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Congratulations on Saudi National Day LEADERS

Another new milestone

Vice President Kamala Harris’s visit to Vietnam, the first by a sitting US Vice President,
confirms the developing relationship between the two countries.

QUOC UY Reports

For her part, Vice President Harris,
according to a statement released by the
White House on August 25, reaffirmed “the
US’s commitment to a strong, prosperous,
and independent Vietnam, as well a free,
open, healthy, and resilient Indo-Pacific
region.” On development assistance and
market access, the Vice President emphasized
the US administration’s efforts to promote
economic growth and opportunity.
Over the past several decades, the
statement went on, the bilateral rela-
tionship has made significant strides for-
ward, to the point where the two now
cooperate on a wide range of issues,
including fighting Covid-19 and preparing
for future health security threats, com-
bating climate change, and addressing
the shared legacies of war. The US has
deepened economic ties as Vietnam’s sec-
ond-largest trading partner and its leading
export market worldwide.
S Vice President Kamala Harris It is also the largest donor of Covid-19 The White House further stated that
paid an official visit to Vietnam vaccines to Vietnam, with 6 million doses, “Our security relationship has dramatically
U from August 24-26 at the invitation including 1 million doses of Pfizer announced expanded as we support Vietnam’s inde-
of Vice State President Vo Thi Anh Xuan. by Vice President Harris during her visit. pendence and sovereignty, particularly in
She is the highest-ranking official from At meetings with their guest in Hanoi the maritime domain. The US and Vietnam
the Biden Administration to visit Vietnam on August 25, State President Nguyen have also advanced capacities to prevent,
and also the first sitting US Vice President Xuan Phuc and Prime Minister Pham detect, and respond to infectious disease
to do so. Minh Chinh expressed Vietnam’s desire threats through our partnership on the
Vietnam featuring on the itinerary of to further strengthen the comprehensive Global Health Security Agenda. The already-
her first official tour of Asia confirms that partnership between the two countries. robust and growing partnership between
the country remains important within President Phuc proposed intensifying our peoples has resulted in nearly 30,000
the US’s Asia policy. their cooperation within the framework Vietnamese studying in the US, contributing
Bilateral ties have developed continually of the UN and other multilateral forums, nearly 1 billion USD to the US economy.”
since the normalization of relations in together with guaranteeing security, safety, Notably, Hanoi has been chosen as the
1995, especially since 2000, which was freedom of navigation and overflight, site of the US Centers for Disease Control
marked by then President Bill Clinton’s and the peaceful settlement of all disputes and Prevention (CDC)’s Southeast Asia
visit to Vietnam, which was the first by a in the East Sea on the basis of interna- Regional Office. This demonstrates the
US President since the end of the war. tional law, including the 1982 United importance the US has attached to Viet-
The bilateral relationship was then Nations Convention on the Law of the nam’s role in the region.
strengthened by efforts from both sides. Sea (UNCLOS), as well as the early final- Speaking at a launch of the Regional
The two have overcome a difficult past ization of a Code of Conduct in the East Office in Hanoi on August 25, presided
to become trusted partners. Sea (COC) in accordance with interna- over by Vice President Harris, Deputy
Two-way trade ties have been acceler- tional law. Prime Minister Chinh, mean- Prime Minister Pham Binh Minh said
ated quite rapidly. According to the Min- while, emphasized that Vietnam considers that this shows “the development and vast
istry of Industry and Trade, the figure hit economics and trade a pillar and driving potential of the Vietnam-US comprehen-
a record $90.8 billion last year, and the force of Vietnam - US ties, and suggested sive partnership.”
two sides are doing what they to reach that both sides enhance coordination The visit by Vice President Harris is
$100 billion this year. Over the last five within the framework of the Trade and yet another new milestone marking the
years, Vietnam’s export revenue to the US Investment Framework Agreement development of the comprehensive part-
surged 230 per cent, while its import value (TIFA) while considering the possibility nership between the two countries, thus
rose more than 175 per cent. The US has of establishing a new economic-trade opening up new business and investment
become Vietnam’s largest export market. cooperation framework. opportunities for enterprises from both. %

SEPTEMBER 2021 | VIETNAM ECONOMIC TIMES | 5