The first comprehensive strategic economic dialogue between Vietnam and the United States

On June 25 (local time), Minister of Planning and Investment Nguyen Chi Dung met Under Secretary for Economic Growth, Energy, and the Environment Jose W. Fernandez of the United States for the first U.S.-Vietnam Comprehensive Strategic Partnership Economic Dialogue (CSPED).

The United States and Vietnamese delegations celebrated the historic elevation of their bilateral relationship to a Comprehensive Strategic Partnership in September 2023 during President Joe Biden’s visit to Vietnam. 

U.S. Under Secretary Fernandez expressed: “It’s remarkable how far we have come in such a short time, and how trade and investment have led the way on the rebuilding of ties between our two countries. In just 30 years since the trade embargo was lifted in 1994, our two-way trade has grown from virtually zero to $124 billion, making Vietnam our ninth-largest trading partner in goods”.

Minister Nguyen Chi Dung highlighted the United States' commitment to Vietnam, the economic benefits and common trust between the two countries.

The Under Secretary and Minister discussed expanded cooperation on supply chain resilience in the semiconductor industry, support for Vietnam’s high-tech workforce, advancing the renewable energy transition and implementing climate mitigation efforts, cooperation on critical minerals, managing security risks in trade and international finance, strengthening cybersecurity and critical information and communication infrastructure, and working together to ensure that Vietnam’s legal-regulatory environment will attract high-quality investment and drive sustainable and inclusive economic growth.

According to Deputy Minister Fernandez, U.S. companies are equally excited about investing in Vietnam, recognizing Vietnam’s great potential. The Deputy Minister suggested a number of ways that Vietnam can create favorable conditions for international investments while ensuring that it can fully take advantage of the benefits of foreign capital.

The dialogue also re-emphasized the importance of the Indo-Pacific region to the global economy, with the common goal of both sides being to build a prosperous, free, open and secure region.

Both sides agreed to meet again in Spring of 2025 in Hanoi, Vietnam to review the progress made under the CSPED and to capitalize on the momentum of bilateral economic cooperation.