Business

Bright future forecast for US companies in Vietnam despite COVID-19: AmCham

There are great opportunities and a bright future for US companies within sight in Vietnam despite the economic implications of the COVID-19 for the country, said Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi, in a recent interview.
Bright future forecast for US companies in Vietnam despite COVID-19: AmCham ảnh 1US automaker Ford's production in Vietnam. (Photo: VNA)
Hanoi (VNA) – There are great opportunities anda bright future for US companies within sight in Vietnam despite the economicimplications of the COVID-19 for the country, said Adam Sitkoff, executivedirector from the American Chamber of Commerce (AmCham) Hanoi, in a recentinterview.

US companies and investors have contributed significantly tothe transformation and growth of Vietnam’s economy, Sitkoff told Dau Tu(Vietnam Investment Review). This continues today as AmCham members representbillions of US dollars in foreign investment, tens of thousands of directemployees, hundreds of thousands of indirect employees, and a significant shareof Vietnam’s exports and tax revenues, he said.

He revealed that the Vietnam-US trade totalled about 100billion USD last year and the US remains Vietnam’s largest buyer, even duringthese tough times.

Last year was challenging for everybody, regardless ofbusiness sector, he said, noting that for US companies in Vietnam, the biggestchallenge was the frequent changes in regulations that were announced andimplemented on short notice.

Bright future forecast for US companies in Vietnam despite COVID-19: AmCham ảnh 2Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi. (Photo: tinnhanhchungkhoan.vn)
He commended the Vietnamese government’s recent decisions tofacilitate cross-border travel and encouraged additional actions to reduce theburdens on inbound and outbound international travel by both foreigners andVietnamese citizens.

He hoped to see more predictable, streamlined procedures forUS executives, incoming investors, and technical support teams to maintainoperations and facilitate expansion and new investment.

The official also expected the Vietnamese and US governmentto begin efforts towards a bilateral trade agreement. A trade deal wouldimprove investment and trade flows, assist sustainable supply chains, enhancebusiness conditions that strengthen the private sector, ensure sustainableeconomic and social development, and promote prosperity in Vietnam, hestated./.
VNA
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