Treasury Secretary Janet Yellen praised the ongoing trade ties between the U.S. and Vietnam during the Bilateral Meeting with Minister of Finance Ho Duc Phuc July 21. Yellen visited Vietnam for the first time and praised the economic dynamism in the country.
"Beyond the direct benefits of our economic relationship, I also believe that the deep economic ties between the U.S. and Vietnam help create greater economic resilience through what I call 'friendshoring,'" she said in a release by the Treasury Department.
"The United States considers Vietnam a key partner in the Indo-Pacific. I place considerable priority on further strengthening our bilateral economic relationship," she said in the release. "I’ve been impressed by the economic dynamism in your country and am pleased that I was able to meet yesterday with leaders from the U.S. business community to learn first-hand about the opportunities they see in Vietnam and the ways their activity here can benefit workers and firms in the U.S. as well."
Yellen described 'Friendshoring’ as "expanding our trade ties and diversifying our supply chains among many trusted partners like Vietnam to mitigate against global shocks, geopolitical risks and overconcentration in critical industries," she explained, according to the release.
“We see that in action right now in Vietnam, and we want to continue to encourage that moving forward through initiatives like the Indo-Pacific Economic Framework, of which we are both a part," she said in the release. "We also work with Vietnam through the G7’s Partnership for Global Infrastructure Investment which seeks to mobilize $600 billion over five years."
In addition, Yellen expressed pride in the collaborative efforts with Vietnam to combat climate change, the release reported.
”Along with the International Partners Group colleagues, the (United Kingdom) and (European Union), I was very encouraged by the announcement of the Just Energy Transition Partnership, or JETP, in December," Yellen said in the release.
She said the partnership will provide more than $15 billion to help Vietnam "achieve a clean energy transition in a way that benefits its people," according to the release.
"I look forward to hearing more about Vietnam’s path forward and the role of the Ministry of Finance in advancing Vietnam’s energy transition goals," she said in the release.
