US investors pin high hopes on Vietnamese market
US companies are seeing Vietnam as a "land of hope" following US Vice President Kamala Harris's visit to the Southeast Asian nation from August 24-26, reported the Vietnam Investment Review.
Chad Ovel, Chairman of the American Chamber of Commerce in Vietnam in Ho Chi Minh City (AmCham Vietnam-HCMC) said Harris choosing Vietnam for her first visit to Asia showed the US appreciates security cooperation and economic partnership with Vietnam.
Many US-based conglomerates like Pfizer, Abbott Laboratories, Intel, Qualcomm, UPS, and Mastercard are increasing their investment in Vietnam with optimism about the market.
Russell Reed, Managing Director of UPS Thailand & Vietnam, considers Vietnam among the fastest growing market in the region which opens up potential import-export opportunities amid the rise of digital economy and trans-border e-commerce. UPS have been invested in Vietnam for over 25 years.
The Vietnamese Government supports extensive international economic integration and foreign investment, Reed said, pointing to the nation’s signing of the EU-Vietnam Free Trade Agreement (EVFTA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The UPS is looking for Vietnam’s ratification of the Regional Comprehensive Economic Partnership (RCEP) in late 2021, he added.
Winnie Wong, Country Manager of Mastercard in Vietnam, Cambodia and Laos, said Vietnam is a key market in the company’s development plan. Mastercard is committed to building a cashless market in Vietnam, she noted.
Recently, Vietnamese conglomerate Vingroup has signed an agreement with Arcturus Therapeutics Holdings Inc. of the US on the transfer of COVID-19 vaccine production technology.
With a capacity to manufacture 200 million doses per year, Vingroup is projected to produce the first batches of vaccine by early 2022.
Under the agreement, the US firm will grant permission ot Vingroup’s affiliate VinBioCare to produce COVID-19 vaccine named VBC-COV19-154, which is effective against new variants of the coronavirus such as Delta and Alpha. The Vietnamese company is also approved to manufacture other COVID-19 vaccine types of Arcturus like ARCT-021.
The American Apparel & Footwear Association, which represents over 1,000 retailers and producers, has just sent to US President Joe Biden a letter calling for increasing vaccine distribution for Vietnam.
Meanwhile, AmCham has been actively proposing the Biden administration make Vietnam a prioritised recipient in its vaccine sponsorship programme.
