TPP takes US companies to Vietnam

09:58 | 12/04/2016 Cooperation

(VEN) - US companies will promote investment in Vietnam after the Trans-Pacific Partnership (TPP) takes effect. To accelerate the process, Vietnam needs to make greater efforts in administrative procedure reforms.

TPP takes US companies to Vietnam

US automobile manufacturers have highly appreciated the Vietnamese market

Deputy Minister of Foreign Affairs Le Hoai Trung said that relations between the US and Vietnam have recorded strong development, especially in economic cooperation, trade and investment. Trade turnover between the two countries increased by more than 24 percent in 2015, reaching over US$45 billion.

Thanks to the signing of the TPP, the two business communities will easily enter the market and promote investment attraction. Together with the establishment of the ASEAN Economic Community and the signing of a series of other free trade agreements, Vietnam will be a gateway for US companies to enter potential markets in Southeast Asia.

US Ambassador to Vietnam Ted Osius said that the US has asked concerned parties to provide technical support in order to help Vietnam implement TPP commitments.

The US Agency for International Development (USAID) has adopted national programs to support Vietnam in developing low-emission industries. In addition, the USAID Support for Trade Acceleration (STAR) program has helped the Vietnamese economy improve transparency and remove unnecessary management regulations. The USAID has also worked together with their border customs to organize training for Vietnam customs, contributing to improving management systems.

Vietnam Chamber of Commerce and Industry Chairman Vu Tien Loc said that if the US wants to convince the world to follow market economy rules, they can convince Vietnam in order to help the country achieve success and become prosperous.

US companies have highly appreciated the Vietnamese market and seen Vietnam as an attractive destination. Almost all of them have found trade opportunities in Vietnamese provinces.

Strengthening cooperation between the two countries is seen as a positive signal, contributing to deepening the US-Vietnamese comprehensive partnership.

Le Hoai Trung said that Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Binh Duong, Dong Nai, Quang Nam and Vinh Phuc were promoting cooperation with states in the US in numerous fields.

The US government should create more favorable conditions in order to promote the bilateral relationship, including removing tariff and non-tariff barriers for Vietnamese agricultural products and encouraging deep participation in the global production chains. 


Diem Phuong