Business

American business community very optimistic about US-Vietnam economic ties

With Vietnam-US economic relations having grown steadily over time, the American business community is very optimistic and working very hard in Vietnam, according to Virginia B. Foote, President of the Board of the US International Centre.
American business community very optimistic about US-Vietnam economic ties ảnh 1Virginia B. Foote, President of the Board of the US International Centre, speaks to Vietnam News Agency reporters on the sidelines of Prime Minister Pham Minh Chinh’s meeting with US enterprises in New York on May 16. (Photo: VNA)
New York (VNA) – With Vietnam-US economicrelations having grown steadily over time, the American business community isvery optimistic and working very hard in Vietnam, according to Virginia B.Foote, President of the Board of the US International Centre.

The two countries have reached a new height of over 100billion USD in two-way trade, Foote, who is also co-founder of the US-VietnamTrade Council (USVTC) and President and CEO of Bay Global Strategies, told the Vietnam News Agency's reporters on the sidelines of Prime Minister Pham Minh Chinh’smeeting with US enterprises in New York on May 16.

She highlighted the entrepreneurial spirit in Vietnam as well asits great workforce, better infrastructure and significant location in Asia as advantagesfor American firms doing business in the country.

“Our companies very much appreciate the talents in Vietnamand working with the Vietnamese people,” she said.

Foote also outlined several challenges facing US investorswhich include burdensome administrative procedures in some areas, and supply chainand logistical difficulties which are not unique to Vietnam.

“We're hoping as we come out of COVID-19, these things willsmooth out,” she stated.

Foote also hoped that US firms can get access to renewableenergy which is increasingly important to their manufacturing in Vietnam.

The official later spoke highly of PM Chinh’s meeting with the USbusiness community, saying he made several speeches which were all veryinteresting and insightful about Vietnam’s future. “I think he's heard a lotfrom various companies,” she noted.

She added that the US is hoping to have Vietnam join the IndoPacific economic framework. “There's been discussion about that and how thatmight help build global standards and further deepen the relationship betweenthe US and Vietnam.”

Foote was presented with a friendship order bythe Vietnamese State in 2007 for her support for the signing of the bilateraltrade agreement (BTA), the agreement on Vietnam’s WTO accession and the USGovernment’s application of Permanent Normal Trade Relations (PNTR) withVietnam.

She served as Chair for the US Business Coalition for APEC andChair of the US-Vietnam WTO Coalition in 2006. She was also Executive VicePresident of the US-ASEAN Business Council from 2014 – 2017./.
VNA
#American business community #Vietnam-US economic relations #Vietnam-US trade #United States #Virginia B. Foote #Vietnam #Vietnam News #Vietnam Plus #Vietnam News Agency
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