The U.S. considers building strong economic and security ties with Vietnam a priority, U.S. Treasury Secretary Janet Yellen said Thursday as she met with Vietnamese officials in a visit aimed at fortifying America's relations across Asia.
Yellen arrived in Vietnam after visits to Beijing and to India, where she attended financial meetings of the Group of 20 major industrial economies.
"Vietnam is also a close economic partner, with our two-way trade reaching record highs last year and the United States serving as Vietnam's largest export market," Yellen said. "It is a priority for our administration to deepen our economic and security ties with Vietnam in the months and years to come."
Yellen said the U.S. recognized the importance of diversifying supply chains after experiencing the disruptions brought by the COVID-19 pandemic. "And then, when Russia invaded Ukraine, many countries saw what the implications could be of being overly dependent -- in Europe's case for natural gas and oil -- on a country that could use it for geopolitical ends," she said.
Speaking earlier to a group of business women and economists, Yellen said she was encouraged by growing investments in Vietnam in industries including computer chips and renewable energy.
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