Monday, 20 May 2019
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ECONOMY

US firms urged to grasp chances from strong growing US – Vietnam ties

Updated at Friday, 15 Mar 2019, 10:30
The Hanoitimes - The two economies are complementary, as such, the cooperation would result in a win-win situation for both, said Vietnam’s Prime Minister Nguyen Xuan Phuc.
US enterprises should hasten to grasp opportunities to do businesses in Vietnam, especially in a time when the Vietnam – US relations are growing strongly, according to Prime Minister Nguyen Xuan Phuc. 
 
Prime Minister Nguyen Xuan Phuc and representatives of US enterprises. Source: VGP.
Prime Minister Nguyen Xuan Phuc and representatives of US enterprises. Source: VGP.
Vietnam welcomes US investors with open arms and is willing to support their successes in the country, Phuc said in a meeting with a delegation of US enterprises led by Alexander Feldman, president and CEO of the US – ASEAN Business Council (US-ABC) on March 14, the governmental portal reported. 

Phuc mentioned his last meeting with US President Donald Trump on the occasion of the second North Korea – US summit in Hanoi, in which both leaders had frank discussion on furthering bilateral trade and investment ties.

The Vietnamese PM reiterated his statement made to President Trump that the two economies are complementary, as such, the cooperation would result in a win-win situation for both.

Moreover, he expressed his confidence that the visit of US enterprises to Vietnam would facilitate stronger economic cooperation between the two countries, adding the Vietnamese government is creating favorable conditions for smooth business operation of US companies in Vietnam. 

Phuc requested the US-ABC to encourage US enterprises to commit to long-term business in Vietnam, especially in the fields of science – technology, human resources development and supporting industry, while supporting local enterprises to further integrate in the global value chain. 

For his part, Feldman said that no doubt the bilateral relations have progressed significantly after the US president’s visit to Vietnam last month. 

According to Feldman, this year marks the 35th anniversary of the establishment of the US – ABC and next year the 25th anniversary of normalization between Vietnam and US, saying the two countries have gone a long way to reach such a high level of partnership. 

The bilateral trade turnover has increased sharply from several hundred of millions of US dollars in 1994 to nearly US$60 billion by 2018. 

For such achievements, Vietnam’s government has been proactive in discussing with the business community, including US enterprises, while initiating negotiations in trade, investment and economy to ensure its economic strong growth, Feldman added. 

Feldman said he is proud of the contribution of the US-ABC to Vietnam’s socio-economic development over the years. 

Last week, the US-ABC brought three delegations of US enterprises to Vietnam, for which the number of  US enterprises participating in the trips was the highest ever for an event held bythe  US-ABC to an ASEAN country. 

Feldman added this week alone 50 leading US companies have come to Vietnam. 

This showed strong interest of US enterprises in Vietnam as the Southeast Asian country has approved the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and is on course to join the Regional Comprehensive Economic Partnership (RCEP). 

The US-ABC looks forward to Vietnam taking over the role of ASEAN chairmanship in 2020 to open new opportunities for cooperation, Feldman continued. 
Ngoc Thuy
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