financetom
Economy
financetom
/
Economy
/
Vietnam minister says president's resignation has not affected policies
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Vietnam minister says president's resignation has not affected policies
Mar 26, 2024 6:57 PM

WASHINGTON, March 26 (Reuters) - Vietnamese Foreign

Minister Bui Thanh Son said on Tuesday the resignation of the

communist-ruled country's second president in little over a year

has not affected Hanoi's foreign and economic policies, given

its collective leadership and policymaking.

Asked during a visit to the United States about Vo Van

Thuong's resignation last week, Son told Washington's Brookings

Institution think tank Vietnam was undergoing an anti-corruption

campaign that has been welcomed by the international community

and businesses.

"The resignation of the president I think in Vietnam has not

affect(ed) our foreign policy as well as our own policies of

economic development," he said.

"If you look at the situation in Vietnam, we have collective

leadership, we have collective foreign policy. We have

collective-decided economic development."

Son cited Communist Party congresses held every five years

where economic development plans are set out and agreed among

party leaders. "And I think (if) one or two figures in the

leadership has resigned, (it) does not change this situation."

Son, who held talks in Washington on Monday with U.S.

Secretary of State Antony Blinken, National Security Advisor

Jake Sullivan and USAID Administrator Samantha Power, said

Vietnam hopes Washington will soon recognize it as a market

economy.

The U.S. currently considers Vietnam a 'non-market economy'

in import injury cases, which can lead to significantly higher

anti-dumping duties and Hanoi's ambassador to Washington warned

this year that maintaining the resulting punitive duties on

Vietnamese goods is bad for increasingly close bilateral ties.

Son said the United States and Vietnam should boost economic

trade and investment cooperation after agreeing a Comprehensive

Strategic Partnership last year.

"We should focus on supply chain resilience, infrastructure

connectivity, digital economy, energy, green economy and

logistics," he said.

Thuong's resignation has raised questions about stability in

Vietnam, given he was only elected last year after the sudden

dismissal of his predecessor.

With accumulated foreign direct investment higher than its

gross domestic product, Vietnam's stability is crucial to

multinationals with large operations in the Southeast Asian

manufacturing hub, including U.S. firm Apple ( AAPL ), which has

many key suppliers in the country.

That stability, which has been guaranteed for decades by a

state tightly controlled by the Communist Party, now looks less

certain, analysts say, although they agree the current

leadership changes will not impact the country's key policies,

including its "bamboo diplomacy" aimed at keeping good relations

with the United States and China at the same time.

Son said Vietnam sought good relations with all major powers

and welcomed ongoing efforts to stabilize relations between the

United States and China.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
Mar 22, 2024
(Reuters) - U.S. companies' purchases of domestic equities through more stock buybacks and corporate acquisitions will hit a six-year high of $625 billion this year, about as much as mutual funds and pension houses will offload, Goldman Sachs said. A surge in share buybacks and continued growth in cash mergers and acquisitions (M&A) will be the primary drivers of corporate...
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
Mar 22, 2024
WASHINGTON (Reuters) - The Republican-controlled U.S. House of Representatives and Democratic-majority Senate on Friday will scramble to beat a midnight government shutdown deadline by passing a $1.2 trillion bill keeping the government funded through September. If they succeed, it will end a more-than-six-month battle over the scope of Washington's spending for the fiscal year that began Oct. 1. If they...
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
Mar 22, 2024
07:38 AM EDT, 03/22/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of a series of appearances by Federal Reserve officials that compensate for a lack of major US data. Fed Chairman Jerome Powell is scheduled to make opening remarks at a Fed Listens conference at...
Fed Chair Powell says pandemic has had lasting effects on economy
Fed Chair Powell says pandemic has had lasting effects on economy
Mar 22, 2024
(Reuters) - Federal Reserve Chair Jerome Powell on Friday opened a Fed Listens event on how Americans are experiencing the economy, saying the pandemic has had lasting effects and that to make good policy the U.S. central bank cannot rely only on macroeconomic data but needs to hear directly from people and businesses. He did not make any remarks about the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved