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Yellen: U.S. wants to help Vietnam with chip production

The Saigon Times

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HCMC – U.S. Treasury Secretary Janet Yellen said during her visit to Vietnam that the U.S. is willing to support Vietnam in enhancing the manufacturing of semiconductor chips and the development of renewable energy.

Secretary Yellen this afternoon, July 20, had a meeting with Prime Minister Pham Minh Chinh in Hanoi.  

The U.S. wants to enhance economic and trade collaboration with Vietnam, as well as has plans to collaborate with this Southeast Asian country in developing supply chains, she said, adding the U.S. sees Vietnam as a key partner in advancing a free and open Indo-Pacific.

Moreover, the U.S. is always willing to aid Vietnam in semiconductor chip production and renewable energy development, said Yellen.

The U.S. Treasury is committed to reinforcing cooperation with the State Bank of Vietnam and the Ministry of Finance to modernize monetary policy and foreign exchange mechanisms, as well as address various macroeconomic issues, and facilitate Vietnam’s access to international financial resources.

Chinh agreed with Yellen and emphasized that expanding supply chains and semiconductor chip manufacturing are both key priorities in Vietnam’s development strategy.

He highly appreciated close contact between leaders of the two countries, particularly the phone call between Party General Secretary Nguyen Phu Trong and U.S. President Joe Biden at the end of March. 

Vietnam always regards the U.S. as one of its key partners, he stressed.

He suggested that the State Bank of Vietnam and the U.S. Department of the Treasury maintain a mechanism for resolving issues through dialogue, especially amid global economic uncertainties.

He also expressed his hope for U.S. support for Vietnam’s renewable energy industry and carbon market development in the country.

Pham Thu Hang, spokeswoman for the Vietnamese Foreign Ministry, said that during the July 18-20 Vietnam visit by Yellen, the two sides discuss measures for deepening bilateral economic ties and stepping up the post-Covid-19 economic recovery.

This is Yellen’s first visit to Vietnam in her capacity as U.S. Treasury Secretary.

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