Vietnam offers many opportunities for US investors

Mr. Adam Sitkoff, Executive Director of the American Chamber of Commerce (AmCham) in Hanoi .

How do you evaluate the cooperation process between Vietnam and the United States over the past 30 years?

The United States and Vietnam are now very close friends and partners. The two countries are also Comprehensive Strategic Partners.

American businesses and investors are operating in almost every sector of the Vietnamese economy , making an important contribution to Vietnam's integration into the global supply chain. Investment and business activities of American businesses in Vietnam bring many quality jobs, helping the Vietnamese economy become more productive and safer. I believe that people in both countries have benefited greatly from that.

Trade is the foundation of the bilateral relationship. Over the 30 years since Vietnam and the United States normalized economic relations, trade between the two countries has made great strides. Bilateral trade turnover has increased from a very small figure of 451 million USD in 1995 to 150 billion USD in 2024.

What do you expect from US investment flows into Vietnam?

US investment in Vietnam has accumulated to more than ten billion USD, creating tens of thousands of direct jobs and hundreds of thousands of indirect jobs. US businesses invest in manufacturing, infrastructure; provide high-quality goods and services; bring advanced technology and business operations and pay significant taxes in Vietnam.

Not only is the United States one of the largest foreign investors in Vietnam, it has also been Vietnam's number one export market for many years. In turn, Vietnam is one of the top 10 trade partners of the United States.

Apple, Nike and hundreds of other US companies choose Vietnam as their destination because the Vietnamese market has a lot of potential and opportunities for them. If Vietnam continues to make efforts to create a favorable, fair, predictable investment environment and continues to improve the legal environment, and values innovation, then US investors will continue to come to Vietnam to do business.

High-quality foreign investors not only make important contributions to the development of Vietnam's economy, but also help develop the entire ecosystem of Vietnamese businesses and entrepreneurs.

The expansion of operations by investors already present in Vietnam is the best way to advertise and attract new investment. Therefore, I hope that the Vietnamese authorities will pay attention and create conditions for US businesses operating in Vietnam to have the best chance of success.

In your opinion, will the upcoming US tax policy on Vietnamese goods affect US investment in Vietnam?

Vietnam and the United States are close to finalizing an agreement regarding the reciprocal tariffs that the United States will apply to goods imported from Vietnam. We hope and expect that Vietnam will maintain its competitive position in the global supply chain and that trade and investment will continue to grow at a rapid pace.

I have also received questions about whether the upcoming US tariff policy on Vietnamese goods will affect US investment in Vietnam. My answer is no. As I just mentioned, Vietnam is a very good destination for many businesses from many countries. There are many reasons for them to be here and importantly, they are here not only because of low costs.

Normally, it takes a long time to implement an investment project. I had the opportunity to discuss with a European company doing business in Vietnam. From the time they decided to open another factory in Vietnam until that factory was operational, it took several years to implement. The investor's plan does not happen overnight or in a short period of time. Many companies have long-term projects in Vietnam and long-term commitments to Vietnam. I think that will continue.

In your opinion, what would be the best solution to promote bilateral trade between Vietnam and the United States?

President Donald Trump is focusing on the trade imbalance. In my opinion, Vietnam should take some necessary actions. For example, Vietnam can buy some high-value items from the United States to help reduce the trade deficit; be more transparent about the origin of goods and increase domestic content, and continue to improve the investment environment further, removing barriers for US businesses and investors in Vietnam.

We recommend that Vietnam improve legal regulations, abolish regulations that are hindering foreign investment activities, and avoid creating administrative burdens for businesses and investors.

Vietnam and the United States are good partners. I believe that all challenges and problems can be resolved through dialogue and negotiation.

Source: https://baodautu.vn/viet-nam-mang-den-nhieu-co-hoi-cho-nha-dau-tu-hoa-ky-d321301.html