US funds to pour massive money into Vietnam: Commerce Sec. Raimondo

American funds are expected to invest heavily in Vietnam once negotiations on the U.S.-led Indo-Pacific Economic Framework for Prosperity (IPEF) are finalized, U.S. Secretary of Commerce Raimondo has said.

Raimondo made the statement at a meeting in Washington D.C. on Tuesday (local time) with Vietnamese Prime Minister Pham Minh Chinh, who is on a week-long visit to the U.S. starting September 17.

The IPEF is an initiative launched by U.S. President Joe Biden in May 2022 to build a network of economic partners in Indo-Pacific. Vietnam is among fourteen participating founding member nations.

In response to PM Chinh’s request, Secretary Raimondo pledged to push for U.S. recognition of Vietnam as a market economy.

The Southeast Asian country leader had requested the U.S. to do so on September 8, two days before President Biden came to Hanoi for a 24-hour visit, and urged expedited processing of relevant procedures.

At the meeting, Chinh asked for wider market access for Vietnamese export staples such as electronics, garments, footwear, and farm produce. He also requested the U.S. to consider Vietnamese firms’ legitimate interests and not to impose trade defense measures against Vietnamese goods.

He proposed the two countries make breakthroughs in cooperation in science-technology and innovation and accelerate joint efforts in climate change response, green growth and renewables.

Raimondo committed to work with the Vietnamese side to implement the joint statement on the upgrade of bilateral ties to a comprehensive strategic partnership, especially in priority fields such as the economy, trade and investment.