On the sidelines of the DPRK-USA Hanoi Summit on Wednesday, three Vietnam airlines, Bamboo Airways and Vietjet Air signed deals with US firms worth more than US$21 billion, but will this spell the start of an increase of bilateral agreements between America and Vietnam.
What the investors think about the future of bilateral relations between Vietnam and the US?
Here is the answers from Adam Sitkoff, Managing Director of the American Chamber of Commerce (AmCham) in Hanoi, Vietnam.
This year, AmCham celebrates 25 years of working in partnership with our many friends in the Government to help improve business conditions that strengthen the private sector and promote economic and social development here. AmCham members have had a transformative role in the development of Vietnam. From managerial practices and technologies to service standards and business ethics, the US business community here has affected Vietnam in many positive ways. Today, the US and Vietnam are partners – something once thought unimaginable – and American companies and investors are now active in almost every sector of Vietnam’s economy, helping to integrate the country into the global supply chain, creating quality jobs and making the country more productive, safe and clean.
Earlier this week, President Trump and President Trọng witnessed the signing of commercial agreements worth over US$20 billion, with several of the airlines in Vietnam agreeing to buy Boeing jets and technology from the US. President Trump praised the Vietnamese for substantially reducing the trade deficit and complimented the country, tweeting: “Vietnam is thriving like few places on earth.” I believe these business deals reflect the growing economic ties and strengthening partnership between Vietnam and the US.
Today, I see tremendous opportunities in Vietnam – for both the domestic and foreign business sectors. Ongoing US-China trade tensions have highlighted the risk of concentrating production bases in a single country and are triggering supply chain re-organization. Companies are shifting some production out of China and Vietnam is gaining some of that business. The question is how Vietnam can fully capitalize on this opportunity in order to continue its rapid upward economic trajectory.
I believe that the business climate can best be helped by actions that increase productivity and reduce the costs and risks of doing business in Vietnam. Whether looking at financial services, healthcare, consumer goods, hospitality or other industries, it is critical that Vietnam maintains a conducive environment that allows competition between and among local and foreign players to promote innovation and more cost-effective solutions and products.
AmCham will continue to work on lowering barriers to trade to help the Vietnamese Government make it easier to do business and to create a high-standard, transparent and stable business environment here.
” To be advised about how to start your business in Vietnam as a foreign investor, you may contact GBS, a business & legal services firm in Vietnam at: info@gbs.com.vn or visit the website: https://gbs.com.vn
- VNS