Business

US-funded firms hoped to take lead in connecting with VN peers

US-funded firms hoped to take lead in connecting with Vietnamese peers

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has said he hopes US-invested firms will pioneer in generating links between the foreign direct investment (FDI) and domestic sectors in Vietnam.
US-funded firms hoped to take lead in connecting with Vietnamese peers ảnh 1Scene at the Vietnam-US business summit (Photo: baodautu.vn)

Hanoi (VNA) – Chairman of theVietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has said he hopesUS-invested firms will pioneer in generating links between the foreign directinvestment (FDI) and domestic sectors in Vietnam.

According to Loc, FDI enterprises invest inproduction in Vietnam, but import most of their materials and spare partsrather than purchasing from domestic firms. They use Vietnamese labourers andtake advantage of the country’s available resources.

Vietnam is at the threshold of newinvestment structure and trade development toward sustainability as well ashigher quality and value added. The US is one of the top partners of Vietnam insuch progress, Loc stressed.

The bilateral trade increased by 133 timesfrom 450 million USD in 1994, when the US lifted its trade embargo againstVietnam, to more than 60 billion USD in 2018. Last year, Vietnamese exports andimports to the US were recorded at 47.52 billion USD and 12.75 billion USD, up fiveand eight times annually, respectively.

As of March 31, the US invested a total of9.15 billion USD in Vietnam, ranking 11th among the foreigninvestors in the country. Vietnamese and US enterprises have so far workedtogether to launch projects in processing – manufacturing, clean energy,aviation, health and medicine.

Charles Freeman, senior vice president forAsia at the US Chamber of Commerce, said the agency has drafted a series ofrecommendations to boosting Vietnam – US trade based on their Trade andInvestment Framework Agreement (TIFA) and other specific agreements in digitaleconomy, customs – trade facilitation, and infrastructure, among others.

Earlier, the Vietnam-US business summit, thethird of its kind, took place on May 10, attracting representatives of 250businesses from both countries, including Exxon Mobil, Amazon, Coca-Cola,Google, Facebook, Paypal, and Visa. The event marked 25 years of bilateraltrade-investment relations.-VNA
VNA
#Vietnam-US business summit #Vu Tien Loc #Vietnam Chamber of Commerce and Industry #Vietnam US trade ties #Charles Freeman #US Chamber of Commerce #Vietnam News Agency #vietnamplus
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