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DRAGON CAPITAL GROUP COMMENTS ON US/VIETNAM COMPREHENSIVE STRATEGIC PARTNERHSIP
(MENAFN- Perceptiona) The US and Vietnam have upgraded their relationship from ‘comprehensive’ to a ‘comprehensive strategic partnership’ (“CSP”) – the highest level in Vietnam’s diplomatic hierarchy - in a move that is expected to significantly strengthen trade relationships between the two countries.
Following President Joe Biden’s meeting with General Secretary Nguyen Phu Trong and other key leaders in Hanoi yesterday, the two nations agreed to promote innovative economic engagement through numerous initiatives, including an emphasis upon semiconductor supply chains for US industry, consumers, and workers.
Vietnam is among the US’s top ten trading partners and the agreement emphasises its strategic economic importance in Asia. In turn, the US is Vietnam’s second largest trading partner. Bilateral trade in 2022 totalled US$124bn, consisting of US$109bn of exports to the US and US$14.5bn of imports.
The US decision to upgrade relations to CSP status with Vietnam follows the upgrade in relations between Hanoi and the South Korean government in December 2022.
Ms. Quynh Le Yen, Portfolio Manager of the US$290m Vietnam Equity (UCITS) Fund (“VEF”) managed by Dragon Capital said: “We consider this to be as significant of an inflection point in the growth in the Vietnamese economy as the normalisation of trade relations with the US in 1994.
“The upside potential of even deeper trade ties with the US heralds a further acceleration of Vietnam’s growth”.
In the last 12 years, Vietnam has maintained a consistent policy of integration into global value chains, engaging in over 16 Free trade agreements with 55 territories. In this time, GDP per capita has more than doubled, from US$1,950 to US$4,160
Following President Joe Biden’s meeting with General Secretary Nguyen Phu Trong and other key leaders in Hanoi yesterday, the two nations agreed to promote innovative economic engagement through numerous initiatives, including an emphasis upon semiconductor supply chains for US industry, consumers, and workers.
Vietnam is among the US’s top ten trading partners and the agreement emphasises its strategic economic importance in Asia. In turn, the US is Vietnam’s second largest trading partner. Bilateral trade in 2022 totalled US$124bn, consisting of US$109bn of exports to the US and US$14.5bn of imports.
The US decision to upgrade relations to CSP status with Vietnam follows the upgrade in relations between Hanoi and the South Korean government in December 2022.
Ms. Quynh Le Yen, Portfolio Manager of the US$290m Vietnam Equity (UCITS) Fund (“VEF”) managed by Dragon Capital said: “We consider this to be as significant of an inflection point in the growth in the Vietnamese economy as the normalisation of trade relations with the US in 1994.
“The upside potential of even deeper trade ties with the US heralds a further acceleration of Vietnam’s growth”.
In the last 12 years, Vietnam has maintained a consistent policy of integration into global value chains, engaging in over 16 Free trade agreements with 55 territories. In this time, GDP per capita has more than doubled, from US$1,950 to US$4,160
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