At the Vietnam - US Business Summit 2022 last week, many American experts and the US business community affirmed that they attach special importance to the Vietnamese market.

Marisa Lago, US Deputy Secretary of Commerce in charge of international trade, said that in 2021 the two countries achieved positive economic growth and recovery. The US has become Vietnam's second largest trading partner and largest export market, while Vietnam has become America's ninth largest trading partner.

Ms. Marisa Lago said more than 100 US experts are currently ready to support businesses of the two countries in investing and promoting two-way trade.

“We are working on a plan to bring American businesses in the medical field to Vietnam. We are also ready to introduce leading US corporations in the energy industry,” she said.

The US has nearly 1,150 operating projects in Vietnam, with a total registered capital of more than US$10.3 billion, ranking 11th out of 141 economies investing in Vietnam.

In 2021, despite the pandemic, many leading US corporations such as Apple, Amazon, Google, Intel announced new investments in Vietnam. For example, Intel Corporation with additional $475 million.

Vietnam also welcomed First Solar - one of the three largest energy corporations in the US - with a project to produce solar panels with thin film technology, with a total investment of over $1 billion. Hayward Quartz Technology INC from Silicon Valley invested $110 million in a high-tech park in Da Nang.

The survey on business investment in 2021 by the American Chamber of Commerce in Vietnam (AmCham) shows that nearly 80% of AmCham members rated very positively or positively about the medium and long-term prospects in the Vietnamese market.

“The growth in trade and investment between the two countries will be maintained and accelerated in the coming time. The fact that the Vietnamese government is constantly improving the business environment and removing difficulties for investors is a prerequisite for American businesses to bring capital to Vietnam," said Adam Sitkoff, AmCham Executive Director.

At the meeting between officials of the Vietnamese Ministry of Industry and Trade and a number of US corporations and businesses investing in Vietnam last week, a representative of Ford Vietnam Co., Ltd. said the firm plans to increase production capacity and recruit more workers this year.

Looking to the future, the business communities of the two countries recognize that the Vietnam-US trade and investment relationship still has great room for development. For the US, Vietnam is considered an important link in the global goods supply chain.

At the Vietnam-US Business Summit 2022, Prime Minister Pham Minh Chinh emphasized that in the new FDI attraction strategy, Vietnam places greater priority on attracting high-tech projects, digital transformation, and especially clean energy projects.

“Vietnam wishes to build a substantive, effective, focused digital transformation ecosystem, focusing on the fields and industries that Vietnam has favorable conditions to develop and is the strength of the US, to build Vietnam into a logistics center, and improve the capacity of the health system,” the Prime Minister said.

Affirming that Vietnam is an important market, a representative of ExxonMobil Group in the Asia-Pacific region said the company is implementing several gas-electricity projects in Vietnam. ExxonMobil is also developing and applying advanced technologies and solutions to support the clean energy transition in Vietnam.

Earlier, at the Vietnam-US Trade Forum, the US Embassy's Interim Representative in Vietnam, Ms. Marie Damour, said that Vietnamese - US businesses are maintaining a strong momentum of development in the fields of health care, energy, and education.

“Vietnam has committed to ambitious climate change targets at COP26, and the US is committed to supporting Vietnam in achieving these goals. Although this is not an easy goal, it is these challenges that will be an opportunity for businesses of both sides to develop sustainably, with feasible projects on renewable energy investment,” said Ms. Marie Damour.

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