US businesses positive on stronger economic and trade links with Vietnam

VOV.VN - A high-level business delegation consisting of 50 leading US firms is paying a working visit to Vietnam from March 18 to March 21, with this being the largest US business delegation to the nation since both countries upgraded relations to a comprehensive strategic partnership.

Ted Osius, president & CEO of the US-ASEAN Business Council (USABC), made the statement at a press briefing held on March 18 in Hanoi.

The US business delegation present in the nation includes representatives of the public sector and businesses operating in multiple fields such as technology, energy, aviation, national defence, manufacturing, agriculture and food, financial services, healthcare, and investment funds.

It featured the appearance of major brands such as 3M, Abbott, AES, AIG, Amazon, Atmo, Bay Global Strategies, Bell, Chubb Life Vietnam, Coca-Cola Vietnam, Dicago, Dow, Energy Capital Vietnam, Estee Lauder, FedEx, Ford, GE Genova, IMSG, and JP Morgan.

New chapter in economic and trade co-operation

Osius stated that US businesses have a keen desire to work with the nation in its efforts to enhance the Vietnamese role in the global supply chain.

According to US Ambassador to Vietnam Marc Knapper two-way trade between the country and the US only reached US$100 million in 1995, but by 2023, the nation had become the ninth largest trading partner of the US, while the US represents the largest Vietnamese export market.

The biggest–ever business delegation’s Vietnam visit marks a new era in relations between the two sides. Indeed, now is a very important time in the relationship between both countries as they work towards the goal of promoting long-term relations, Ambassador Knapper stated.

He said that after six months since the two countries upgraded relations, the US business delegation to the country not only reflects the Government's commitment, but also its initiative of the US private sector, based on the framework of the Comprehensive Strategic Partnership.

With more than US$13 billion in total registered capital, the US ranks 11th among countries and territories investing in the Vietnamese market, not to mention the large amount of capital the US invests in the nation through third countries.

Ambassador Knapper therefore expressed his confidence that there are many foundations to develop greater Vietnam-US co-operation such as the Indo-Pacific Economic Framework for Prosperity (IPEF). This represents an important time to promote long-term ties, he emphasized.

The two sides agreed to ramp up linkages in a multitude of fields such as trade, investment, security, education, and health care, whilst they will continue to further boost collaboration in areas of their strengths, he added.

Sarah Morgenthau, special representative for Commercial and Business Affairs at the US Department of State, said that the number of US businesses operating in the Vietnamese market at this time indicates a new chapter in the co-operative relationship between the two countries.

People represent the foundation of this relationship and the Vietnamese community in the US is growing stronger by the day. Indeed, Vietnam plays a big role in the ASEAN region and the nation's investment in the US has created thousands of jobs for American people, she said.

Not only is investment from the US into Vietnam increasing, but investment from the nation into the US is also on the rise, Morgenthau assessed.

Reta Jo Lewis, president of the US Export-Import Bank, said that after many years of greatly supporting the US's financial transactions with the country, the bank will continue to step up its efforts to further consolidate comprehensive strategic partnership.

In the US, the bank has launched a programme to support American businesses manufacturing in the US and also foreign businesses investing and doing business in the US, such as Vinfast, Lewis said.

Vietnam "new dragon" in AI

Representatives from major US businesses gave their views on the prospects of future business investment co-operation in the nation. Rafael Frankel, director of Public Policy of Meta Group (owner of Facebook), highly appreciated the potential for broader co-operation that exists in the field of technology in Vietnam.

According to him, the current relationship between the two countries is based on the partnership of their respective businesses. The two countries will be true partners of each other and are therefore optimistic about the prospects of the relationship. Vietnamese entrepreneurs remain diligent, steadfast, and creative, he said, while highlighting the bright future of investment in the Vietnamese digital economy.

Frankel said he believes that the nation is likely to become a "new dragon" in Asia in the field of artificial intelligence (AI).

Believing in Vietnamese economic prospects and appreciating the attractiveness of the investment environment here, Alex Levy, representative of Atmo, an American enterprise specializing in providing multinational weather forecast services said this is the first time the business has come to Vietnam. He therefore expressed a desire to learn about and find partners in Vietnam.

Levy stated that weather issues are very important in socio-economic development in the nation because it is greatly affected by climate change.

Based on high technology and AI, Atmo's products and services provide high precision and have been supplied many units in the public sector, such as the US Air Force. Atmo has also provided solutions for the Philippines' national weather forecasting system.

Bilateral relations, especially in economics - trade and investment, have recorded great achievements in recent times.

From trade relations worth US$100 million in 1995, the figure hit a record high of US$138 billion in 2022 and US$114 billion during the first 11 months of 2023.

Many major US businesses and groups operating in various fields have therefore been investing and doing business in Vietnam.

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