Doing Business

Leaders’ Joint Statement: Vietnam-U.S. Relations to become Comprehensive Strategic Partnership (Part 1)

Trường Lăng

September 12, 2023

Doing Business

Leaders’ Joint Statement: Vietnam-U.S. Relations to become Comprehensive Strategic Partnership (Part 1)

Trường Lăng

September 12, 2023

Viettonkin is pleased to announce the Leaders’ Joint Statement, officially upgrading the relationship between Vietnam and the United States to a comprehensive strategic partnership.

This historical document not only contains all the essential content that forms the foundation for a new era in Vietnam-US relations, but it is also well-written and carefully crafted from start to finish. The document addresses important and highly sensitive issues, such as Vietnam’s independence, national sovereignty, and the East Sea issue, as well as hot regional and international topics like Ukraine, Myanmar, and North Korea, with sincerity and clarity.

Additionally, the document covers other significant subjects, such as human rights, workers’ rights, religious freedom, and the consequences of war, which are of great importance to Vietnam-US relations.

(VNEconomy: The dialogue between two leaders)

Leaders’ Joint Statement: Vietnam-US relation is upgraded to a comprehensive strategic partnership.

On September 10, 2023, the General Secretary of the Central Committee of the Communist Party of Vietnam, Nguyen Phu Trong, and the US President, Joseph R. Biden Jr., met in Hanoi, Vietnam for talks.

The two leaders have welcomed a new era of bilateral friendship and cooperation as the two countries upgrade their relationship to a comprehensive strategic partnership for peace, cooperation, and sustainable development. The United States is committed to supporting a strong, independent, prosperous, and self-reliant Vietnam.

Since President Truong Tan Sang and President Barack Obama established Vietnam-US Comprehensive Partnership ten years ago, the two countries have made significant progress in strengthening mutual understanding, building trust, and promoting cooperation across all fields within the Comprehensive Partnership framework.

As part of their new relationship, the two leaders highlighted the important principles that guide Vietnam-US partnership. These include respecting the United Nations Charter and international law, as well as respecting each other’s political institutions, independence, sovereignty, and territorial integrity. Vietnam and the United States will continue to collaborate in various areas to protect their respective interests, promote peace, stability, cooperation, and prosperity in the region and the world.

Political and diplomatic relations

The two leaders emphasized the importance of further enhancing the political and diplomatic relationship between their countries. They agreed to promote delegation exchanges and maintain regular contact at all levels to improve mutual understanding and strengthen their shared political beliefs. The two leaders also expressed support for improving the effectiveness of existing dialogue mechanisms and discussed the possibility of establishing an annual dialogue between the Vietnamese Minister of Foreign Affairs and the US Secretary of State.

The two leaders aimed to strengthen relations between their respective political parties and legislative bodies. They encouraged dialogue, exchange, and discussion to share each side’s priorities and practical experiences.

The leaders of both nations will oversee their respective government agencies to ensure effective coordination and implementation of mutually agreed-upon cooperation programs. Both countries have committed to maintaining favorable conditions to complete the construction of diplomatic and consular agency headquarters, as well as ensuring an appropriate number of personnel at the representative agencies. This will be done in compliance with international conventions that both countries are members of, as well as mutual agreements between Vietnam and the United States, and the laws of each country.

Economic – trade – investment cooperation

The two leaders confirmed that economic, trade, and investment cooperation, as well as inclusive economic growth based on innovation, play a central role in bilateral relations. Both parties agreed to create favorable conditions and further open their markets to each other’s goods and services. They also pledged to support trade and economic policies and regulatory measures to achieve the aforementioned goals, and to work together to address issues such as market access barriers through the Trade and Investment Framework Agreement.

The United States is pleased with the progress made in Vietnam’s market-based economic reform process. We are excited and committed to a strong and coordinated approach that supports Vietnam’s transition to a market economy and its recognition as a market economy under US law.

On September 8, 2023, Vietnam officially requested that the United States consider recognizing their market economy regulations. The United States will promptly review this request as required. The United States values Vietnam’s consistent efforts to modernize and improve transparency in their monetary and exchange rate policies, promote macroeconomic stability, and ensure the safety and soundness of their banking system.

The two leaders expressed their support for the ongoing reinforcement of a multilateral trading system that is fair, open, inclusive, equitable, transparent, and rules-based, with the World Trade Organization (WTO) playing a crucial role. They welcomed the recent progress and expressed their hope for more significant progress in the Indo-Pacific Economic Framework for Prosperity (IPEF) in the near future, which will bring tangible benefits to the economies, workforce, households, and businesses of both nations and the entire region.

The two leaders acknowledged the significance of upholding globally recognized labor rights, as outlined in the International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work. Additionally, they aim to collaborate on safeguarding intellectual property rights and advancing aviation, which may involve revising Vietnam-US Air Transport Agreement in accordance with Open Skies principles.

The United States has committed to increasing support for Vietnam in areas such as manufacturing, developing high-quality physical and digital infrastructure, transitioning to equitable and sustainable energy, and promoting smart agriculture. Additionally, the US will support Vietnam’s participation in regional and global supply chains, with a particular focus on the Mekong Delta region. To this end, the US International Development Finance Corporation (DFC) will continue to finance private sector projects in Vietnam, specifically those related to infrastructure, climate and energy efficiency, healthcare, and small businesses, including those that are climate-focused and women-owned.

Digital cooperation, science, technology, innovation

Vietnam and the United States have agreed to foster collaboration in science, technology, and innovation in the digital realm, marking a significant advancement in their comprehensive strategic partnership. The United States has pledged to increase its assistance to Vietnam in training and cultivating a highly skilled workforce for the technology sector. Vietnam’s enormous potential to emerge as a major player in the semiconductor industry has been acknowledged, and both leaders endorse the rapid growth of Vietnam’s semiconductor ecosystem. The two parties will work closely together to elevate Vietnam’s standing in the global semiconductor supply chain.

As a result, Vietnam and the United States have announced the initiation of initiatives for human resource development in the semiconductor field. The US Government will provide an initial seeding grant of VND 2 million, and there will be additional support from the Government of Vietnam and the private sector in the future.
Vietnam and the United States have agreed to work together on promoting innovation and entrepreneurship, with a comprehensive approach to cooperation.
The two leaders expressed their support for the development of safe and reliable digital infrastructure in Vietnam. They believe that this process will create new opportunities for enhancing Vietnam’s innovation capacity in the digital field and promoting the country’s digital economy. These efforts will focus on supporting open and interoperable networks and, upon notifying the U.S. Congress, exploring the possibility of establishing an Open Radio Access Network (O-RAN) training department in Vietnam. The goal is to create a secure 5G network and apply new technologies to provide opportunities for Vietnam’s innovation community to enhance their digital skills.

The importance of continued cooperation between leading academic institutions in Vietnam and the United States was emphasized by both Leaders. This can be achieved through collaborative research initiatives, training courses, and professional exchanges and exchange programs that focus on science, technology, engineering, and mathematics (STEM).

(VNEconomy: Two leaders at the press conference)

The United States has announced its intention to support Vietnam in training high-quality human resources, which will help Vietnam achieve its development goals in the near future. Currently, there are nearly 30,000 Vietnamese students studying in the United States, and the United States is encouraging educational institutions to welcome even more Vietnamese students. The two leaders also congratulated the launch of the Peace Program in Vietnam and the 31st anniversary of the Fulbright Vietnam program.

Both parties expressed their appreciation for the endeavors of Fulbright University Vietnam (FUV) and its efforts to expand its role as a regional hub for public policy education. The leaders also acknowledged the pressing need to invest in human capital, recognizing it as a vital resource for future growth, security, stability, and development.

Vietnam and the United States acknowledge that long-term economic success can only be achieved when both countries provide their people with ample opportunities to learn new skills, share ideas, and gain international experience and understanding.

Vietnam and the United States agree to promote collaboration between their universities and laboratories, sharing scientific knowledge and learning opportunities. The focus is to support more Vietnamese students, teachers, scholars, and research experts to participate in education and training programs in the United States. Vietnam is also open to welcoming more US students, scholars, and professors to study, research, and teach at Vietnamese universities. Vietnam encourages US universities to establish partnerships with Vietnamese universities, including opening branches in Vietnam.

Final Thoughts

The joint statement issued on this occasion underscores a shared commitment to fostering a new era of bilateral friendship and cooperation, grounded in principles like upholding international law, respecting sovereignty, and safeguarding territorial integrity.

This partnership extends far beyond mere rhetoric, encompassing a wide array of collaborative efforts across diverse domains. From addressing global issues to fortifying political, economic, and diplomatic relations, the commitment between these two nations is palpable. To explore the myriad opportunities emerging from this historic development, we invite you to connect with Viettonkin Consulting today and be a part of this exciting journey towards a comprehensive strategic partnership between Vietnam and the United States.

Stay tuned with us for Part 2!

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