U.S. Enterprises Show Remarkable Commitment to Vietnam

1:30:30 PM | 4/5/2023

A delegation of 52 U.S. major businesses of the U.S.-ASEAN Business Council (USABC) including Boeing, Coca Cola, SpaceX, Netflix and Apple, led by Former U.S. Ambassador to Vietnam Ted Osius, recently came to visit Vietnam.

This is the biggest U.S. business delegation to Vietnam ever. This proves the great interest of American businesses in the Vietnamese market as well as USABC's confidence in the operating capacity of the Vietnamese Government.

Mr. Ted Osius explained that U.S. businesses are interested in the Vietnamese market because Vietnam enjoyed an impressive growth rate of over 8% last year, the highest in the region. Although this year is expected to be difficult, USABC member enterprises still maintain a very high level of confidence in the growth prospects of the Vietnamese economy and the flexible management of the government.

Mr. Ted Osius also said that USABC businesses are also seeing a stronger trend in expanding production centers and global supply chains in Vietnam in different industries such as semiconductor, FMCG, toys, furniture, food, food, digital economy, creative economy, banking and financial services and healthcare.

In addition, the aerospace, defense and security sectors are seeing renewed interest from both sides. Exchanges between U.S. businesses and Vietnamese partners are happening more frequently, he said, although there is still a lot of work to be done for the two sides to understand each other's processes.

He also said the delegation appreciated Vietnam's determination to digitally transform and transition to green energy. “These are all high priorities and strengths of the United States. We have many resources and wish to cooperate and support in these areas,” Mr. Ted Osius affirmed.

In the trend of shifting supply chains and expanding global production centers in Vietnam, many high-quality U.S. investors urgently need to use renewable energy. Many member companies of USABC have committed themselves to the goal of being carbon neutral in their production and business activities. Vietnam has a lot of potential in this field, especially offshore wind power.

"U.S. businesses really and clearly feel the concern of the Vietnamese people and leaders about the urgency of environmental protection, not only for Vietnam but also the region and the world, because of climate change. We were delighted when the Prime Minister of Vietnam announced the commitment to be carbon neutral at COP26, and we believe in Vietnam's determination and capacity to fulfill that commitment,” Mr. Ted Osius said.

He also added, of course, as the Prime Minister and the Chairman of the National Assembly as well as many other leaders of Vietnam frankly shared, that it would be very difficult for Vietnam to achieve this goal on its own. “Governments and business communities of countries need to join hands with Vietnam. We are always ready and in fact are doing it.”

By Giang Tu, Vietnam Business Forum