Investment capital from the US is expected to flow more strongly into the digital economy, green energy and healthcare as US investors pour more money into Vietnam.
At the Vietnam – US Business Summit 2022 last week, many US experts and the US business community confirmed that they attach particular importance to the Vietnamese market.
Marisa Lago, the US Deputy Secretary of Commerce responsible for international trade, said the two countries achieved positive economic growth and recovery in 2021. The US has become Vietnam’s second largest trading partner and export market while Vietnam has become America’s ninth trading partner.
Ms Marisa Lago said more than 100 US experts are currently standing by to support companies in the two countries invest and promote two-way trade.
“We are working on a plan to bring American medical companies to Vietnam. We are also ready to introduce leading US companies into the energy industry,” she said.
The US has nearly 1,150 operational projects in Vietnam, with a total registered capital of more than US$10.3 billion, ranking 11th among the 141 economies investing in Vietnam.
Despite the pandemic, many leading US companies such as Apple, Amazon, Google and Intel announced new investments in Vietnam in 2021. For example, Intel Corporation with additional $475 million.
Vietnam also welcomed First Solar – one of the three largest energy companies in the US – with a project to produce solar panels using thin film technology, with a total investment of more than $1 billion. Hayward Quartz Technology INC of Silicon Valley invested $110 million in a high-tech park in Da Nang.
The US Chamber of Commerce in Vietnam (AmCham) 2021 Business Investment Survey shows that nearly 80% of AmCham members are very positive or positive about the medium and long-term prospects of the Vietnamese market.
“The growth of trade and investment between the two countries will be sustained and accelerated in the coming period. The fact that the Vietnamese government is constantly improving the business environment and removing difficulties for investors is a prerequisite for US companies to bring capital to Vietnam,” said Adam Sitkoff, executive director of AmCham.
During a meeting between officials of Vietnam’s Ministry of Industry and Trade and a number of US companies and companies investing in Vietnam last week, a representative of Ford Vietnam Co., Ltd. that the company plans to increase production capacity and hire more workers every year.
Looking to the future, the business communities of the two countries recognize that the trade and investment relationship between Vietnam and the US has much room for development. For the US, Vietnam is considered an important link in the global goods supply chain.
At the Vietnam-US Business Summit 2022, Prime Minister Pham Minh Chinh emphasized that in the new FDI attraction strategy, Vietnam gives more priority to attracting high-tech projects, digital transformation and especially clean energy projects.
“Vietnam wants to build a substantive, effective, focused digital transformation ecosystem, targeting the fields and industries that Vietnam has favorable conditions to develop and that is the strength of the US, to build Vietnam into a logistics center and the capacity of the health system,” said the prime minister.
An ExxonMobil Group representative in the Asia-Pacific region confirmed Vietnam is a key market and said the company is implementing several gas-electricity projects in Vietnam. ExxonMobil also develops and applies advanced technologies and solutions to support the clean energy transition in Vietnam.
Earlier, at the Vietnam-US trade forum, the interim representative of the US Embassy in Vietnam, Ms. Marie Damour, said Vietnamese-American companies maintain strong development momentum in healthcare, energy and education.
“Vietnam committed to ambitious climate change goals at COP26, and the US is committed to supporting Vietnam in achieving these goals. While this is not an easy goal, it is these challenges that will provide an opportunity for businesses from both sides to develop sustainably, with viable projects in renewable energy investment,” said Ms Marie Damour.
@ Dau Tu