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Vietnam Aims for Stronger Financial Ties with US following Diplomatic Upgrade


Sep 20, 2023
Vietnam Aims for Stronger Financial Ties with US following Diplomatic Upgrade

In the course of his trip to the United States, Vietnam’s Prime Minister Pham Minh Chinh emphasized the significance of strengthening financial and technological ties involving the two nations. 1 of his key priorities was to push for Vietnam to be designated as a market place economy status by the US, as presently, Vietnam is classified as a “non-market place economy”. This classification can be disadvantageous to Vietnamese exporters in the course of anti-dumping petitions. The US has stated that it will contemplate this request expeditiously, which was discussed in the course of President Joe Biden’s check out to Hanoi.

In addition to the market place economy status, Chinh also urged the US to open its market place additional for Vietnamese goods, such as textiles, footwear, and agricultural items. He requested that trade defense measures not be applied to items from Vietnam. This check out comes at a important time for Vietnam, as the nation is operating to increase its export-dependent economy, which has been impacted by a international slowdown in demand for Vietnamese goods. In August, Vietnam’s exports knowledgeable a decline for the sixth consecutive month, marking the longest slump in 14 years. The country’s gross domestic solution (GDP) development price in the 1st half of the year was three.72%, the slowest pace in at least a decade, excluding the influence of the coronavirus pandemic in 2020 and 2021.

In addition to financial matters, Prime Minister Chinh also discussed technologies cooperation with the US. Especially, he sought help in creating a semiconductor provide chain for Vietnam. This collaboration would be important for the country’s technological improvement and advancement. As Vietnam seeks to strengthen its ties with the US, the outcomes of these discussions and negotiations will play a substantial function in shaping the financial and technological landscape for each nations.

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