Vietnam, US businesses look for opportunities in post-Covid-19 period
Investment projects by US companies have been instrumental to the development of Vietnam, helping local firms further integrate into global supply chains, said VCCI Chairman Vu Tien Loc.
Government officials and industry leaders from Vietnam and the US gathered at the US – Vietnam Business Summit 2020 today [October 9] to discuss ways to promote the expansion of trade, investment and new opportunities in the post-Covid-19 pandemic.
| Overview of the summit. Photo: Hai Yen. |
The summit, titled “Trusted Partners Prospering Together”, was jointly held by the American Chamber of Commerce in Hanoi (AmCham) and the Vietnam Chamber of Commerce and Industry (VCCI).
While the business summit was meant to build on the current positive momentum of the bilateral relationship, it also celebrated 25th anniversary of diplomatic relations between Vietnam and the US.
“Progress on the key issues raised at today’s summit will improve business conditions that strengthen the private sector, ensure economic and social development, attract additional investment, and promote prosperity here in Vietnam,” said AmCham Executive Director Adam Sitkoff.
VCCI Chairman Vu Tien Loc highlighted the strong diplomatic relations that Vietnam and the US are enjoying today, referring to a statement by former US Secretary of State John Kerry saying that no other two countries that have “worked harder, done more and done better to try to bring themselves together and change history, to change the future, to provide a future for people that is very, very different.”
This is evidenced by a 170-fold increase in bilateral trade turnover of US$450 million in 1994 to US$76 billion in 2019. Meanwhile, a shift in global supply chains since the Covid-19 outbreak has boosted Vietnam’s position from 12nd to 9th among the largest exporters to the US, added Mr. Loc.
According to Mr. Loc, the complementarity between the Vietnamese and US markets has been a great help in this regard. Specifically, Vietnam’s major export products to the US are seafood, textile and footwear, while the latter is a major seller of equipment, hi-tech products, among others, to Vietnam.
As of June 2020, the US is Vietnam’s 11th largest investor with 988 projects worth US$9.3 billion, including major names such as Citigroup, Intel, Ford, AIA, Coca Cola, and others.
| Overview of the summit. Photo: Hai Yen. |
Investment projects by US companies have been instrumental to the development of Vietnam, helping local firms to further integrate into global supply chains, Mr. Loc noted.
He expected enterprises from the two countries to stay active in grasping new opportunities arising from the current crisis, especially in high potential fields such as renewable energy, infrastructure development, finance – banking, education, tourism, and digital economy.
Emphasizing Vietnam’s position as a comprehensive partner of the US, US Ambassador to Vietnam Daniel J. Kritenbrink hoped for greater cooperation in trade, aviation and energy between the two countries.
Mr. Kritenbrink expressed his strong belief that the bilateral trade relations would continue to improve in the future.
The ambassador reiterated that a strong, prosperous and independent Vietnam is in US interest.
The ambassador’s point of view was later backed up by remarks from former US Secretaries of State John Kerry and Madeleine Albright, who both talked about the importance of the commercial relationship in helping the two countries strengthen their friendship and partnership.
At the summit, speakers and panel participants discussed a wide range of issues, including promoting sustainable and predictable investment policies; driving growth and innovation through digital economy; addressing Vietnam’s energy development needs; navigating Asia’s supply chains and manufacturing landscape in a post-Covid-19 world; working together to help Vietnamese businesses and entrepreneurs reach their potential, and global trade dynamics and the upcoming US election.
