USABC Chief: Vietnam a strategic market for US businesses

US businesses view Vietnam as a strategic market and are committed to long-term investment in the country, according to President and CEO of the US-ASEAN Business Council (USABC) Ted Osius.

At a recent meeting with Prime Minister Pham Minh Chinh in Hanoi during a working visit by a delegation of US corporations and groups, Mr. Osius said US businesses are in favor of the Vietnamese Government’s goals in digital transformation, green transition, and infrastructure development.

He believes in the strong development prospects of Vietnam’s economy under the effective direction and management of the government.

Prime Minister Chinh confirmed that Vietnam creates favorable conditions for foreign enterprises and those from the US to invest and do business in the country.

He proposed that the USABC continue to play a bridging role in connecting the US Government and businesses with the Vietnamese Government and between the two sides’ businesses and people.

He also called on the Council to work closely with Vietnam in policy making to boost investment from US multinationals launching major high-tech projects.

Two-way trade between Vietnam and US reached $123 billion in 2022, up 11 per cent year-on-year.

The US is currently Vietnam’s second-largest trade partner.

It has poured $11.4 billion into 1,223 active projects in Vietnam, ranking it 11th among the 142 countries and territories investing in the country.