Vietnam, U.S Work to Deepen Trade and Investment Relations

3:52:22 PM | 5/10/2019

"U.S. businesses are very interested in the continued success of Vietnam and AmCham will continue to support the Government's efforts to develop the private sector". This is an assessment given by Ms. Natasha Ansell, Chair of AmCham in her welcome remarks at the business summit discussing the future of Vietnam-U.S. trade and investment relations organized by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with AmCham and the U.S. Chamber of Commerce on May 10.

Assessing the relationship between businesses of the two countries, Ms. Ansell said: “U.S. businesses have invested billions of dollars in Vietnam, integrating Vietnam into global supply chains, creating quality jobs for Vietnamese workers and opening a new market for U.S. goods and services”.

“Most importantly, our companies understand the links between business and social activities, and do our best to conduct business in a way that creates both social and economic value at the same time," added Ms. Ansell.

With the participation of more than 250 government representatives and industry leaders of the two countries, the U.S. - Vietnam Business Summit: Celebrating 25 Years of Trade and Investment" discussed measures to further develop bilateral economic relations.

Delivering a keynote address at the event, Deputy Prime Minister Trinh Dinh Dung said that the relationship between Vietnam and the United States has developed rapidly and dramatically over the years.

"Vietnam considers the United States a leading partner and wants to promote bilateral cooperation with trade and investment playing a pivotal role in the relationship between the two countries,” Deputy Prime Minister Dung affirmed.

Currently, the United States is among Vietnam's largest trading partners as the two-way trade turnover has increased 130 times from US$$450 million in 1994 to US$$60 billion in 2018.

Deputy Prime Minister Dung reiterated the determination of building an enabling government, creating favorable conditions for foreign businesses, especially those from the United States to invest in Vietnam.

Mr. Charles Freeman, Senior Vice President for Asia, U.S. Chamber of Commerce said: "Our members stay focused on Vietnam and are optimistic about the potential of the market".
"We continue to believe that the long-term goal of the United States and Vietnam is to have a free trade agreement between the two parties," said Mr. Charles Freeman.

Delivering an address at the event, Dr. Vu Tien Loc, President of Vietnam Chamber of Commerce and Industry (VCCI), said: “Sustainable development, innovation and integration are the most important keywords in Vietnam's development strategy. Vietnam is aiming for a higher and more sustainable quality and trade structure”.

VCCI President Loc expected that with the cooperation of U.S. enterprises, Vietnam will have not only factories but also "Silicon Valleys of Asia", thereby contributing to shaping the future of Vietnam's economy.

Source: Kinhtedothi