The US Chamber of Commerce is reviewing the process of recognizing Vietnam’s market economy status, hoping to make it in time by June 2024, revealed US Ambassador to Vietnam Marc Knapper.

Knapper, during his meeting with Deputy Prime Minister Le Minh Khai at the Government Office in Hanoi on January 31, said 2023 was the most important year in bilateral relations as evidenced in many high-level visits, including the Vietnam visit in September by US President Joe Biden.

During the visit, the two countries released a joint leaders’ statement on lifting bilateral relations to a comprehensive strategic partnership.

The United States is always ready to cooperate with Vietnam to realize the joint leaders’ statement, said the ambassador.

He informed his host on some of the steps the US is taking towards implementing its commitment to help Vietnam develop the semiconductors industry, emphasizing that doing the task requires a semiconductors ecosystem.

US firm are keen to invest in Vietnam, but they need a clear legal corridor, easier access to clean, reliable energy sources, and a well-developed information technology infrastructure, along with a high-tech workforce, said the ambassador, adding these issues need to be resolved in the next 12 - 18 months.

To attract investment to the semiconductors industry, the Ambassador suggested that Vietnam should fully tap into opportunities from the World Trade Organisation’s Information Technology Agreement (ITA) Expansion Agreement.

Clean energy is another field of cooperation that should be strengthened as part of the Vietnam – US comprehensive strategic partnership. The diplomat said the US side is working with the State Bank of Vietnam and the Vietnamese Ministry of Finance to provide green finance and green bonds.

Deputy PM Le Minh Khai for his part affirmed that Vietnam desires to foster its comprehensive strategic partnership with the US.

He said the government of Vietnam appreciates the US’ consistent policy of supporting a ‘strong, independent, self-reliant and prosperous Vietnam’, emphasizing Vietnam is ready to work closely with the US to realize the joint leaders’ statement released following President Joe Biden’s visit in September 2023.

He also highly valued the US’ role in the Asia-Pacific region through its Indo-Pacific Strategy and regional initiatives, and expressed hope that the US would continue to support the central role of ASEAN as well as ASEAN – US and Mekong – US partnerships.

He thanked the US for its goodwill towards considering the recognition of Vietnam’s market economy status, and said relevant agencies of Vietnam will prepare all required documents for the US to consider soon.

The Deputy PM also expected that the US would facilitate bilateral economic and trade cooperation, especially after the two countries formed their comprehensive strategic partnership.

VOV