US businesses show interest in Vietnam market
US businesses show interest in Vietnam market
US business entrepreneurs are quite keen on doing business with their counterparts in Vietnam as they believe there is huge potential for further enhancing beneficial cooperation.
At an April 27 dialogue sponsored by the American Chamber of Commerce (AmCham) in Singapore, the businesspeople also expressed their eagerness to learn more about recent legislative changes in Vietnam affecting foreign investment and solicited opinions from those in attendance on the best opportunities in the country.
At the event, Vietnamese Minister of Planning and Investment Bui Quang Vinh told the gathering that the government is seeking to attract projects which use environmentally friendly technology and churn out higher added value products, especially in infrastructure development, as well as in information technology and biotechnology to buttress agricultural production.
Vinh also suggested AmCham in Singapore coordinate with relevant authorities in Vietnam to schedule a series of regular exchanges with the US business community to provide them with complete information on investments in health care, education, high-tech, information technology and infrastructure development in Vietnam.
For her part, Executive Director of AmCham Judith Fergin stated that US businesses eye Vietnam as a highly lucrative alternative trade partner to China, primarily attributable to lower costs of production in Vietnam.
Potential partners are closely monitoring the Vietnamese market because its Government is undertaking important reforms in administration procedures, business restructuring and legislation, to create a healthier competitive environment, she added.
She strongly recommended that the Vietnamese Government speed up negotiations on the Trans-Pacific Partnership (TPP) agreement as the trade pact will help promote foreign investment necessary to build the economic infrastructure for improved supply chains, generating better jobs for citizens.
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