The US Government is eager to closely work with the Vietnamese Government and Vietnamese business community to further promote the bilateral trade relations and improve the investment environment, making Vietnam a more attractive investment destination for foreign investors.
The statement was made by U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Robert Hormats in a Vietnam Chamber of Commerce and Industry (VCCI) hosted roundtable discussion on July 11 with a group of Vietnamese business leaders representing companies from both the state and private sectors. The meeting was part of his visit to Hanoi on July 9-11 with Secretary of State Hillary Clinton on a trip focused on promoting U.S. business, entrepreneurship, regional economic integration, and environmental sustainability.
The roundtable, presided over by VCCI President Vu Tien Loc, highlighted the important role that entrepreneurs play in economic growth and how adapting new technology can help Vietnamese businesses connect with global markets. Dr Loc stressed that small and medium-sized enterprises (SMEs) play an important role in promoting the two countries’ economic ties, so it is necessary to offer more favourable conditions and more incentives to SMEs within Trans-Pacific Partnership (TPP) negotiations and the Bilateral Trade Agreement (BTA).
Under Secretary Hormats noted “Entrepreneurs play an important role in Vietnam’s economic development. Continued economic reforms and the use of technology, especially open internet platforms, will help to further unlock the vigour and talent of Vietnamese entrepreneurs and businesses. U.S. technology, services and products can also play a role in the development of strong Vietnamese companies.”
This is a good opportunity for representatives of Vietnamese companies to directly discuss with the Under Secretary to catch up with the US Government’s new policies on economic and regional integration orientations. The Vietnamese business group attending the roundtable included Vietnam National Coal – Mineral Industries Holding Corp. (Vinacomin), Tan Tao Group, VASEP, Vinatex, Hanoi Business Association, and others.
During the talk, VCCI President urged the U.S. Government to recognize Vietnam’s market economy status in the framework of TPP negotiations, and showed his concerns over U.S. trade barriers imposed on Vietnam’s exports such as seafood, leather and footwear, garment and textile, and others. The barriers were unfair and badly affected living conditions of millions of Vietnamese workers.
Apart from promoting trade relation, Vietnam and the U.S. should strengthen cooperation relations in the fields of education development, enhancement of competitiveness capacity, E-commerce, and application of information technology and Internet for SMEs to help them be more active in the international integration, Dr. Loc proposed.
Under Secretary Hormats also emphasized the importance of finalizing the TPP multilateral free trade agreement as part of a larger effort to deepen economic cooperation and to encourage mutually beneficial trade and investment between Vietnam and the United States and stressed the importance of continued economic and administrative reforms so that Vietnam can continue attracting high-quality investment and reliable business partners.
He remarked that among countries participating in TPP negotiations, Vietnam will obtain the largest benefits from TPP after completing negotiation rounds. TPP membership will make Vietnam’s economy more dynamic, and help Vietnam’s exports such as seafood, garment and textile enter big markets like Canada and Latin America.
While in Hanoi, Under Secretary Hormats met with representatives from multinational banks to discuss macroeconomic issues, and in highlighting high-quality U.S. investment, toured PepsiCo Vietnam’s new US$73 million green bottling plant in Bac Ninh.
Since the BTA came into force in December 2001, the economic relationship between the United States and Vietnam has flourished. The two-way trade has grown from about US$1 billion in 2001 to almost US$22 billion last year, with a 17 percent increase in exports from 2010 to 2011, according to the U.S. Department of State.
Nam Pham – Anh Phuong
Vietnamese
