American Chamber of Commerce in Singapore (AmCham Singapore) Executive Director Judith Fergin said many of AmCham members see Vietnam as an increasingly viable alternative to China in the manufacturing sector, offering a lower cost basis with similar access to the Chinese market.

She made the remark on the occasion of a roundtable dialogue held in Singapore on April 27 between Vietnamese Minister of Investment and Planning Bui Quang Vinh and a number of directors for Asia-Pacific region of AmCham Singapore member companies.

“Since the Doi Moi reforms started in 1986, Vietnam has made remarkable economic progress that continues to this day. Vietnam has favourable demographics, a large consumer base, and robust potential in the manufacturing sector. Potential partners are watching with interest as the Vietnamese government moves forward on critical reforms, streamlines procedures, and entrenches legal and regulatory predictability to create a more competitive environment for business,” she said.

The AmCham Singapore Executive Director recommended the Vietnamese Government to finalize, sign, and ratify the Trans-Pacific Partnership (TPP), noting that the TPP stands to benefit Vietnam enormously and, in fully implementing it, Vietnam will pave the way for further free trade agreements with additional partners.

The roundtable dialogue was organized during the April 27-29 working visit to Singapore by Minister Vinh, who is accompanied by senior officials of other ministries and government agencies and the provinces of Thanh Hoa, Nghe An and Kien Giang.

At the event, the American executives inquired into Vietnam’s investment climate and industry priorities as well as investment opportunities and challenges in Vietnam.

Minister Vinh informed the AmCham members of Vietnam’s macro-economic situation in the first quarter of this year, the country’s orientations to lure more foreign investments in the time to come as well as its solutions to improve macro-economy and foreign direct investment climate. He suggested that AmCham Singapore, together with relevant Vietnamese agencies, connect American companies in the region to invest in Vietnam in such companies as health, education, high technology, information technology and infrastructure.

The American Chamber of Commerce in Singapore is the leading international business association in Singapore, with over 5,000 members representing more than 750 companies.-VNA