The delegation works with Deputy Minister of Industry and Trade Do Thang Hai. (Photo: congthuong.vn)
During a press conference on March 3rd, former US Ambassador Michael Michalak, Senior Vice President and Regional Managing Director of the US-ASEAN Business Council, stressed that although Covid-19 caused a loss of 50-60% in turnover of US businesses in Vietnam, the country’s efforts in fighting the disease had created great trust for the businesses, adding that a wide number of US businesses want to expand cooperation and business in the Vietnamese market.
According to the former ambassador, nowhere in the region will see meetings gathering so many US leading businesses like in Vietnam. In addition, over 20 US businesses working in life science and health will come to Vietnam this weekend. “This confirms that Vietnam is an attractive investment destination for US businesses,” he said.
He added that the Vietnamese Government had actively listened to foreign businesses’ responses, suggestions and proposals, thus putting forth effective measures to tackle businesses’ difficulties.
In fact, there has been a wave of investment from the US to Vietnam since 2019.
Specifically, the Ford Group decided to increase production capacity by investing in an assembly plant in Hai Duong. In addition, General Electric (GE) has increased its investment in the wind turbine plant in Hai Phong and is in need of further expansion. The US businesses are also planning to invest more in wind energy and alternative energy in Vietnam to increase Liquefied Natural Gas (LNG) exports to Vietnam. Recently, the Vietnamese Government has licensed a major US energy company, AES, to deploy the LNG gas project in Son My, Binh Thuan province. This is one of the leading US enterprises with much experience in electricity production and distribution around the world. Meanwhile, US businesses also care about cooperating with Vietnam in medical equipment and healthcare.
Appreciating Vietnamese Government’s efforts in boosting administrative reform and business and investment improvement, Alexander C.Feldman, President and General Director of the US - ASEAN Business Council, urged Vietnam to create a more supportive legal environment, especially in new economic areas, creative economy and digital economy.
He also said that many technology companies in Silicon Valley have plans to redirect investment in electronics production to Vietnam, either through direct investment or through a third party. Therefore, Vietnamese businesses have the opportunity to be suppliers for US companies. Besides, the leading US retail corporations also have plans to increase imports of Vietnamese goods into the supply chain.
This US business delegation to Vietnam is part of the annual operation of the US-ASEAN Business Council working with Vietnamese Government agencies, with the goal of discussing economic and trade cooperation between Vietnam and the US; proposing measures to take advantage of the strengths and resources of the US business community; and identify new investment opportunities, especially in the context of Vietnam as the ASEAN Chair in 2020 and a non-permanent member of the United Nations Security Council term 2020-2021./.