U.S. President Joe Biden is expected to start a two-day state visit to Vietnam on Sunday at the invitation of Vietnamese Party General Secretary Nguyen Phu Trong.

President Biden's visit takes place in the context of the two countries celebrating 10 years of their comprehensive partnership.

This is an opportunity for both sides to review their cooperation and relationship development over the past decade, and at the same time, to set out directions for future rapport, while seeking further cooperation potentialities.

Vietnam's leading role

President Biden's special plane is expected to arrive in Hanoi on Sunday afternoon, after he finishes his trip to India to attend the G20 Summit in New Delhi.

Along with Vice-President Kamala Harris coming to Indonesia to attend the 43rd Association of Southeast Asian Nations (ASEAN) Summit and related meetings, the Biden administration is continuing to strongly promote its prioritized cooperation in the Indo-Pacific region.

In fact, the White House especially appreciates the relationship with Vietnam and sees Hanoi as a key partner in Washington's strategy.

This was stated by U.S. National Security Advisor Jake Sullivan at a press conference on September 5.

"Building on President Biden’s string of diplomatic successes in the Indo-Pacific just this year, this visit is a remarkable step in the strengthening of our diplomatic ties, and it reflects the leading role that Vietnam will play in our growing network of partnerships in the Indo-Pacific as we look to the future,” Sullivan told White House Press Secretary Karine Jean-Pierre.

According to Sullivan, President Biden's visit to Vietnam is a “powerful opportunity” to advance Vietnam-U.S. relations in a way that will deliver for the American people and broader security, stability, and prosperity in the Indo-Pacific region.

He insisted that Vietnam and the U.S. share many important concerns, including "critical and emerging technologies", and the two countries will "chart out a vision for facing the 21st century together with an elevated and energized partnership."

Observers believe that the U.S. is implementing a comprehensive strategy to increase its influence in the Indo-Pacific region.

The Biden administration is keen on strengthening Washington's partners by providing them with a framework to diversify economic cooperation options.

The U.S.'s desire to promote relations with Vietnam has emphasized and enhanced the importance of Vietnam's role in the Indo-Pacific, both economically and strategically, said Steven Okun, senior advisor for geostrategic consultancy McLarty Associates.

Okun remarked that Vietnam plays a prominent role as the U.S. wants to increase its influence and introduce new cooperation options in the region.

Amitendu Palit, senior research fellow and research lead of trade and economics at the Institute of South Asian Studies under the National University of Singapore, told Tuoi Tre News that President Biden's visit reflects the significance of Vietnam to U.S. strategies.

Palit believed that the U.S. is viewing Vietnam not only as an important economic ally but also as an overall strategic partner, based on the fact that the Southeast Asian country is being regarded as an effective economic location in U.S. efforts to diversify supply chains.

“Engaging with Vietnam is clearly a priority for the U.S. as it looks to de-risk industrial operations,” he said.

Vietnam appreciates cooperation with U.S.

Like Sullivan, U.S. Ambassador Marc Knapper recently mentioned President Biden's visit and also pointed out the potential for economic cooperation between the two countries, with common development priorities in an innovative economy, focusing on technology.

An important foundation for the potential for Vietnam-U.S. cooperation is efforts to resolve differences between the two sides, building trust and respect, including respect for political systems.

Biden is not the first president to visit Vietnam, but he is the first U.S. president to officially visit at the invitation of a Communist Party leader – a move that, according to Palit, reflects the fact that the U.S. now feels "comfortable engaging with Vietnam politically."

The friendship between the two countries will play a big role in America's "friendshoring" strategy, which is centered around building and promoting production relationships and supply chains between the United States and countries Washington considers "friends.”

“Friendshoring is about expanding our trade ties and diversifying our supply chains among many trusted partners like Vietnam to mitigate against global shocks, geopolitical risks, and overconcentration in critical industries,” U.S. Treasury Secretary Janet Yellen told Vietnamese Minister of Finance Ho Duc Phoc at a meeting in Vietnam in July.  

When visiting Vietnam in July, Yellen further explained that friendshoring is to reduce the vulnerability of the economy to supply shocks in the production of critical goods, especially due to overconcentration, geopolitical, and security risks.

This means deepening U.S. economic integration with the large number of countries – including Vietnam, she added.

Professor Julien Chaisse from Hong Kong University told Tuoi Tre News on Saturday that President Biden's visit is a catalyst for strengthening Vietnam's position in the friendshoring strategy, creating a win-win situation for both countries.

“In my view, sectors such as manufacturing, renewable energy, and digital services present a golden opportunity for Vietnam to carve out a niche for itself, thereby asserting a stronger presence in the global supply chain, owing to a more favorable labor cost and geopolitical scenario," said the expert on globalization and foreign investment.

According to Okun, who has just been elected for another term as president of the American Chamber of Commerce in Asia-Pacific, while issues remain that need to be addressed, President Biden's visit provides "an opportunity for high-level political and economic dialogue."

"These discussions can help both identify common interests and areas of cooperation, which can be instrumental in shaping a ‘friendshoring’ strategy, and further enhance Vietnam's role in efforts to build a resilient supply chain,” he told Tuoi Tre News.

Vietnam-US: Gateways for economic cooperation

While Biden's visit not only helps explore the potential for bilateral cooperation, experts also believe that promoting this relationship would help the two countries enhance market access and new cooperation frameworks.

Palit gave a specific example of Vietnam's part in the U.S.-led Indo-Pacific Economic Framework for Prosperity (IPEF).

“Vietnam is an important part of the IPEF,” he said.

“It is now a very important part of the U.S.'s new-generation rule-making efforts in the region that would impact trade, investment, and businesses.

“These relationships will help Vietnam build deeper links with the world's largest economies – not just the U.S., but also Japan, India, and Australia.”

Meanwhile, the importance of Vietnam will in turn help American businesses have more opportunities to access the Southeast Asia market, according to Okun.

“Economically, Vietnam has emerged as a critical player in the Indo-Pacific region,” Okun observed.

“It has a rapidly growing economy integrating with its neighbors in the region, being one of the few members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the IPEF. 

“As such, Vietnam will only increase as an important gateway for American companies to reach the Southeast Asia market and beyond.”

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