Treasury Secretary Yellen backs Vietnam development

The U.S. Department of the Treasury (USDT) is supportive of Vietnam’s growth and economic transformation, which are good for both the Vietnamese and the American people, USDT Secretary Janet Yellen said Thursday.

“I look forward to discussing ways the United States Treasury and the State Bank of Vietnam can cooperate more closely on a broader set of economic and financial issues going forward,” she said at her meeting in Hanoi with Nguyen Thi Hong, Governor of the State Bank of Vietnam.

“Vietnam is a close economic partner, with our two-way trade reaching record highs last year and the United States serving as Vietnam’s largest export market. More broadly, in the 28 years since we normalized relations, the bilateral relationship between the United States and Vietnam has grown deeper and broader,” Yellen added.

This is the first time for Yellen to meet in person with SBV Governor Hong after their first video conference two years ago.

Yellen, who is on a visit to Vietnam to enhance bilateral relations, expressed her thanks for the close cooperation between USDT and Vietnam’s central bank since the visual meeting “to address U.S. concerns over Vietnam’s currency practices”.

In her Vietnam itinerary, Yellen will also meet with National Assembly Chairman Vuong Dinh Hue, Prime Minister Pham Minh Chinh, Minister of Finance Ho Duc Phoc, and the Communist Party of Vietnam's Central Economic Commission Chair Tran Tuan Anh.

She is scheduled to wrap up this working trip on Friday to return to the U.S., according to USDT.