Throughout his journey to the US, Vietnam’s Prime Minister Pham Minh Chinh emphasised the significance of strengthening financial and technological ties between the 2 international locations. One in every of his important priorities was to push for Vietnam to be designated as a market financial system standing by the US, as presently, Vietnam is assessed as a “non-market financial system”. This classification might be disadvantageous to Vietnamese exporters throughout anti-dumping petitions. The US has said that it’s going to take into account this request expeditiously, which was mentioned throughout President Joe Biden’s go to to Hanoi.
Along with the market financial system standing, Chinh additionally urged the US to open its market additional for Vietnamese items, together with textiles, footwear, and agricultural merchandise. He requested that commerce protection measures not be utilized to merchandise from Vietnam. This go to comes at a vital time for Vietnam, because the nation is working to spice up its export-dependent financial system, which has been affected by a worldwide slowdown in demand for Vietnamese items. In August, Vietnam’s exports skilled a decline for the sixth consecutive month, marking the longest droop in 14 years. The nation’s gross home product (GDP) development price within the first half of the 12 months was 3.72%, the slowest tempo in a minimum of a decade, excluding the affect of the coronavirus pandemic in 2020 and 2021.
Along with financial issues, Prime Minister Chinh additionally mentioned expertise cooperation with the US. Particularly, he sought help in constructing a semiconductor provide chain for Vietnam. This collaboration could be essential for the nation’s technological growth and development. As Vietnam seeks to strengthen its ties with the US, the outcomes of those discussions and negotiations will play a major position in shaping the financial and technological panorama for each international locations.