Prime Minister Pham Minh Chinh (right) meets with the US Secretary of the Treasury Janet Yellen on May 11 (US time) during his visit to the country. (Photo: VNA)

Washington D.C - Vietnam expects the US to share its experience in developing the financial market in a healthy, safe, and transparent manner, to contribute to national macroeconomic stability, Prime Minister Pham Minh Chinh told the US Secretary of the Treasury Janet Yellen on May 11 (US time) during his visit to the country.

On the basis of the comprehensive partnership between Vietnam and the US, cooperation between the two countries in economy, trade, finance and currency has made positive progress, PM Chinh said at a meeting with Secretary Yellen while in the US attending the US-ASEAN summit at the invitation of US President Joe Biden.

He emphasised that Vietnam wishes to build an independent and self-reliant economy with sustainable development and deep integration, adding that stabilisation of the macroeconomy plays a very important role.

PM Chinh thanked the US for cooperation and support in managing and stabilising the foreign exchange market, contributing to Vietnam’s macro stability.

He also mentioned the complex impacts on economies stemming from global instabilities such as strategic competition, pandemic, climate change, conflict and economic development, and armed conflicts.

In response to these issues, he noted, it is necessary to uphold internationalism and multilateralism with a balanced and just approach.

PM Chinh added that each country needs to build an independent and self-reliant economy derived from its own internal resources and strengths.

The Vietnamese leader proposed that the US Government and US Department of the Treasury closely support and cooperate with Vietnam in economic development, handling global challenges, including energy transition, and fulfilling commitments at COP26.

He also suggested the US side to cooperate with Vietnam to build regional economic mechanisms, and stabilise trade relations and supply chains.

US Secretary of the Treasury Yelle affirmed that the US is willing to deepen economic - trade - investment relations between the two countries, including cooperation in banking and finance.

She said she highly appreciates Vietnam’s flexible exchange rate management and its consistency in pursuing the goal of controlling inflation and stabilising the macro-economy.

Secretary Yelle affirmed that, through global and regional financial institutions, the US will coordinate with developed countries to support developing countries, including Vietnam, in the areas of infrastructure, infectious disease prevention and control, energy transition, and climate change response.

She added that the US is willing to share experiences and support Vietnam in capacity building and mechanisms to effectively develop capital and real estate markets.