Vietnam promising market for US investors

(Illustrative photo: VNA)

Hanoi (VNA) – Country General Manager of IBM Vietnam Tan Jee Toon still remembers the first time he set foot on Vietnam seven years ago for his challenging tenure (2013-2015). It was in the final stage of the global financial crisis and at that time Vietnam’s macro-economy dropped to the lowest level.

Those difficult days have become unforgettable for the country general manager of one of the world’s giant tech firms. His sentiments and attachment with Vietnam enabled him to return to the country with a new tenure starting in late 2018.

“Upon my return, I witnessed major changes of Vietnam’s economy in a short period of time,” Tan Jee Toon noted.

His thought was shared by numerous other leaders of US firms who spent many years working in the Southeast Asian nation.

Activating digital technology innovations

Assessing Vietnam’s business potential in the new context, Tan Jee Toon underlined that it is easy to see the boom of the retail and property sectors. People’s living standards have significantly improved and investments have been poured into automation, digitalisation and digital transformation. Spearhead areas such as banking and manufacturing have activated initiatives supporting information technology transfer.

Country General Manager of IBM Vietnam Tan Jee Toon

Tan Jee Toon said that the increase of consulting services on comprehensive digital transformation reflects domestic firms’ demand in their long-term development plans. In addition, the wave of overseas Vietnamese returning to the homeland has contributed to raising technical and business skills.

Vietnamese firms are actively applying high technology from abroad and at the same time raising capacity of domestic resources, he said, adding that they are positive signs for the economy.

As one of the first foreign investors returning to Vietnam from 1994 and after 25 years witnessing numerous changes in environment and socio-economic factors, Coca-Cola has become popular with a host of social activities in Vietnam along with a symbol of US cuisine.

Many businesses, including Coca-Cola, face difficulties triggered by the ravaging COVID-19 pandemic. Le Tu Cam Ly, Public Affairs, Communications and Sustainability (PACs) Director of Coca-Cola Indochina, spoke highly of business potential in Vietnam which boasts young and dynamic population with fondness of learning.

Vietnam remains a promising market for foreign investors. Over the years, the country has drawn international capital inflows amidst the context that the domestic economy maintained growth momentum.

As a foreign investor, Coca-Cola appreciated support of the Vietnamese Government from the very start. Investment incentives and efforts made to improve the business climate have allowed the company to move forward to sustainable development, produce more quality goods for consumers and carry out social activities, she stressed.

Coca-Cola contributes to social welfare through practical activities in Vietnam (Photo: VietnamPlus)

Vietnam to become R&D centre

General Director of Qualcomm Vietnam, Laos and Cambodia Thieu Phuong Nam said Vietnam is an attractive investment destination thanks to favourable investment climate.

He pointed out that with a strategic location, quality of life and resources, Vietnam is a magnet for major companies of the world, including those from the US. With freshly-reached trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam FTA, the Vietnamese economy is expected to strongly grow in the time to come.

In terms of high technology, Nam stated that Vietnam is not only a major manufacturing hub, but also a R&D centre of the world, evidenced by investment of domestic and global firms in key technological sectors like 5G technology, artificial intelligence, the Internet of Things and Smart City, among others.

At present, made-in-Vietnam hi-tech products are being exported and used across the globe.

General Director of Qualcomm Vietnam, Laos and Cambodia Thieu Phuong Nam

Thanks to strong support from the Government via programmes such as “make in Vietnam” as well as the determination to roll out 5G services in 2020, investment climate in general and the hi-tech sector in particular are hoped to flourish, Nam said.

He revealed that Qualcomm recently launched its R&D centre in Hanoi, the first of its kind in Southeast Asia, in a bid to further assist the “make in Vietnam” strategy and domestic tech firms of VinSmart, BKAV, Viettel and VNPT in accessing to new technologies.

Taking the lead in bolstering supply chain and trade

Tan Jee Toon noted that with Decision No.7749/QD-Ttg on a national digital transformation programme in 2025, with a vision to 2030, which recently received the Prime Minister’s approval, domestic firms of Vietnam are set to go through a strong digital transformation in the near future.

The Vietnamese Government has promptly enhanced cooperation with the private sector when officially starting the comprehensive Industry 4.0 policy.

In the recent times, IBM has worked with American Chamber of Commerce in Vietnam (Amcham) and the US-ASEAN Business Council to provide counselling for this long-term strategy of the Government, which is suitable for Vietnam’s plan to promote trade, Tan Jee Toon said.

He added that the country is taking the lead in bolstering the integration into the supply chain and trade across the Asia-Pacific region./.

Qualcomm launches its R&D centre in Hanoi (Photo: VietnamPlus)