Minister Dung, it is a pleasure to welcome you to Washington for this first Comprehensive Strategic Partnership Economic Dialogue between the United States and Vietnam. I’m also glad to be able to repay your hospitality for hosting me in Hanoi earlier this year.
I’m joined today by Ambassador Marc Knapper, as well as leadership from our various bureaus, including Deputy Assistant Secretary Melissa Brown from the Bureau of East Asian and Pacific Affairs, Deputy Assistant Secretary Liesyl Franz from the Bureau of Cyberspace and Digital Policy, Deputy Assistant Secretary Robert Garverick from the Bureau of Economic and Business Affairs, Acting Deputy Assistant Secretary Paul Hueper from the Bureau of Energy Resources, and USAID Deputy Assistant Administrator for East Asia and the Pacific Sara Borodin.
The issues we’ll cover today, from critical minerals, clean energy, and semiconductors to investment promotion, reflect the central role that economic cooperation plays in our new Comprehensive Strategic Partnership, or CSP.
Our rapidly expanding economic ties demonstrate the promise of the CSP and were a driving force behind our joint decision to raise our partnership to the highest-level last fall. The relationship between Vietnam and the United States is as strong as it has ever been, and there is no clearer sign than our economic cooperation.
It’s also 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. I’m proud to say that in such a short time we have far outpaced some of your more traditional trading partners, a sign of our commitment to Vietnam, the economic benefits we offer each other, and our shared trust.
This partnership also continues to evolve. The CSP includes areas that will benefit us both, from developing new supply chains for key technologies like semiconductors, to developing vital new sources of critical minerals. This focus on emerging and advanced technologies, shows we are looking to the future drivers of economic growth, and we see each other as part of that trend.
U.S. companies are equally excited about investing in Vietnam, recognizing Vietnam’s great potential. Today, we’ll discuss ways to facilitate this investment and ensure that Vietnam fully capitalizes on this interest. While investors are bullish on Vietnam, we want to ensure they have the regulatory and decision-making environment that they need to commit to expanding in your country.
I underscore that the United States is committed to our economic relationship. The United States recognizes the centrality of our ties, and the rapid growth of the economic linkages between us. There’s no greater proof of this than the CSP.
Mr. Minister, we look forward to your thoughts before opening the discussion.