Last week, Vietnamese Prime Minister Nguyen Xuan Phuc travelled to Washington for a four-day summit. The visit is expected to further cement the economic and strategic partnership, considered a prelude to Washington’s more dynamic engagement in the region.
The Trump Administration has shown willingness to discuss a new approach to strengthen and expand bilateral and regional cooperation with Hanoi vis-à-vis the emerging role of Vietnam as a strategic and economic partner as stressed in the U.S.-Vietnam Joint Statement.
The Trump Administration has emphasised Washington’s commitment to significantly foster economic, diplomatic and security ties with the ASEAN community, considered as a critical partner in the shaping of a regional architecture more aligned to Washington’s great strategy and paramount to regional stability and economic growth.
The Trump Administration’s decision to withdraw from the Trans-Pacific Partnership has certainly alimented concerns about Washington’s real intentions to pursue an assertive strategy in the Asia Pacific region.
Yet, the need of forging strong regional relationships within the ASEAN community remains a critical priority for Washington.
The U.S. Commerce Department has confirmed the signing of a comprehensive $8 million package deal with Vietnam that could create more than 23.000 jobs, enhancing economic growth and the employment target promised by the Trump Administration. Boston-based General Electric (GE.N) has successfully set a $5.58 deal and it will be playing a central role in the expansion of Vietnam’s industrial and energy sector, supplying power generators and aircraft engines.
Moreover, bilateral ties will be enhanced through the joint development of new gas power plants and the creation of a significant 800-megawats in Soc Trang under the supervision of the local Phu Cuong Group.
Global Risk Insights is a world-leading publication for political risk news and analysis. Our global network of experts provides timely, insightful analysis on political events shaping business, economic, and investment climates in every corner of the world.
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