Biden and Vietnam's ruling Communist Party chief — the country's paramount leader — struck a 'comprehensive strategic partnership' as Washington pushes to boost its network of allies around Asia and the Pacific to counter Beijing's growing clout.The United States sees manufacturing dynamo Vietnam as an important part of its plan to rely less on China for supplies of strategic resources, and the new pact includes agreements on semiconductors and rare earths.
AFP PHOTOWith Washington looking to diversify and strengthen its supply chains after a series of shocks hit the global economy, it is increasingly looking to Vietnam, which has the world's second-largest deposits of rare earths — another strategically vital resource — after China.Monday will also see Vietnam Airlines sign a $10 billion deal to buy 50 medium-haul 737 MAX planes from Boeing, according to state media.
Source: News Formal (newsformal.com)