Joint Efforts to Expand Vietnam-U.S. Business Relations

10:32:04 AM | 7/28/2020

The Vietnam-U.S. bilateral relationship has overcome geographical distance and differences for active and stable development to make the U.S. a leading partner of Vietnam in many fields. In recent years, the two countries have actively and effectively coordinated to remove obstacles, especially in trade and business relations, gradually consolidated and expanded the comprehensive partnership. Vietnam Business Forum would like to quote recommendations of experts and businesspeople on how to further boost the business relations between the two countries.

Ms. Le Thi Loc, Head of Vietnamese - American Entrepreneurs Association, General Director of International Cosmetics - Pharmaceutical JSC

The United States is a large but selective market that requires very strict quality and origin of products. To attract investment, Vietnamese companies need to improve product quality. This is still a leading solution to maintain export growth in the U.S. market.

Besides, American businesses are very focused on the legal framework and compliance cost concerning conditions, laws, regulations, tax and land incentives. Therefore, Vietnam’s policies must ensure transparency and consistency. Currently, the country is an attractive market for investment and cooperation projects with the U.S. I have worked with many American businessmen and learned that they are very interested in and want to cooperate in agricultural products such as coffee, pepper, fruits and bio-products. Some U.S. partners, through our association, want to connect with Vietnamese businesses to provide goods for about 8,000 American supermarkets, including Walmart and Coopmart. Vietnam still has a lot of work to do if it does not want to miss out on big opportunities.

I myself have worked with the U.S. market for more than 10 years, so I see a lot of opportunities for Vietnamese businesses to enter the U.S. market and vice versa. I always expect Vietnamese entrepreneurs to confidently reach out to the world, bring their products to the U.S., and boost two-way trade. Thus, we can create a regular and continuous exchange environment for businesses and entrepreneurs of both sides, promote cooperative relationships in economics, trade, science and technology and further deepen the Vietnam - U.S. comprehensive partnership.

Mr. David Stone, CEO of AES-VCM Mong Duong Power Company

Trade and investment are the cornerstones of the U.S.-Vietnam relationship and with strong support from both governments, Vietnam-U.S. trade relations have grown significantly, especially in the energy sector. Last year, we signed an MOU with the Ministry of Industry and Trade to solidify cooperation on the Son My 2 Combined Cycle Gas Turbine (CCGT) Power Plant. Together with the US$1.4 billion Son My LNG import terminal, the plant represents a total investment of almost US$3.1 billion. This deal is the latest example of the rapidly growing trade and investment relations between the two countries.

With 15 years of operation in Vietnam, we have become a trusted and credible partner contributing to a sustainable energy sector which fuels the socio-economic development in Vietnam. AES, through its subsidiary, AES Mong Duong, has successfully developed Mong Duong 2 Power Project which is Vietnam’s first BOT coal-fired power project, and now contributing roughly 7.6 billion kWh annually. Our 2,250MW CCGT power plant and LNG terminal project, which are under development, will bring large investment in Binh Thuan province and are expected to play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG and support Vietnam in meeting its future power demand in a sustainable way. At AES, we have been also actively engaging and supporting the community where we operate. Since 2012, 130 CSR initiatives, with a total value of more than US$600,000, have been implemented, focusing on four main pillars – Health, Education, Livelihoods and Infrastructure. The activities have made a lasting difference and contributed to improving the quality of life for more than 200,000 people in Vietnam.

Mr. Nguyen Hoai Son, Manager of Public Affairs and Government Affairs of Dow Vietnam

Dow has been a development partner of Vietnam since 1995. We are always committed to contributing to the country's industrial development in the long term. Our products are essential inputs for many supporting industries and infrastructure in Vietnam. Dow Vietnam always strives to add value to the country's advanced manufacturing industries and create more jobs and revenue for the local economy.

Given the fine development of Vietnam-U.S. relations, especially since the Vietnam-U.S. Bilateral Trade Agreement (BTA) was signed and took effect from December 10, 2001, the relationship of the two countries has developed comprehensively, especially in economics. After the BTA came into effect, the U.S. applied Permanent Normal Trade Relations (PNTR) and Most Favored Nation (MFN) status for Vietnam, reduced tariffs on Vietnam's imports from 40% to 4%, and opened the market for Vietnamese exporters. American businesses also had the opportunity to expand their business investment in Vietnam. Their recent cooperation efforts amid the Covid-19 epidemic have helped strengthen and deepen the two-way relationship. The Vietnamese Government has made very quick, strong and effective decisions to ensure safety for the people as well as opportunities for economic stability and development for businesses operating in Vietnam. A safe and convenient investment environment, amidst the complicated development of the Covid-19 pandemic around the world, is a very important advantage to attract foreign businesses.


Mr. Thieu Phuong Nam - Senior Business Development Director of Qualcomm Co., Ltd, Country Director of Qualcomm Technologies in Vietnam, Laos and Cambodia

With Vietnam's commitment to becoming a 5G pioneer, Qualcomm has seen the opportunity to partner with local businesses and agencies to build the 5G ecosystem for Vietnam.

For a long time, Qualcomm’s cooperation with mobile network operators in Vietnam and original equipment manufacturers (OEMs) has supported the development of 2G, 3G, 4G products and services, and 5G in the near future. Recently, cooperation requests from local carriers and OEMs have increased rapidly.

The recent office expansion and the opening of a R&D center in Hanoi illustrated our belief in the Vietnamese market, a further step for the cooperation between Qualcomm and the Vietnamese tech industry. With an enhanced workforce and an expanded base, we have new opportunities for OEMs to invent, develop and commercialize “Made in Vietnam” devices that fully meet international standards.

Recently, Qualcomm signed a cooperation agreement with VinSmart and Fujitsu to research and manufacture 5G smartphones for the Vietnamese market. The production is launched at VinSmart factories in Hoa Lac Hi-Tech Park based in Hanoi.

With the support of the Ministry of Science and Technology of Vietnam, we are consistent with the goal of developing Vietnam's technology ecosystem, focusing on designing products of 5G, internet of things (IoT), artificial intelligence (AI), smartphones, wearables, and multimedia that use Qualcomm mobile platforms and technologies, and can benefit from Qualcomm's expertise in various areas.

Source: Vietnam Business Forum