According to the Executive Director Adam Sitkoff, Amcham remains committed to helping improve business conditions in order to strengthen the private sector and promote economic and social development here.
Vietnam's economy has significantly improved in recent decades.
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For many years, many American companies operating across the spectrum of economy activity, including many efforts to help Vietnam become more productive, efficient, safe and cleaner. American companies have invested billions of dollars, integrating Vietnam into the global supply chain, creating quality jobs for Vietnamese workers, and opening a new market for US goods and services.
President Trump’s State visit helped highlight the great opportunities available to American companies in Vietnam. However, due to some shortcomings remain, Amcham recommended Vietnamese government to have greater reform efforts that help create a fairer and more competitive environment where decisions are made faster, procedures are less complicated, rules are fairly enforced, and companies compete on their merits - including for access to land and opportunities.
Therefore, it is vital that laws and rules be designed to be enforced fairly and equally. Better results in this area will improve the trust consumers have in the market place. It is also an important issue when considering ways to attract high-quality investment and strengthen the private sector here.
AmCham expressed delight that the State Bank of Vietnam (SBV) is carrying out research to amend and supplement some articles related to card payments as stipulated in Circular 19/2016/TT-NHNN regarding bank cards. Mr. Sitkoff expected to have dialogue with the SBV to address the key issues that have been consistently raised by US payment companies, banks and industry associations regarding the operations of a National Payment Gateway (NPG) and to ensure that the implementation of the Circular meets the goals of the government while not impeding the security, speed and reliability of the transactions, and will not unduly hinder the competitiveness of foreign payment companies. To achieve the government's goal of far greater use of non-cash payments, it is critical that Vietnam maintains a conducive environment that fosters competition between and among local and foreign players to promote innovation, better cybersecurity and more cost-effective solutions and products.
As major investors in Vietnam, American companies have an interest in the country’s continued success. AmCham has strong belief that the business climate can best be helped by actions that increase productivity and reduce the costs and risks of doing business in Vietnam. More importantly, decreasing the cost and complication of doing business will benefit Vietnamese-owned businesses, many of which are SME’s, and will spur entrepreneurship, which will, in turn, ensure Vietnam’s future competitiveness and growth.
