Business

USABC to send largest-ever US business delegation to Vietnam

The US-ASEAN Business Council (USABC) will break its own record on the number of US businesses joining an annual delegation to Vietnam, even higher than the 51 firms joining the delegation in March last year, according to President & CEO of the council Ted Osius.
USABC to send largest-ever US business delegation to Vietnam ảnh 1US-ASEAN Business Council (USABC) President & CEO Ted Osius (Photo: VNA)
Washington D.C (VNA) – The US-ASEAN BusinessCouncil (USABC) will break its own record on the number of US businesses joiningan annual delegation to Vietnam, even higher than the 51 firms joining thedelegation in March last year, according to President & CEO of the council TedOsius.

The former US Ambassador to Vietnam said that thiswill be an important visit taking place after the upgrade of the US-Vietnam relationsto a comprehensive strategic partnership for peace, cooperation and sustainabledevelopment and on the occasion of the 40th founding anniversary ofthe USABC.

He said that US businesses have shown great interest inVietnam. From almost no trade relations in the 1990s, the two sides enjoyedtwo-way trade of 138 billion USD in 2022, and Vietnam has become the eighthlargest trade partner of the US.

According to Osius, three areas that attract US investorsthe most are technology, energy, and health care. In the technology sector, theUS is committed to helping Vietnam develop its semiconductor industry through investingin workforce development for Vietnam.

The US Agency for International Development (USAID) is investing 100 millionUSD in workforce development and announced just a few days ago an additionalcommitment to improve workforce qualifications through Arizona State University,he stated, holding that US companies are also greatly interested in thecontinuous development of the Vietnamese workforce.

US Under Secretary of State for Economic Growth, Energy, and the Environment JoseFernandez who visited Vietnam recently said that 15 companies are ready toinvest 8 billion USD in the semiconductor industry, but there will bechallenges when they want to buy clean energy from sources such asclean natural gas, solar power, hydropower and wind power. Therefore, the USABC willdiscuss with them measures to deal with this task in March, he added.

US firms also want to be able to produce pharmaceuticals and medical equipmentin Vietnam and invest in the healthcare sector, said Fernandez, expressingconfidence in this great potentials and affirming that during the trip in March,some of those potentials will be realised.

According to Osius, Vietnam is considered a stable and open country that alwayswelcomes American people and businesses. The Vietnamese Government is readyto take steps to create favourable conditions for investors and toaddress challenges, he commented.

The USABC leader hailed the openness in business cooperationbetween the two countries, especially in the field of high technology becauseVietnam has many talents and great potential. According to him, this sector canreach 1 trillion USD across ASEAN by 2030 and account for 30% of Vietnam'seconomy in a few years. This is a dynamically growing part of the Vietnameseeconomy and an attractive area for US companies that will accompany him on the Marchtrip, he underlined./.
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