US State Dept. welcomes continued bilateral engagement on Vietnam’s path to 'market economy'

U.S. Deputy Secretary of State Kurt M. Campbell has expressed his support for continued bilateral engagement on the steps Vietnam can take to transition to a market economy.

Campbell made the statement last week during a meeting with Nguyen Xuan Thang, president of the Ho Chi Minh National Academy of Politics, in Washington, D.C. The meeting was part of Thang’s working visit to the U.S. from July 31-August 4.

The U.S. Department of Commerce (DOC) on August 2 decided to continue designating Vietnam as a non-market economy, along with 11 other nations including Russia and China.

During his stay in the U.S., Thang, a Politburo member and chairman of the Central Theory Council – the main advisory body to the Communist Party of Vietnam, stated that Vietnam regrets and is disappointed at the DOC’s decision, although the Southeast Asian country has met all the six criteria.

Thang’s statement echoed the Vietnamese Ministry of Foreign Affairs, which said the DOC’s decision does not fully reflect Vietnam's outstanding efforts and achievements in building and developing a market economy.

During their meeting, Campbell and Thang affirmed that the U.S.-Vietnam economic relationship will remain strong, forward-looking, and positive.

They also reaffirmed the two nations’ shared commitment to implementing the bilateral Comprehensive Strategic Partnership reached last September and further bolstering close coordination in critical areas, including semiconductors and supply chains.

At a meeting with U.S. ambassador to Vietnam Marc Knapper in Hanoi on Wednesday, Nguyen Trong Nghia, head of the Central Commission for Communication and Education, urged the U.S. to continue assisting Vietnam in preparing a semiconductor workforce.

To ride the investment wave into semiconductors, the Vietnamese government has set an ambitious target of training 50,000 engineers for the semiconductor industry by 2030.

Nghia also called on the U.S. government to facilitate cooperation between universities and technology institutes in the two countries, including Vietnam’s National Innovation Center.