AmCham, VCCI Strengthen Multifaceted Cooperation

11:32:01 AM | 14/2/2020

Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI) recently hosted a working meeting with Madam Virginia Foote, Vice Chair of the American Chamber of Commerce in Vietnam (AmCham) in Hanoi.

At the meeting, Madam Virginia Foote said that AmCham has cooperated closely with VCCI to work out many policy recommendations for a better investment environment and facilitate the business community to boost business operations. 2020 is a special year with many major events. AmCham hopes to advance cooperation with VCCI in upcoming important events, especially the Asia Pacific Business Summit 2020 in March.

“These events provide opportunities for U.S. and Vietnamese businesses to seek investment cooperation and boost trade. Besides, this is also a chance for Vietnam to improve its institutions to make the business environment better,” she said.

She added that Vietnam’s market remains attractive to foreigners because of geopolitical factors, market size and market connectivity. This appeal can be also stronger if the market entry policy is more enabling. As U.S. investment flows are being shifted from China to other nations, Vietnam will have a vast room to catch investment waves if it actively carries out long-term solutions for better investment and business environment.

According to Madam Virginia Foote, global integration, facilitated by trade agreements, creates the opportunity for Vietnam to draw foreign investment but this process may pose risks to monetary stability and employment. Therefore, Vietnam should focus on the following solutions: Giving priority to building an open business environment, introducing simple administrative procedures, focusing on policy forecasts, developing sustainable infrastructure, expanding FDI capital, and connecting the FDI sector with the private sector.

Affirming close cooperation with AmCham for the Vietnam-U.S. special relationship, Dr. Vu Tien Loc said that VCCI will work closely with AmCham in many areas and facilitate companies of both nations to seek business opportunities. He suggested solutions to institutional reform, with emphasis placed on customs and tax fields, procedural bottlenecks in business procedures and administrative expenses, planning, land and environment, anticorruption and business transparency. In addition, he emphasized that VCCI will recommend measures to build up supply chains, startup support and sustainable development to enable companies to seize long-term opportunities in the context of global economic integration.

By Huong Ly, Vietnam Business Forum