Nearly 20 representatives of major US companies and corporations in the fields of pharmaceuticals, software technology, trade investment and education had direct discussions with Vietnam’s businesses in a meeting between enterprises of the two countries. It was recently organized by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the US’s Seattle Trade Development Alliance and Seattle Trade Office in Hanoi.
In the framework of the meeting, VCCI and the Seattle Trade Development Alliance signed a deal on supporting economic development for enterprises of the two countries.
In the framework of the meeting, VCCI and the Seattle Trade Development Alliance signed a deal on supporting economic development for enterprises of the two countries.
According to Ms Pham Thi Thu Hang, VCCI General Secretary, the participation of senior managers from more than 30 leading U.S. corporations in recent years have shown the great interest of US business community to invest and do business in Vietnam. While in 2013, there were only 22 US businesses that came to study Vietnam’s business environment, in early 2014, this number now increases to 33. More attention will be paid once Vietnam has signed the Trans-Pacific Partnership agreement (TPP).
Ms Hang also emphasized that in 2014, Vietnam would continue implementing economic restructuring, particularly in SOEs. Therefore, Vietnam calls for the support of international businesses, including U.S. firms, in pouring capital to the process of equitisation of SOEs. Vietnam also wants U.S. businesses to support in infrastructure development, particularly in the fields of energy, chemicals, mechanics, supporting industry and logistics.
Mr Joe Massey, Chairman of Global Reach KK said the reason that US enterprises are particularly interested in Vietnam is the significant improvement in Vietnam’s macroeconomic environment. Stable inflation and exchange rate help US enterprises feel safe when operating in Vietnam.
Besides, according to Mr Joe Massey, once Vietnam signs TPP agreement, US enterprises will also receive many benefits. Even many US companies operating in Vietnam said they might double their production capacity in Vietnam.
Joining the WTO has opened up many opportunities for Vietnam to export into the US market. In contrast, the US has become the largest trade partner of Vietnam with annual export turnover up to billions of dollars. Vietnam businesses are familiar with and understand the US market, so they also have more suitable approach to this market. On the other hand, US enterprises are now more interested in Vietnam market and have switched to purchase a portion of Vietnam goods instead of other markets in the region.
However, according to representatives of Vietnamese enterprises, in fact, due to limited financial resources, product quality, lack of information and understanding of business rules, many businesses Vietnam still faces many difficulties in accessing the US market, especially small and medium enterprises.
Representative of the US’ Seattle Trade Development Alliance said if Vietnam enterprises know how to choose the right item and how to exploit advantages, Vietnam can compete with other countries in the region. The problem is for each business to determine its advantages and choose the best market segment. Besides, Vietnam enterprises need to lay out appropriate path and select partners to cooperate in the US market.
Van Anh
Vietnamese
