Vietnam Time

3/13/2019 1:53:32 PM

American businesses increasingly interested in Vietnam

Various developments amidst a changing world has made Vietnam become more and more attractive to foreign investors, including those from the US.

Vietnamese workers in a garment factory. Photo: Reuters

This week, more than 50 leading US enterprises will come to Vietnam to participate in activities organized by the US Business Council - ASEAN. These companies will be present at an annual business event, participating in seminars on healthcare, life science, cybersecurity and data privacy.

The delegations are scheduled to meet Prime Minister Nguyen Xuan Phuc and other key members of the Government to discuss business issues and propose policy recommendation.

In the press conference held prior to the event, President and CEO of US Business Council - ASEAN, Alexander Feldman, said 2019 is  the year when the largest number of American businesses will  attended the event.  They will discuss with the government on various issues including taxation, market access, data management, etc. He appreciated the growth rate and opportunities in the Vietnamese market over the years, and said the goal of the event is to propose measures to help Vietnam become a more attractive destination for US businesses. 

Answering the questions about investment plans of US businesses in the visit, Feldman said in fact, most of their member companies have already invested in Vietnam. "They participate in many fields, ranging from oil and gas, financial services, technology, consumer goods to health. All are very optimistic about the Vietnamese market," he said. 

At the meeting, former US ambassador to Vietnam and the regional director of the council - Michael Michalak also said that US companies have invested more than USD 300 billion in ASEAN in the past 15 years and are ready to increase investment, especially in the context of a growing digital economy. Talking about Vietnam, he highlighted the positive relationships between two countries. "We are here because we believe in Vietnam and see the opportunities here," he said. 

In addition, Michalak affirmed that companies are more interested in Vietnam for over the past two years. "Global supply chain is changing, and Vietnam is ranked quite high on the list," he said.

According to two representatives of the council, Vietnam's advantages are built by a constructive government, the people and the openness of the economy. "The Vietnamese government is a great partner with the business community. They listen and really take action, creating a friendly business environment. The government is a major contributor to Vietnam's success," said Feldman.

"Vietnamese people are hardworking, intelligent and creative". Meanwhile, citing the series of free trade agreements that Vietnam has participated in, Michalak affirmed Vietnam "has recognized the value of integration, globalization and is willing to make efforts to distribute this benefit equally in the economy ".

Feldman said he always sees Vietnam's potential, not only in investment, but also in trade and education. "Vietnam is gradually becoming one of the leading countries in ASEAN," he concluded./.

  ( Translated by N.Minh )
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