American business community very optimistic about US-Vietnam economic ties

With Vietnam-US economic relations having grown steadily over time, the American business community is very optimistic and working very hard in Vietnam, according to Virginia B. Foote, President of the Board of the US International Centre.

The two countries have reached a new height of over 100 billion USD in two-way trade, Foote, who is also co-founder of the US-Vietnam Trade Council (USVTC) and President and CEO of Bay Global Strategies, told the Vietnam News Agency's reporters on the sidelines of Prime Minister Pham Minh Chinh’s meeting with US enterprises in New York on May 16.

She highlighted the entrepreneurial spirit in Vietnam as well as its great workforce, better infrastructure and significant location in Asia as advantages for American firms doing business in the country.

“Our companies very much appreciate the talents in Vietnam and working with the Vietnamese people,” she said.

Foote also outlined several challenges facing US investors which include burdensome administrative procedures in some areas, and supply chain and logistical difficulties which are not unique to Vietnam.

“We're hoping as we come out of COVID-19, these things will smooth out,” she stated.

Foote also hoped that US firms can get access to renewable energy which is increasingly important to their manufacturing in Vietnam.

The official later spoke highly of PM Chinh’s meeting with the US business community, saying he made several speeches which were all very interesting and insightful about Vietnam’s future. “I think he's heard a lot from various companies,” she noted.

She added that the US is hoping to have Vietnam join the Indo Pacific economic framework. “There's been discussion about that and how that might help build global standards and further deepen the relationship between the US and Vietnam.”

Foote was presented with a friendship order by the Vietnamese State in 2007 for her support for the signing of the bilateral trade agreement (BTA), the agreement on Vietnam’s WTO accession and the US Government’s application of Permanent Normal Trade Relations (PNTR) with Vietnam.

She served as Chair for the US Business Coalition for APEC and Chair of the US-Vietnam WTO Coalition in 2006. She was also Executive Vice President of the US-ASEAN Business Council from 2014 – 2017./.

Source: Vietnam News Agency