Trade Minister: Vietnam to Reap Enormous Benefits from Comprehensive Strategic Partnership with US

Trade Minister: Vietnam to Reap Enormous Benefits from Comprehensive Strategic Partnership with US

General Secretary of the Communist Party of Vietnam Nguyen Phu Trong and President Biden, who recently concluded a two-day state visit to Vietnam, jointly announced the elevation of their countries’ bilateral relations to a comprehensive strategic partnership. This significant milestone represents the highest level of engagement in Vietnam’s international relations, with a focus on peace, cooperation, and sustainable development.

The upgraded partnership is expected to create a wide avenue for economic collaboration between the two nations. Minister Dien expressed confidence that this development would facilitate new and groundbreaking areas of cooperation, enabling Vietnam to strengthen its position in global value chains. Key sectors such as energy, aviation, digital economy, and artificial intelligence will see increased participation from Vietnamese enterprises in the supply of materials, accessories, and equipment.

The enhanced ties will initially benefit export activities, particularly in light of economic challenges and high inflation in the U.S., which have impacted consumer goods sales. However, this decline is viewed as temporary rather than a long-term trend. Dien emphasized that recent growth in Vietnam’s exports to the U.S. indicates a positive outlook for this year, as consumer confidence in the U.S. market rebounds.

Sectors where Vietnam has a competitive advantage, such as textiles and garments, wooden products, footwear, and electronics, are expected to recover at a favorable pace. Over the past few years, Vietnam has positioned itself as a global production hub, with its enterprises offering a diverse range of products at competitive prices and continually improving quality. With the elevation of Vietnam-U.S. bilateral relations to a comprehensive strategic partnership, the U.S. becomes the fifth country to achieve this highest level of engagement with Vietnam, joining China, Russia, India, and South Korea.

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