During his trip to the United States, Vietnam’s Prime Minister Pham Minh Chinh emphasized the importance of strengthening economic and technological ties between the two countries. One of his main priorities was to push for Vietnam to be designated as a market economy status by the US, as currently, Vietnam is classified as a “non-market economy”. This classification can be disadvantageous to Vietnamese exporters during anti-dumping petitions. The US has stated that it will consider this request expeditiously, which was discussed during President Joe Biden’s visit to Hanoi.
In addition to the market economy status, Chinh also urged the US to open its market further for Vietnamese goods, including textiles, footwear, and agricultural products. He requested that trade defense measures not be applied to products from Vietnam. This visit comes at a crucial time for Vietnam, as the country is working to boost its export-dependent economy, which has been affected by a global slowdown in demand for Vietnamese goods. In August, Vietnam’s exports experienced a decline for the sixth consecutive month, marking the longest slump in 14 years. The country’s gross domestic product (GDP) growth rate in the first half of the year was 3.72%, the slowest pace in at least a decade, excluding the impact of the coronavirus pandemic in 2020 and 2021.
In addition to economic matters, Prime Minister Chinh also discussed technology cooperation with the US. Specifically, he sought assistance in building a semiconductor supply chain for Vietnam. This collaboration would be crucial for the country’s technological development and advancement. As Vietnam seeks to strengthen its ties with the US, the outcomes of these discussions and negotiations will play a significant role in shaping the economic and technological landscape for both countries.