Vietnam-US ties elevated to highest level - comprehensive strategic partnership
Vietnam and the U.S. have agreed to raise bilateral ties to the level of comprehensive strategic partnership, the highest in Vietnam’s diplomatic hierarchy, during President Joe Biden’s ongoing state visit to Hanoi.
The upgrade takes Vietnam-U.S. relations on par with Vietnam's relationships with China, Russia, India and South Korea.
Vietnam has strategic partnerships with the other two members of the UN Security Council - France and the UK.
The various levels of diplomatic relations that Vietnam designates with other nations are, in ascending order: normal partnership, comprehensive partnership, strategic partnership and comprehensive strategic partnership.
The upgrade, up two notches, was announced in a press briefing after Party General Secretary Nguyen Phu Trong and President Joe Biden concluded an official dialogue.
Biden, who skipped an annual ASEAN summit in Indonesia earlier this week, arrived in Hanoi Sunday afternoon for a two-day state visit at Trong’s invitation as the two nations commemorate the 10th anniversary of their comprehensive partnership.
He is the fifth U.S. president to visit Vietnam since 1995, when the two former war adversaries normalized diplomatic relations. Vice President Kamala Harris had mentioned the possible upgrade of the bilateral relationship during her visit to Vietnam in August 2021 amid the Covid-19 pandemic.
Under the elevated partnership, named Comprehensive strategic partnership for peace, cooperation and sustainable development, the two countries will continue to uphold principles including mutual respect for political regimes, independence, sovereignty and territorial integrity.
Party chief Trong stressed the importance of “non-interference in domestic affairs,” saying the country highly appreciated the U.S.’s assertion that it supports Vietnam pursuit of becoming a strong, independent, self-reliant and prosperous nation.
Trong also welcomed the strengthening of economic, trade and investment ties and inclusive economic growth with innovation as a focal point, saying it would provide further momentum for bilateral relations.
He lauded the agreement between two sides to work together towards creating a breakthrough in science and technology cooperation.
For his part, Biden expressed his support for Vietnam’s development in the new phase, which entailed economic and technology cooperation in many areas including the electronics industry, climate change response and clean energy development.
Regarding issues related to the South China Sea, which Vietnam calls the East Sea, Trong said he highly valued the U.S.’s support for Vietnam’s and ASEAN’s stance. He requested the U.S. to continue its support and actively contribute to promoting peace, security and cooperation, ensuring freedom of navigation and overflight as well as the legitimate interests of countries in the South China Sea, resisting the use or threat of use of force.
The U.S. president emphasized Vietnam’s important role and position in the region and expressed the country’s active role in many regional and global issues including climate change mitigation. He affirmed his support for ASEAN’s centrality and stated his desire to cooperate with Vietnam to contribute to regional solidarity and prosperity.
Biden also emphasized that the South China Sea occupied an important position with respect to international prosperity and stability. He said the United States appreciated the goals of the Indo-Pacific Economic Cooperation Framework, noting that Vietnam was one of a dozen countries that first negotiated it.
* Link to US President address to the press following talks with Vietnam Party chief
- Read More
Hanoi plans to start work on metro line 2 next year
Hanoi is set to start the construction of a section of its metro line 2 next year at a cost of VND35.58 trillion ($1.45 billion).
Infrastructure - Tue, December 17, 2024 | 9:15 pm GMT+7
Bamboo Capital highlights role of businesses in advancing Vietnam’s circular economy
Dr. Hoang Trung Thanh, a senior leader of Vietnam's conglomerate Bamboo Capital Group, emphasized the pivotal role of businesses in driving Vietnam’s green economy strategies during his speech at the recent Vietnam Circular Economy Forum 2024.
Bamboo Capital - Tue, December 17, 2024 | 8:15 pm GMT+7
F88 partners with MB to transform over 850 financial stores into bank transaction offices
Military Commercial Joint Stock Bank (MB) and leading consumer finance firm F88 on Monday officially signed a comprehensive cooperation agreement.
Companies - Tue, December 17, 2024 | 8:15 pm GMT+7
Vietnam’s e-commerce boom: a $5.8 bln opportunity by 2028
Vietnam’s business-to-consumer (B2C) e-commerce export value is estimated at VND145.2 trillion ($5.8 billion) by 2028, with micro, small and medium-sized enterprises (MSMEs) projected to contribute 25%.
Southeast Asia - Tue, December 17, 2024 | 7:32 pm GMT+7
Vietnam's retail giants to ensure sufficient supply, steady prices of Lunar New Year holiday goods
Saigon Co.op has stockpiled more than 12,000 tons of essential goods traditionally consumed for the upcoming Lunar New Year (Tet) holiday in late January, or 30-50% higher than normal.
Southeast Asia - Tue, December 17, 2024 | 7:28 pm GMT+7
Indonesia offers tax incentive to hybrid car makers
Indonesia will offer a sales tax incentive on Government-borne Luxury Goods (PPnBM DTP) of 3% for hybrid cars from next year.
Southeast Asia - Tue, December 17, 2024 | 7:21 pm GMT+7
Indonesia ready to establish bullion banks
Indonesia is ready to set up bullion banks after developing its capability to produce gold bars domestically, according to Minister of State-Owned Enterprises (SOEs) Erick Thohir.
Southeast Asia - Tue, December 17, 2024 | 7:19 pm GMT+7
Thailand, South Korea begin third round of Economic Partnership Agreement talks
Thailand and South Korea on Tuesday kicked off the third round of their talks for an Economic Partnership Agreement (EPA) aimed at broadening trade and investment exchanges, according to the latter's Ministry of Trade, Industry and Energy.
Southeast Asia - Tue, December 17, 2024 | 7:16 pm GMT+7
Thailand to spend nearly $9 billion to upgrade railway system
Thai Transport Minister Suriya Jungrungreangkit has announced a plan to accelerate work on the second phase of the country’s railway system upgrade next year.
Southeast Asia - Tue, December 17, 2024 | 7:14 pm GMT+7
Large housing supply to come from Vinhomes in 2025: exec
Leading housing developer Vinhomes will supply the Vietnamese market with "a large volume of goods" in 2025, especially in Hanoi, Hai Phong, Long An and Ho Chi Minh City's Can Gio district, says its director of investment Pham Anh Khoi.
Real Estate - Tue, December 17, 2024 | 5:19 pm GMT+7
Japan’s Sojitz launches $500 mln beef processing plant in Vietnam
Sojitz on Tuesday put its $500 million beef processing plant in the northern province of Vinh Phuc into operation, the Japanese firm said in a release.
Industries - Tue, December 17, 2024 | 5:02 pm GMT+7
US First Solar, Vietnam power firm PECC2 boost renewable energy ties
Vietnam’s Power Engineering Consulting JSC 2 (PECC2) and the United States’ First Solar will collaborate in utilizing the direct power purchase agreement (DPPA) mechanism and distributing the latter’s photovoltaic (PV) modules.
Energy - Tue, December 17, 2024 | 3:35 pm GMT+7
Warburg Pincus-invested IP developer BW starts building 13th project in Vietnam this year
BW Industrial Development JSC, one of Vietnam’s largest industrial and logistics real estate developers, has commenced construction on its BW Phu An Thanh Industrial Hub (PAT) project in Ho Chi Minh City.
Real Estate - Tue, December 17, 2024 | 3:03 pm GMT+7
Italy’s Flying Legend to introduce made-in-Vietnam aircraft
Flying Legend, an Italian manufacturer of replica aircraft, will introduce its made-in-Vietnam aircraft at the Vietnam Defense Expo 2024 from December 19-22 in Hanoi.
Companies - Tue, December 17, 2024 | 1:01 pm GMT+7
Vietnam real estate 2024: a year in review
As positive signals become more evident, now is the time to restart capital flows into real estate transactions in Vietnam and embrace the new growth cycle, write Avison Young Vietnam analysts.
Consulting - Tue, December 17, 2024 | 12:48 pm GMT+7
Vietnam’s GDP growth outpaces regional peers, 6.5% in 2025: Oxford Economics
Vietnam’s GDP growth can reach 6.5% in 2025, continuing to outperform regional peers in the ASEAN-6 group, Oxford Economics said in a Monday report.
Economy - Tue, December 17, 2024 | 10:35 am GMT+7