Joe Biden and Vietnam's Party Chief inaugurate "new era" in relations

U.S. President Joe Biden and the Vietnamese General Secretary of the Communist Party, To Lam, have declared a "new era of relations" between the two countries. This statement was made during a meeting on the sidelines of the United Nations General Assembly in New York and underscores the USA's efforts to counter China's growing economic and security presence in Asia. Biden praised the joint efforts to create a more open and secure Indian Ocean and emphasized the importance of freedom of navigation and the rule of law. He highlighted investments in semiconductors and supply chains and spoke of "unprecedented cooperation in cybersecurity." To Lam acknowledged Biden's "historic contributions" to strengthening bilateral relations. The meeting illustrates the increasing geopolitical significance of Vietnam, which is considered one of the biggest beneficiaries of the U.S.-China trade conflict. Numerous multinational companies are investing billions of dollars in China's neighboring country to secure their supply chains. Despite the competition, the leaders did not mention China in their opening remarks. Nevertheless, it is clear that Biden is leveraging his allies and partners in the region to counter the rising influence of the world's second-largest economy. The U.S. government is pursuing a strategy to restrict China's technology sector in the name of national security while simultaneously conducting intensive diplomacy to keep communication channels open and minimize conflicts. However, the U.S. rejection of Vietnam's request for recognition as a market economy in August was a setback for Vietnam's export efforts. Nonetheless, the two heads of state viewed their economic relations as wide-ranging and reiterated their intent to intensify cooperation. Biden encouraged continued economic reform and the opening of the Vietnamese economy. Despite the market economy issue, the meeting signals that Vietnam's core policies remain unchanged as it continues to balance significant power dynamics and expand economic connections. Lam has held talks with executives from companies such as Boeing and Meta Platforms, urging them to increase investments in Vietnam. His speech at the United Nations General Assembly included calls for support for developing countries in the form of capital, technology, and investment promotion. Lam's visit to the USA, accompanied by the release of prominent activists, indicates that Vietnam is continuing its economic and investment strategy despite internal challenges and international criticism of its human rights record. These developments could further strengthen investor confidence and indicate that Vietnam will continue to play a significant role in the region in the future.