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Vietnamese Deputy Minister of Finance of Vietnam Cao Anh Tuan (fourth from right) and Assistant Secretary for International Finance of the US Department of the Treasury Robert Kaproth (sixth from left), and other US and Vietnamese officials pose for a group photo during their meeting in Washington DC on May 14. (Photo: MoF)

Vietnam and United States boost financial cooperation

Deputy Minister of Finance of Vietnam Cao Anh Tuan had a working session with Assistant Secretary for International Finance of the US Department of the Treasury Robert Kaproth in Washington DC on May 14, discussing measures to enhance bilateral economic and financial cooperation between the two countries.

During the discussions, Tuan highlighted that Vietnam and the US have complementary economic structures, saying Vietnam has a strong demand for US strengths such as energy, high technology, aviation, machinery, and agricultural products, while Vietnamese goods offer US consumers a diverse range of affordable options without directly competing with domestic US industries.

Recognizing shared strategic and economic interests, he underscored the importance of increasing bilateral cooperation in finance, which he said serves as a symbol of mutual trust and a substantive comprehensive strategic partnership contributing to the prosperity of both countries.

With regard to trade and investment relations, the Deputy Minister also discussed Vietnam's strong efforts and concrete measures aimed at promoting sustainable, balanced, and mutually beneficial development.

Robert Kaproth commended the Vietnamese government’s ongoing efforts and reaffirmed the US Treasury’s commitment to strengthening bilateral ties. He expressed willingness to address outstanding issues in economic and financial relations between the two countries.

Though trade negotiations are being led directly by the US Trade Representative, the US Treasury Secretary closely follows developments in negotiations with Vietnam, stated Kaproth.

However, he also reiterated the US concern over the growing trade deficit, which is viewed as unsustainable. He emphasized the need for improved customs controls to prevent illegal transshipment and origin fraud aimed at evading trade defense measures.

In response, Tuan affirmed that Vietnam is implementing various measures to strengthen customs inspections and ensure fair trade, and that it is ready to engage in open dialogue with the US on these issues, cited VOV.

He also urged the US Treasury to support Vietnam’s access to imports of high-tech goods and facilitate technology transfer to promote bilateral economic, trade, and investment growth. Such cooperation, he said, would enable businesses from both countries to access each other’s markets fairly and effectively in the long term. It would also help Vietnamese enterprises further integrate into US supply chains and enhance the complementary nature of the two economies.

At the end of the meeting, both sides agreed to promote activities such as seminars, policy dialogues, and technical assistance to further strengthen the Vietnam - US financial partnership.

Earlier, Tuan held a separate meeting with James Burrows, vice president of the Export-Import Bank of the United States (US EXIM). The meeting was also attended by representatives from major Vietnamese enterprises, including the Vietnam National Energy Corporation and the Vietnam Maritime Corporation.

Both parties acknowledged the important role of US EXIM in providing financial resources to support Vietnamese enterprises investing and conducting business both in the US and Vietnam.

According to Burrows, US EXIM operates across all sectors, managing a loan portfolio exceeding US$135 billion. The bank currently prioritizes areas such as green energy, LNG, oil and gas, and critical and rare minerals. Its mission also includes supporting US firms’ international exports and contributing to more balanced trade relations.

Vietnam, Senegal enhance cooperation across key sectors

As part of a working visit to the Republic of Senegal from May 10-15, a delegation from the Embassy of Vietnam in Algeria concurrently accredited to Senegal, led by Ambassador Tran Quoc Khanh, had a series of activities aimed at promoting multifaceted cooperation between Vietnam and Senegal, particularly in the areas of culture, sports, economy, trade, and people-to-people exchange.

On May 12, Ambassador Khanh met with Senegal’s Minister of Youth, Sports and Culture, Khady Diène Gaye. During the meeting, the ambassador expressed his delight at the development of the traditional martial art Vovinam in Senegal, highlighting it as a hallmark of cultural and sports cooperation between the two countries and a meaningful contribution to promoting Vietnamese culture globally. Notably, the annual Ambassador's Cup held in Senegal has become part of the official competition system of the World Vovinam Federation (WVVF).

For her part, Minister Khady Diène Gaye highly appreciated the contributions of the Vovinam movement in Senegal and voiced support for the policy of recognizing a single representative organization for Vovinam in the country, in line with international norms and the regulations of the International Olympic Committee (IOC), according to VNA.

Vietnamese Ambassador to Algeria and Senegal Tran Quoc Khanh (center) in a group photo at a recent annual Ambassador's Vovinam Cup held in Senegal. (Photo: VNA)

Ambassador Khanh reaffirmed that the embassy will continue to serve as a bridge, supporting the development of a unified, professional, and internationally recognised Vovinam ecosystem in the West African nation.

The ambassador also held a meeting with the Vietnamese community in Senegal. He commended the role of the community and its executive committee in preserving national cultural identity, and affirmed that the Vietnamese Government always attaches great importance to overseas citizens.

Leontine Pires, president of the Vietnamese association in Senegal, expressed the hope that Vietnam will consider appointing an Honorary Consul in Senegal to support Vietnamese nationals with administrative matters and citizen protection, and to enhance the effectiveness of economic and diplomatic activities.

On May 14, the Vietnam Trade Office in Algeria concurrently accredited to Senegal, in collaboration with the Chamber of Commerce, Industry and Agriculture of Dakar, organized a business networking conference with the participation of around 60 companies from both countries operating in sectors such as agriculture, food, industrial goods, and services.

Speaking at the event, Mbaye Chimère Ndiaye, Secretary-General of the Dakar Chamber of Commerce, called on Vietnamese enterprises to invest in local processing in Senegal to make full use of domestic raw materials, particularly raw cashew nuts and cotton. He also highlighted Senegal as a potential market, with economic growth expected to reach 8.4% in 2025 – among the highest in Africa.

From the Vietnamese side, Trade Counsellor Hoang Duc Nhuan said in the first four months of 2025, Vietnam’s exports to Senegal stood at 43.43 million USD, nearly equalling the total for 2024 (43.91 million USD). Vietnam mainly exports rice, pepper, agricultural products, and components, while its imports from Senegal include raw cashew nuts, fishmeal, seafood, and cotton.

The conference also recorded practical recommendations from participating enterprises, such as improving the bilateral legal framework on trade and investment, establishing a Vietnam–Senegal Business Council, organizing trade promotion forums, enhancing participation in bilateral and international exhibitions, and appointing an Honorary Consul in Senegal.

Senegalese businesses expressed interest in importing Vietnamese rice, spices, coffee, tea, building materials, furniture, packaging, and school supplies. They praised the experience and financial capacity of Vietnamese companies and expressed their desire to find partners for joint production and processing in Senegal or to import products for domestic consumption and export to neighboring markets under the African Continental Free Trade Agreement (AfCFTA).

Vietnam and Thailand elevate ties to Comprehensive Strategic Partnership

Vietnamese Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra agreed to upgrade relations between the two countries to a Comprehensive Strategic Partnership at the fourth joint Cabinet meeting in Hanoi on May 16.

Chinh expressed his pleasure at welcoming the Thai Prime Minister to the joint Cabinet meeting, which he hoped would provide an opportunity for both sides to exchange views and agree on practical and effective measures to further enhance and elevate the bilateral relationship to a new, more substantive, effective, deeper, and comprehensive level.

Such progress would bring great benefits to both countries and peoples, while also contributing to strengthening solidarity, peace, and cooperative development within ASEAN, he noted.

Meanwhile, Paetongtarn highlighted the unique and strategic nature of the relationship between Thailand and Vietnam. She emphasized that Thailand only holds Joint Cabinet Meetings (JCMs), a high-level bilateral government meeting, with neighbouring countries, and for Vietnam, it is held exclusively with Thailand.

According to the female PM, Thailand and Vietnam consider each other priority partners in the region, and beyond economic or political cooperation, there are cultural, geographic, and historical ties that connect the two countries.

At the meeting, the two sides agreed to promptly develop an action programme to implement the new partnership framework for the 2025-2030 period. Accordingly, they will enhance high-level exchanges, beginning with arranging a visit to Vietnam by the King and Queen of Thailand, as well as a visit to Thailand by Party General Secretary To Lam at an appropriate time.

At the same time, the two sides will strengthen cooperative mechanisms, particularly the Joint Cabinet Meeting mechanism and the Vietnam-Thailand Joint Committee on Bilateral Cooperation.

The two sides vowed to promote and expand cooperation in areas such as maritime security and safety, defence industry, logistics, military medicine, search and rescue, border management, and military exchanges. They also committed to enhancing cooperation in combating transnational crimes, especially drug trafficking, human trafficking, and cybercrime, reaffirming their commitment to preventing any individual or organisation from using their territories against each other.

The two sides also agreed to further integrate their economies through the Three Connectivity Partnership Strategy, which focuses on connecting supply chains, connecting businesses and localities, and aligning sustainable growth and green growth strategies between the two countries, cited VOV.

Vietnamese Prime Minister Pham Minh Chinh (R) and Thai Prime Minister Paetongtarn Shinawatra shaking hands before co-chairing the fourth Vietnam - Thailand Joint Cabinet Meeting in Hanoi on May 16.

They will also enhance infrastructure connectivity, especially in the East-West Economic Corridor, thereby facilitating the movement of goods, services, and people between the two countries and within the region. In addition, they will increase cooperation in science and technology, innovation, digital transformation, and green transformation across various sectors, working towards a low-carbon economy and net-zero emissions.

The two countries also agreed to strengthen cooperation on labour, employment, and social welfare, and to promote the implementation of the agreement on recruiting Vietnamese workers to work in Thailand.

The two sides emphasized that investing in the younger generation, education, people-to-people exchanges, and culture is an investment in a sustainable future for both countries and peoples. They therefore agreed to further promote people-to-people exchanges, particularly among the youth of both countries, alongside opening more direct flights between localities in the two countries, and promoting Thailand’s tourism initiative “Six Countries - One Destination.”

Both sides were committed to facilitating the living, working, and studying conditions of their citizens in each other’s countries.

Chinh affirmed that the decision to elevate bilateral relationship to a Comprehensive Strategic Partnership is not just symbolic, but an objective necessity and a strategic requirement.

“This milestone marks the beginning of a new chapter, bringing our cooperation to greater depth, broader scope, and more meaningful substance. It serves the interests of our two peoples, contributes to peace and cooperation within ASEAN, supports regional self-reliance, and promotes a future of stability, peace, and collaboration across Asia,” said the Vietnamese PM.

Following the meeting, both PMs witnessed the exchange of signed cooperation documents in the fields of trade, law enforcement and drug control, market development, banking, human resources development, and industrial part construction between the two countries’ ministries, agencies and localities.

Communist parties of Vietnam, UK tighten relations

Vietnamese Ambassador to the UK Do Minh Hung has recently held a meeting with representatives of communist parties and left-wing friends in the country, including the Communist Party of Britain (CPB) and the New Communist Party of Britain (NCP), to discuss the Vietnam-UK bilateral relations, as well as promote cooperation between communist parties.

The May 14 meeting took place in the context that Vietnam has been celebrating many important historical milestones in 2025, such as the 95th founding anniversary of the Communist Party of Vietnam (February 3, 1930), the 50th anniversary of the liberation of the South and national reunification (April 30, 1975), the 135th birthday of President Ho Chi Minh (May 19, 1890) and the 80th anniversary of the National Day (September 2, 1945).

Speaking at the meeting, Ambassador Hung emphasized the importance of the Vietnam-UK Strategic Partnership which was established in 2010.

He affirmed that Vietnam always attaches importance to strengthening relations with the UK in the fields of economy, trade, education and culture, VNA reported.

The meeting between Vietnamese Ambassador to the UK Do Minh Hung and representatives of communist parties and left-wing friends in the country. (Photo: VNA)

In particular, the ambassador expressed his desire to promote exchanges between political organizations of the two countries, including communist parties, to share experiences and strengthen international solidarity.

Hung also noted his hope that the CPB will continue serving as a bridge, bringing the image of Vietnam closer to the British people and political movements in the UK.

On this occasion, Nguyen Tuan Viet, Counselor of the Vietnamese Embassy, reviewed Vietnam's achievements over the past 80 years, especially those recorded since the Doi Moi (Renewal) in 1986, the foundations that helped Vietnam become the 35th largest economy in the world in 2024, with high growth rates for many consecutive years.

CPB Chair Ruth Styles commended Vietnam's achievements as well as the Communist Party of Vietnam (CPV)'s role in leading the country to overcome challenges and make significant progress.

Styles and other CPB members expressed their pride as they recalled profound memories of Vietnam and President Ho Chi Minh, particularly while watching documentaries on international movements against the unjust war waged by US imperialists in Vietnam.

The two sides discussed future cooperation activities, including sharing leadership and organization experiences, increasing political dialogues, and supporting cultural exchanges.

Speaking to Vietnam News Agency correspondents in the UK, Kiryl Whittaker, a researcher on Vietnam, expressed his deep impression of Vietnam's socio-economic achievements on the path towards socialism, especially the new era - that of the nation’s era.

South Korea’s investment in Vietnam hits US$92 bln

South Korea is currently the biggest foreign investor in Vietnam, with a total registered investment capital worth over US$92 billion in 10,128 projects.

The above feature was highlighted by Deputy Prime Minister, Foreign Minister Bui Thanh Son in the event "Meet Korea 2025" jointly organized by the Ministry of Foreign Affairs, northern province of Hung Yen, and Korean Embassy in Ha Noi, on May 14.

South Korea is the second largest ODA, labor, and tourism partner and and the third largest trading partner of Vietnam, said Bui.

Vietnam is South Korea's biggest economic partner in ASEAN, accounting for 50 percent of the total trade turnover between South Korea and the bloc, cited VGP.

Deputy Prime Minister, Foreign Minister Bui Thanh Son addresses the event "Meet Korea 2025", Hung Yen, May 14, 2025. Photo: VGP

The two countries are set to increase their bilateral trade turnover to US$100 billion by the end of this year and US$150 billion by 2030, towards a balanced and sustainable manner.

The Vietnamese Government highly values the business activities and contributions of South Korean enterprises in the country, especially the strong shift from simple processing industries to high-tech industries, energy projects, finance and banking, and high-quality services, noted the Deputy Prime Minister.

He emphasized that the participation and support of South Korean partners is a crucial factor contributing to Vietnam's industrialization and modernization process both in the past and going forward.

He called on localities and businesses from both sides to proactively and actively seize opportunities in innovation, creativity, and the application of high technology and concentrate on building sustainable value chains, with a focus on shifting to new industries such as digital transformation, green economy, circular economy, semiconductors, environmentally friendly energy, biotechnology, and smart cities.

"Meet Korea 2025" drew the participation of leaders from 21 northern localities, and representatives of 150 Vietnamese and South Korean enterprises.

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