US Welcomes Vietnam Minister for Economic Talks Following Putin's Visit

The US has welcomed Vietnam's minister for economic discussions just days after Putin's visit to Hanoi. This highlights the active diplomatic and economic engagements between the US and Vietnam, underscoring the importance of their bilateral relationship amid global geopolitical shifts. The talks are expected to focus on strengthening economic ties and exploring new areas of cooperation, reflecting both nations' commitment to enhancing their strategic partnership.

Boston Brand Media brings you the latest news - The U.S. welcomed Vietnam's planning and investment minister on Tuesday for discussions aimed at strengthening economic cooperation, stating that their relationship was stronger than ever, despite Hanoi recently hosting Russian President Vladimir Putin, which had displeased Washington.

The State Department mentioned that this week's dialogue would address topics such as economic security, semiconductors, investment climate, digital economy, cyberspace, energy, and critical minerals. Last year, Washington elevated U.S.-Vietnam relations to a "comprehensive strategic partnership".

Russian President Vladimir Putin's visit to Vietnam last week elicited strong criticism from the U.S. In response, Washington stated its intent to remain focused on strengthening its ties with Hanoi, aiming to counter its rivalry with China.

The U.S. is set to decide by July 26 whether to upgrade Vietnam to market-economy status. This change would lower the punitive anti-dumping duties currently imposed on Vietnamese imports, which are due to Vietnam's existing classification as a non-market economy with significant state influence.

"The relationship between Vietnam and the U.S. is as strong as it has ever been," stated U.S. Under Secretary for Economic Growth, Energy, and the Environment, Jose Fernandez.

Boston Brand Media also found that during the opening session, he noted that U.S.-Vietnam trade has now reached $124 billion, positioning Vietnam as the U.S.'s ninth largest trading partner in goods.

Speaking to Vietnam's Minister of Planning and Investment, Nguyen Chi Dung, Fernandez mentioned that U.S. businesses were "very excited" about opportunities in Vietnam but added:

"We must remember that while investors are optimistic about Vietnam, we need to ensure they have the regulatory and decision-making environment necessary for them to continue expanding in your country," Fernandez emphasized.

In January, during his visit to Vietnam, Fernandez mentioned that 15 U.S. companies, including semiconductor firms, had shown interest in investing $8 billion in Vietnam's clean energy infrastructure. This investment is contingent upon the country's advancements in renewable energy regulations.

Vietnam aims to attract chipmakers and enhance its renewable energy sector but has faced challenges in implementing regulations for expanding its solar and onshore wind industry and developing offshore wind farms.

On Monday, the U.S. improved Vietnam's ranking on a human trafficking report, though it expressed concerns that Hanoi had not initiated investigations into government officials involved in trafficking crimes.

Hanoi has warned that retaining its non-market economy status would negatively impact bilateral relations.

While U.S. steelmakers, Gulf Coast shrimpers, and honey farmers oppose upgrading Vietnam's status, the move is supported by U.S. retailers and several other business groups.

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Source: Reuters‍