Bright future forecast for US companies in Vietnam despite COVID-19: AmCham
US automaker Ford's production in Vietnam. (Photo: VNA)
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.
US companies and investors have contributed significantly to the transformation and growth of Vietnam’s economy, Sitkoff told Dau Tu (Vietnam Investment Review). This continues today as AmCham members represent billions of US dollars in foreign investment, tens of thousands of direct employees, hundreds of thousands of indirect employees, and a significant share of Vietnam’s exports and tax revenues, he said.
He revealed that the Vietnam-US trade totalled about 100 billion USD last year and the US remains Vietnam’s largest buyer, even during these tough times.
Last year was challenging for everybody, regardless of business sector, he said, noting that for US companies in Vietnam, the biggest challenge was the frequent changes in regulations that were announced and implemented on short notice.
Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi. (Photo: tinnhanhchungkhoan.vn)
He commended the Vietnamese government’s recent decisions to facilitate cross-border travel and encouraged additional actions to reduce the burdens on inbound and outbound international travel by both foreigners and Vietnamese citizens.
He hoped to see more predictable, streamlined procedures for US executives, incoming investors, and technical support teams to maintain operations and facilitate expansion and new investment.
The official also expected the Vietnamese and US government to begin efforts towards a bilateral trade agreement. A trade deal would improve investment and trade flows, assist sustainable supply chains, enhance business conditions that strengthen the private sector, ensure sustainable economic and social development, and promote prosperity in Vietnam, he stated./.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
More News
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Seafood enterprises propose to remove obstacles from exporting to the EU
10:34 | 02/04/2023 Import-Export
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export