U.S. Treasury Secretary Janet Yellen made a visit to Vietnam on July 20, 2023, in an effort to strengthen economic and security ties with the country. Yellen’s visit to Vietnam came after trips to Beijing and India, where she participated in financial meetings with the Group of 20 industrial economies.
During her visit, Yellen met with Vietnamese officials and emphasized the United States’ commitment to building strong relations in the Indo-Pacific region. Yellen referred to Vietnam as a key partner in advancing a free and open Indo-Pacific, a diplomatic strategy aimed at countering China’s influence in the area.
Yellen highlighted the economic partnership between the United States and Vietnam, noting that two-way trade between the countries reached record highs the previous year. She expressed the administration’s priority to deepen economic and security ties with Vietnam in the future.
In addition to her meetings with officials, Yellen addressed a group of business women and economists, expressing her enthusiasm for the growing investments in Vietnam, particularly in industries such as computer chips and renewable energy.
The visit is part of ongoing efforts by the United States to counter China’s influence in the Indo-Pacific. Secretary of State Antony Blinken visited Vietnam earlier in the year, reaffirming the commitment to strengthen relations between the two countries.
Yellen also met with the governor of Vietnam’s central bank and announced a new economic policy dialogue between the State Bank of Vietnam and the U.S. Treasury Department. She expressed gratitude for the close cooperation between the two institutions in addressing American concerns over Vietnam’s currency practices.
Vietnam has become a significant export production hub for global manufacturers, with companies like LG, Samsung Electronics, Honda, and Toyota expanding their investments in the country. This diversification of investments beyond China is driven by political friction between Washington and Beijing, as well as disruptions caused by the COVID-19 pandemic.
Yellen emphasized the concept of “friend-shoring” or “derisking” as a strategy to manage risks associated with global supply chains. This approach aims to balance risks and ensure business continuity in the face of geopolitical challenges and economic disruptions.
Overall, Yellen’s visit to Vietnam reflects the United States’ commitment to strengthening ties with Asian countries and promoting a free and open Indo-Pacific region. Vietnam plays a crucial role in this strategy, given its proximity to China and its growing economic importance.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
