Vietnamese Party General Secretary and State President To Lam is set to meet with U.S. President Joe Biden on September 25, 2024, in New York during the UN General Assembly. This high-profile meeting follows the upgrade of U.S.-Vietnam relations to a Comprehensive Strategic Partnership in 2023, marking a significant milestone in bilateral ties. Lam's visit includes a series of economic agreements signed between Vietnamese and U.S. firms, notably a $1.1 billion deal between Vietjet Air and Honeywell Aerospace, which focuses on green development initiatives.
On the same day, To Lam held discussions with major U.S. corporations, including Apple, Meta, Blackstone, and Warburg Pincus, pledging to expand Vietnam's semiconductor and AI industries. Notably, during a meeting with Meta, Nick Clegg announced plans for producing virtual reality glasses in Vietnam, highlighting the growing interest of U.S. tech giants in the Vietnamese market [abf41190].
During a roundtable discussion with leading U.S. businesses on September 23, 2024, To Lam emphasized the importance of foreign investment in Vietnam's economy, particularly in sectors such as artificial intelligence, semiconductors, and renewable energy. He urged the U.S. government to officially recognize Vietnam as a market economy and to lift export limits on technologies like those from Nvidia, which are crucial for Vietnam's ambitions in the tech sector [b42a27b2].
Additionally, To Lam addressed the U.N. Summit of the Future, marking a historic first for a Vietnamese Communist Party chief at this level. His speech underscored Vietnam's commitment to multilateralism and independence in foreign policy, as well as its aspirations for sustainable development and international cooperation. Following his engagements in New York, Lam is scheduled to meet with executives from major tech companies, including Google and Meta, before departing for Cuba [0ca1ead3].
Vietnamese youth and students in the United States have expressed high hopes for To Lam's visit, viewing it as an opportunity to enhance Vietnam's international role and expand cooperation with the U.S. This visit is expected to further strengthen trade ties between the two nations, reflecting the growing economic relationship and Vietnam's rising status on the global stage [98a8c427].
In a broader context, To Lam's visit symbolizes Vietnam's significant economic growth, with bilateral trade with the U.S. soaring from $2.9 billion in 2002 to $128.7 billion in 2023, making Vietnam the sixth-largest source of U.S. imports. Analysts suggest that Vietnam's growth through export manufacturing and free trade is likely to continue, driven by cultural traits and effective policy actions. There are predictions that Vietnam could escape the middle-income trap by 2045, indicating a promising future for the nation [7b1617c4].