A brand new chapter within the Vietnam US relationship

Nguyen Viet Ha, managing director of BowerGroupAsia Vietnam

It was an honour to affix different enterprise executives on the Presidential Place in Hanoi on September 11 for the state luncheon with US President Joe Biden and Vietnamese President Vo Van Thuong.

I had by no means been so near a US president earlier than. As I watched the 2 leaders sitting facet by facet and talking as mates, I used to be reminded of how far the bilateral relationship had are available such a short while – contemplating each international locations have been enemies solely 50 years in the past.

Biden’s go to builds on the legacies of his predecessors, presidents Invoice Clinton and Barack Obama, to normalise the connection in 1995 and improve it to a complete partnership in 2013.

These historic choices paved the way in which to advance bilateral cooperation, significantly by way of commerce and funding. Ranging from a modest commerce turnover of $450 million in 1995, america has turn into Vietnam’s largest commerce accomplice, with a turnover of greater than $123 billion.

Vietnam, then again, has turn into the most important buying and selling accomplice of the US in ASEAN and the seventh-largest commerce accomplice globally. These achievements are the results of the nice efforts from each Washington and Hanoi to strengthen ties.

With this newest engagement, the 2 international locations have upgraded their relationship from a complete partnership to a complete strategic partnership. That is the very best tier of diplomatic relations, which Vietnam enjoys with solely 4 different international locations – China, South Korea, India, and Russia. The brand new partnership clears the way in which for higher financial cooperation, with a concentrate on innovation, expertise, and funding.

Companies are optimistic in regards to the new sector-specific alternatives Biden emphasised throughout his go to, starting from semiconductors and science and expertise to vitality and public well being.

Agreements made below the Memorandum of Cooperation on Semiconductor Provide Chains, Workforce, and Ecosystem Growth might present entry to the $500 million Worldwide Know-how Safety and Innovation Fund to additional develop Vietnam’s present semiconductor ecosystem, regulatory framework, workforce, and infrastructure wants.

The US has additionally provided technical help and capability constructing by greater schooling and coaching. Further initiatives have been introduced to advertise expertise cultivation, coverage coordination, sector effectivity, and collaboration on AI, analysis and growth, and better schooling.

Particularly, $12.8 million in funding will likely be used to assist the Ministry of Training and Coaching modernise and internationalise the upper schooling system in Vietnam. As soon as carried out, these initiatives are anticipated to profit hundreds of thousands of Vietnamese personnel, serving to the nation meet its vital demand for expert and educated labourers.

As Vietnamese Prime Minister Pham Minh Chinh stated, “The Vietnam-US complete strategic partnership represents new considering, a brand new imaginative and prescient, and new motivation, and it creates new strengths and new values.”

The upgraded partnership opens new alternatives for the 2 international locations and their companies to increase ties and switch immediately’s commitments into tomorrow’s actuality. So, in President Biden’s phrases, “let’s stick with it.”

Vietnam and US companies collaborate on semiconductors and innovation Vietnam and US firms collaborate on semiconductors and innovation

Excessive-level conferences between the US and Vietnam have paved the way in which for a strategic partnership specializing in the expertise sector, with semiconductors and innovation on the forefront.

Fresh US investment likely on back of presidential visit
Contemporary US funding seemingly on again of presidential go to

An indicator go to by the US president to Vietnam will assist usher in a brand new panorama for bilateral cooperation in commerce and funding.

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