Thayer Consultancy Background Brief:

ABN # 65 648 097 123

U.S. Treasury Secretary Visits
Vietnam
July 15, 2023

We request your assessment of the visit to Vietnam by U.S. Secretary of the Treasury
Janet L. Yellen from 20-21 July.
ANSWER: The forthcoming visit by U.S. Treasury Secretary Janet Yellen follows a
telephone conversation between President Joe Biden and General Secretary Nguyen
Phu Trong in March. The two leaders agreed to raise relations and assigned “relevant
authorities” to discuss the details to promote further ties.
General Secretary Trong told Biden that science and technology and economic
relations should be the driving force in bilateral relations. He also suggested
cooperation, inter alia, in the following areas: bilateral and sustainable trade, new
logistic and supply chains, climate change and green transition and digital
infrastructure.
According to a Department of Treasury Media Advisory, Secretary Yellen “will work
towards deepening our bilateral economic relationship with Vietnam and bolstering
economic resilience.” This dovetails nicely with General Secretary Trong’s call to
make economic relations the driving force.
While in Hanoi, Secretary Yellen will promote one of her pet projects – “friend-
shoring” in her discussions with Vietnam’s Prime Minister Pham Minh Chinh on 20
July and in a speech on 21 July. In sum, Secretary Yellen will suggest how the U.S.
and Vietnam can build resilient, safe and secure supply chains. Her agenda also
includes global clean energy transition, climate change, and green technology.
Secretary Yellin schedule includes working talks with the Governor of the State Bank
of Vietnam, the Chair of the Vietnam Communist Party’s Central Economic
Commission, and the Minister of Finance. Yellen will also meet the Chairman of the
National Assembly. In her meeting with the Governor of the State Bank Secretary
Yellin will discuss how to build on successful cooperation to address Vietnam’s
currency practices to further assist Vietnam in maintaining financial and
macroeconomic stability.
Secretary Yellin likely will discuss the outcomes of her recent visits to China and India
with her Vietnamese hosts and try to convince them that the United States has no
plans to decouple from China’s economy and that Washington and Beijing are
committed to engagement through continuing dialogue. Secretary Yellen can be
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expected to discuss President Biden’s Indo-Pacific Economic Framework and how

this initiative could assist Vietnam’s economic development.
Since the telephone conversation between Biden and Trong in March, Secretary of
State Anthony Blinken travelled to Hanoi. The Chairman of the Vietnam Communist
Party’s External Relations Commission visited Washington (possibly to discuss a visit
by the General Secretatry). Secretary Yellen’s impending visit to Hanoi suggests that
the “relevant authorities” of the two sides are reaching agreement on the next steps
forward to elevate bilateral relations to a strategic partnership.

Suggested citation: Carlyle A. Thayer, “U.S. Treasury Secretary Visits Vietnam,” Thayer
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Thayer Consultancy provides political analysis of current regional security issues and
other research support to selected clients. Thayer Consultancy was officially
registered as a small business in Australia in 2002.