Mr. Marc E. Knapper, US Ambassador to Vietnam, visited an industrial park in Hai Phong. (Photo: Hoang Ngoc/TTXVN)
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On February 29, Chairman and CEO of the US-ASEAN Business Council (USABC) and former US Ambassador to Vietnam, Mr. Ted Osius, had a quick exchange with a Vietnamese News Agency reporter in Washington DC about the upcoming US business delegation to Vietnam on March 18.
This is the annual working visit of the USABC to Vietnam, which is of special significance as the two countries have officially upgraded their relationship to a Comprehensive Strategic Partnership for Peace, Cooperation, and Sustainable Development, coinciding with the 40th anniversary of the establishment of the USABC.
According to the Chairman and CEO of the USABC, there are great opportunities for US companies in Vietnam. Vietnam and the United States have made many commitments to enhance bilateral economic relations after the official upgrade of the relationship.
Former Ambassador Ted Osius believes that this year, the USABC will break the record of the number of US companies visiting Vietnam. In March 2023, he led a delegation of 51 companies, and this year the number of companies will be even higher.
Ambassador Ted Osius expressed his delight in bringing top US companies to Vietnam to explore opportunities and investment potential.
According to him, US companies are very interested in Vietnam. From almost no trade relations when he first came to Vietnam in the 1990s, two-way trade reached $138 billion in 2022; and now Vietnam has become the 8th largest trading partner of the United States.
According to Ambassador Ted Osius, there are three areas that US companies are interested in and will invest in Vietnam, including technology, energy, and healthcare.
In the technology sector, the US has committed to help Vietnam develop the semiconductor manufacturing industry, which requires multiple factors such as reliable energy sources, available water sources, and skilled labor. Therefore, the US government is investing in developing the workforce for Vietnam.
The US Agency for International Development (USAID) is investing $100 million in workforce development, and there was another recent announcement about additional commitments to enhance the skills of the workforce through Arizona State University. US companies are also very interested in the continuous development of the workforce in Vietnam.
US Acting Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez recently visited Vietnam and said that 15 companies are ready to invest $8 billion in the semiconductor industry. However, there may be challenges when these companies want to purchase clean energy from sources such as clean natural gas, solar energy, hydroelectricity, and wind power. So in the upcoming visit in March, the USABC will discuss with companies how to implement these tasks.
US companies also want to be able to produce pharmaceuticals and medical equipment in Vietnam and invest in the healthcare sector. He expressed confidence in the above-mentioned great potentials and believes that some of these potentials will be realized in the March trip.
According to Ambassador Ted Osius, Vietnam receives special attention from US companies thanks to being evaluated as a stable, open, and welcoming country for Americans and their businesses.
The Vietnamese government is ready to take steps to create favorable conditions for business investment and is willing to address challenges. He appreciates the openness in business cooperation between the two countries, especially in high-tech areas, as Vietnam has many talented individuals and great potential.
He believes that this sector could reach $1,000 billion across ASEAN by 2030 and could account for 30% of Vietnam’s economy in the next few years. This is a dynamic and developing sector of Vietnam’s economy and is an area that attracts US companies to accompany him on the March trip this year./.
Kieu Trang – Hong Nguyen
