American businesses have high confidence in Vietnam

The two countries share a common vision.

In an interview with Thanh Nien , when mentioning the upcoming visit of US President Joe Biden, President and Director of the US-ASEAN Business Council (USABC), former US Ambassador to Vietnam Ted Osius, said he was very happy that the visit took place, and at the same time believed that this was a historic milestone, which could also create momentum allowing the two countries to bring bilateral relations to a new level.

President and CEO of the US-ASEAN Business Council, former US Ambassador to Vietnam Ted Osius

Mr. Ted shared that during his 30 years of association with Vietnam, he has witnessed many remarkable changes in Vietnam. However, none of them can compare to the rapid and comprehensive improvement in bilateral relations between the two countries that has taken place in the past decade. The two countries have expanded cooperation in many fields, including economics, politics , security, people-to-people exchange, science and technology, health, climate, energy, education, etc.

"We have moved from bilateral cooperation to regional and global cooperation, on big issues, important issues. I think we are partners who share a vision of an open, connected, prosperous and peaceful Indo- Pacific ," the former US Ambassador to Vietnam affirmed.

As President of USABC, Mr. Ted shared that 2022 is a great year, especially when looking back at the economic relationship that was very modest until recent years. Currently, the US is the largest export market for goods, textiles, footwear, electronics of Vietnam, with a total two-way trade turnover of 138 billion USD last year. That is an exponential increase, US companies invested more than 11 billion USD in Vietnam in 2022.

"Vietnam is currently the 8th largest trading partner of the United States. And now we are working together on the Indo-Pacific economic framework," Mr. Ted emphasized.

High confidence in growth in Vietnam

Earlier this year, a delegation of more than 50 American companies, including Meta, SpaceX, and Netflix, visited Vietnam, marking the largest business mission to Vietnam in USABC history. According to Mr. Ted Osius, the large number of companies participating in USABC's business mission shows that American companies have high confidence in Vietnam's growth prospects and the leadership of the Vietnamese Government, despite the expected difficulties this year in the global economy.

Prime Minister Pham Minh Chinh takes a souvenir photo with the business delegation of the US-ASEAN Business Council.

"We see a continued strong trend in expanding global manufacturing hubs in Vietnam as supply chains for semiconductors, fast-moving consumer goods, toys, furniture, food-agriculture, the digital economy, the creative economy, financial and banking services, and healthcare grow," said Ted.

The aerospace sector has also seen renewed interest from both sides in the US-Vietnam partnership. The USABC President said that negotiations between US industry and Vietnamese partners are taking place more frequently and while this development is encouraging, there is still much work to be done for both sides to understand each other’s processes.

Besides, Vietnamese companies investing in the US is a new trend. So Vinfast has received a lot of attention. But there are also many companies, like Sovico, which is a big customer of American companies, Vietjet has bought many planes from Boeing and Vietnam Airlines is also considering.

"I think that when looking at the big picture, two-way trade and investment will continue to expand and grow. We are seeing a significant acceleration in the relationship, all these trends ensure a huge growth in two-way trade and investment in the next 10 years and ensure the partnership is upgraded to a new level," Mr. Ted affirmed.

Source link: https://thanhnien.vn/doanh-nghiep-my-co-niem-tin-cao-tai-viet-nam-185230909201625575.htm