to promoting economic linkages and creating a favorable environment for the development of its financial market. This commitment is aimed at enhancing information exchange to improve mechanisms and policies and to strengthen bilateral and multilateral cooperation in the financial sector. Hang suggested that Vietnam and the US should enhance dialogue and cooperation in areas of common interest, including infrastructure and financial services, with a particular focus on digital finance, quality workforce training, debt and aid management, customs duty fulfillment, and the development of capital and stock markets.

Pham expressed her pleasure in visiting Vietnam, which she described as a key partner in the US’s regional policy. She agreed with Hang on the significance of President Joe Biden’s visit to Vietnam in September and the upgrade of the bilateral relationship to a comprehensive strategic partnership. Pham highlighted these events as a significant advancement in bilateral relations, building mutual understanding, trust, and opening up new opportunities for economic and financial cooperation between the two nations.

Pham noted the growing interest of US businesses, especially in the financial sector, in Vietnam. She attributed this to Vietnam’s stable political environment, the increasing participation of its people in the financial market, and the government’s flexible policies. Pham acknowledged the active collaboration of Vietnamese government agencies, such as the State Bank of Vietnam and the Ministry of Finance, with the CFTC on trade policy and forex-related matters. She expressed hope for further cooperation expansion in the financial and banking sectors.

The CFTC plans to support Vietnam in workforce training and share experiences in building policy frameworks, risk management, and overseeing the development of a stable financial market. The discussions between Hang and Pham also covered specific measures to tighten the economic-trade and finance-investment relations between the two countries. These measures include promoting the Indo-Pacific Economic Framework negotiations, the US’s recognition of Vietnam as a market economy, collaboration in foreign exchange policies, and the development of digital and green economies, along with diversifying supply chains.