15 May Vietnam targets top 10 US trade partner status: VCCI president
Vietnamese companies hope to participate in the global value chain with U.S. companies’ guidance and support, says VCCI president Vu Tien Loc.
The recent US – Vietnam Business Summit 2019, which celebrated 25 years of bilateral trade and investment, emphasized growing, multi-faceted ties and potential for further cooperation.
Organized by the Vietnam Chamber of Commerce and Industry (VCCI), in cooperation with AmCham and the US Chamber of Commerce, the event was attended by senior officials and business representatives of both countries.
Speaking at the summit, Deputy Prime Minister Trinh Dinh Dung said that Vietnam remained an attractive destination for foreign investment thanks to its abundant young workforce, incentivizing policies and stable politics.
He also stressed that the Vietnamese government would facilitate U.S. investment in Vietnam, especially in clean and sustainable energy, infrastructure, banking and finance, education and training, tourism and high-tech agriculture.
VCCI president Vu Tien Loc said he expected that Vietnam would not only become an Asian manufacturing hub but also a Silicon Valley with the aid of U.S. companies.
“Vietnam enterprises hope to be ranked 10th among the U.S.’s leading trade partners instead of 16th at present,” he said.
Many potential projects marked the cooperation between Vietnamese and U.S. companies in manufacturing, clean energy, aviation, medicine, pharmaceuticals and other key sectors, Loc said.
He noted that Vietnam’s trade and investment structure aimed at creating more added value and quality towards sustainable development and global integration.
Loc highlighted the role of small and medium enterprises (SMEs), and proposed further engagement of SMEs in the Vietnam – U.S. partnership.
“Vietnamese enterprises expect to not only purchase Boeings but also participate in the global value chain, with U.S. guidance and support,” he added.
The U.S. was Vietnam’s third largest trade partner last year, after China and South Korea. According to the General Department of Vietnam Customs, bilateral trade turnover increased 130 times, from $450 million in 2018 to $60 billion in 2018. Vietnamese exports to the U.S. rose 40 percent year-on-year in 2018.
US Ambassador to Vietnam Daniel Kritenbrink said he highly appreciated the improvement in Vietnam’s investment and business environment, which welcomes foreign companies.
Many U.S. invested projects in Vietnam have boosted the country’s efforts to join the global supply chain, contributing to labor skill improvement and increased income and prosperity, he said.
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