March 2, 2022 Bich T. Tran, Adjunct Fellow, CSIS
On February 11, 2022, the Biden administration released its Indo-Pacific Strategy. The document covers a vast geographic area including many nations and touches on a wide range of issues. What does the new strategy mean for U.S.-Vietnam cooperation?
Diplomatic Cooperation
The strategy names Vietnam as one of the United States’ leading regional partners. Keen observers have anticipated the U.S.-Vietnam Comprehensive Partnership signed in 2013 to be upgraded to a strategic partnership. Although some U.S. and Vietnamese officials have said that the name does not matter, formally upgrading to a strategic partnership with a written joint statement will assure both sides’ commitments.
Economic Cooperation
Vietnam’s digital economy is rapidly expanding. In 2011, only 35 percent of the Vietnamese population used the internet, which doubled to 70 percent by 2020. According to the e-Conomy SEA 2021 report, 71 percent of Vietnamese internet users have made at least one purchase online. The report projected Vietnam’s gross merchandise value (GMV) to reach a total value of $21 billion in 2021, when all sectors, except online travel, experienced double-digit growth. E-commerce is leading the pack, with a 53 percent increase from $8 billion to $13 billion. Vietnam’s GMV is expected to grow from $21 billion in 2021 to $57 billion in 2025.
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Đọt Chuối Non 