American business accompanies Vietnam’s economic recovery

06:00 | 31/03/2022 Cooperation

(VEN) - At a meeting with the Vietnamese Ministry of Industry and Trade in early March in Hanoi, members of the US-ASEAN Business Council (USABC) investing in Vietnam said they plan to expand business in the country in 2022. 

american business accompanies vietnams economic recovery

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai

american business accompanies vietnams economic recovery
Ted Osius, former US Ambassador to Vietnam, currently President and CEO of USABC

Investment expansion

USABC members said they are interested in logistics, high-tech industry, clean energy, digital transformation, and the circular economy associated with sustainable development.

A representative of Ford Vietnam Co., Ltd. said that his company expects to increase production capacity and recruit more workers this year, and is applying for a website license to enable online auto sales and purchases.

Affirming that Vietnam is an important market, a representative of ExxonMobil Group in the Asia-Pacific region said the company is implementing a number of gas-electricity projects in Vietnam. ExxonMobil is also developing and applying advanced technologies and solutions to support clean energy transition in Vietnam, contributing to implementation of the Paris climate commitments.

Ted Osius, former US Ambassador to Vietnam, currently President and CEO of USABC, said the organization is working closely to help enterprises resume production as quickly as possible.

The American business community in Vietnam is a partner accompanying the government, ministries, sectors, localities and businesses in implementing solutions for the post-pandemic recovery period, the ambassador said.

USABC is supporting Vietnamese authorities in the implementation of free trade agreements (FTAs) to which Vietnam is a signatory, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) agreement. US firms will help Vietnam develop the circular economy and earned value management (EVM) regulations, Osius said.

american business accompanies vietnams economic recovery
Meeting between the Vietnamese Ministry of Industry and Trade and USABC members in early March in Hanoi

Multi-field cooperation

At the meeting, Vietnamese Deputy Minister of Industry and Trade Do Thang Hai affirmed that his country attaches great importance to relations with foreign countries in general, and the US in particular. He informed US firms of the ministry’s priorities in 2022, such as ensuring material supplies to meet demand for production recovery and development, and addressing bottlenecks in important industrial projects. It will also strive to facilitate production recovery in order to rebuild supply chains and meet export orders.

Priorities will be given to major public investment projects, notably in energy, infrastructure, and industry and trade development, so as to boost consumption and trade, along with expanding markets for spearhead manufacturing industries of steel, mechanics, building materials and automobiles.

In the long term, the ministry will fine-tune the legal framework and policies in industrial project investment and development. It will keep a close watch on Covid-19 developments and foreign trade to propose suitable response measures, Hai said.

Due attention will be paid to maximizing opportunities offered by Vietnam’s free trade pacts, the official added.

Other tasks include online and offline trade promotion, assistance for farm produce exporters, streamlining administrative procedures and market forecasting, and resolving difficulties in transport to avoid supply chain disruption in the context of Covid-19.

Thu Thuy