Hanoi (VNA) – Prime Minister Pham Minh Chinhsuggested Vietnam and the US enhance connectivity between their economies, stepup bilateral trade and accelerate the recovery of their supply chains at areception for US Treasury Secretary Janet Yellen in Hanoi on July 20.

US firms should be encouraged to expand and increase investmentin Vietnam, especially in high-tech, he said, highlighting the building of harmonious,sustainable and mutually-beneficial trade ties between the two countries.

The Government leader also called for stronger collaboration inclimate response and the implementation of the Just Energy TransitionPartnership (JETP), and asked for the US’ assistance in renewable energydevelopment and the establishment of a domestic carbon market connected withthe international market in Vietnam.

The PM appreciated the US side’s recognition of theState Bank of Vietnam (SBV)’s successful implementation of the action plan onexchange rate and information transparency, contributing to reinforcingcooperation between the two countries as well as between the SBV and the US Departmentof the Treasury.

Briefing the Treasury Secretary on Vietnam’s foreignpolicy, Chinh said Vietnam wishes to strengthen its comprehensive partnershipwith the US, and supports the enhancement of the bilateral friendship andcooperation across spheres, prioritising finance-banking.

Host and guest shared the view that the Vietnam-USrelationship has been developing positively and firmly in all fields since thetwo countries established diplomatic ties 30 years ago and the comprehensive partnershipa decade ago, with the economic-trade ties serving as a pillar and a driver.

They noted that two-way trade exceeded 123 billion USD lastyear, making the US become Vietnam’s second biggest trade partner and one ofthe most important export markets. Currently, the US ranks 11th outof the 142 countries and territories investing in Vietnam.

The PM spoke highly of the objectiveand relevant assessment of the US Department of the Treasury on Vietnam'smonetary policy and exchange rate management in the recent past, and briefedthe US official on Vietnam’s socio-economic situation, and major financial andmonetary policy orientations.

He urged the SBV and the US Department of theTreasury to maintain dialogues and close contacts to handle emerging issues inthe time ahead given the evolving global situation.

For her part, Yellen expressed her impressions of Vietnam’s development, affirming that Vietnam is an increasingly importantpartner of the US and plays a key role in the country’s Indo-Pacific Strategy.

The Treasury Secretary said she will hold workingsessions with US competent agencies and convey the Vietnamese PM’s suggestions to USleaders.

The US will forge cooperation with Vietnam in investmentand supply chain diversification and relocation, and assist the country indevelopment and economic reform, she pledged.   

Yelle said shesupports and wishes for further dialogues with the Vietnamese central bank on monetarypolicy, exchange rate and other macro matters, as well as more cooperationactivities between the two sides.

The US highly values and backs Vietnam’s efforts andsolutions in energy transition, the implementation of the National PowerDevelopment Plan VIII, and acceleration of the realisation of the Just Energy Transition Partnership (JETP) throughthe mobilisation of international financial sources, she emphasised./.