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Monday, July 26, 2021

U.S. firms moot investment expansion in Vietnam

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HCMC – Some U.S. enterprises, including global logistics service provider UPS and SC Johnson, are planning to expand their reach in Vietnam in the time to come, it was announced during an online meeting co-organized by the U.S.-ASEAN Business Council (USABC) and the auditing firm Ernst & Young on July 15 in Washington DC.

Speaking at the meeting, USABC President Alex Feldman and participating representatives of U.S. enterprises lauded the investment opportunities in Vietnam and the ASEAN during this time.

The United States side also highlighted that ASEAN has become its fourth largest partner and its top investment destination in the Indo-Pacific region, Nguoi Lao Dong news site reported.

Many U.S. firms said that investors would eye certain markets based on how these countries respond to external shocks.

As such, Vietnam’s success in the battle with the Covid-19 pandemic and its efforts to salvage the economy have cleared the path to attract foreign investors.

Apart from this, the U.S. firms expected Vietnam and other Southeast Asian countries to continue improving their business climate, reforming administrative procedures and increasing transparency. These markets should offer detailed support polices to foreign firms and further develop infrastructure, the U.S. enterprises noted.

USABC also stated it would be willing to join hands with Vietnam to successfully hold the Indo-Pacific Business Forum in Vietnam in late 2020.

Attending the online meeting titled “Opportunities for foreign direct investment in ASEAN in the post-Covid-19 period”, Vietnamese Ambassador to the U.S. Ha Kim Ngoc pointed out various opportunities for U.S. firms to do business in Vietnam, according to the Vietnamese Embassy in the United States.

Aside from this, the U.S. firms will benefit from free trade agreements between Vietnam and other countries and the country’s increased participation in the global supply chain.

In addition, the Vietnamese ambassador revealed the prime minister had set up a working team to boost foreign investments and the country would soon reopen some international air routes to create favorable conditions for foreign experts, investors and highly-skilled workers to enter Vietnam.

Established in 1984, USABC has over 160 members, including the United States’ leading enterprises active in the global market. Over the past few years, USABC has launched a host of activities and programs to form cooperation between the U.S. and ASEAN countries, including Vietnam.

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