HANOI (AFP) – The United States (US) wants to include emerging economies such as Vietnam in efforts to strengthen and diversify supply chains, Treasury Secretary Janet Yellen said yesterday.
The US and other major economies are pushing to make themselves less reliant on the likes of China and Russia for key commodities and components after supply chain shocks rocked the global economy in recent years.
In a speech in Hanoi, Yellen said “friend-shoring” – deepening economic ties with trusted partners – was not restricted to long-established allies.
“As we undertake these supply chain efforts, let me be very clear: friend-shoring is not for an exclusive club of countries,” Yellen said.
“It is open; it is inclusive of advanced economies, emerging markets and developing countries alike.”
Yellen was speaking on the second day of a visit to Vietnam, where she has met political and business leaders.
In her speech, Yellen said, “The US is working to strengthen – not to weaken – our ties with the emerging and developing world, as demonstrated by our partnership with Vietnam.”
