Vietnam remains an attractive destination for US investors
Vietnam remains an attractive destination for US investors
Many factors making Vietnam in general and Ho Chi Minh City in particular an attractive destination for US investors include the country’s strategic geographical location, young and technologically-savvy workforce, investment incentives and bilateral and multilateral trade deals. Alex Tatsis, Economic Section Chief at the US Consulate General in Ho Chi Minh City talked to Vietnam Economic News’ Ngoc Thuy.
Alex Tatsis, Economic Section Chief at the US Consulate General in Ho Chi Minh City |
What do you think about the opinion that Vietnam is no longer attractive to foreign-invested businesses during the pandemic?
The resurgence of Covid-19 has affected all aspects of life. But the worse days were left behind.
HCMC has led the way in a safe re-opening. The city’s vaccination rollout has been very impressive.
Manufacturing operations are getting back to normal. We hear from US companies they are quickly ramping back up to full production.
US companies are committed to HCMC, and to Vietnam more broadly, as they look to create diverse and secure supply chains.
I think that Vietnam broadly and HCMC specifically remain an attractive destination for US investors due to its strategic location; young and tech-savvy workforce; positive approach to FDI; and broad network of free trade agreements.
How do you assess the HCMC government’s policies to support US businesses? Will such policies build trust for FDI businesses in general and US businesses in particular to continue operating in HCMC for a long term?
The US business community greatly values its relationship with the HCMC government and the people’s committee, especially with Party Secretary Nguyen Van Nen and Chairman Phan Van Mai.
During the pandemic, the city government has made some very difficult decisions to balance public health with economic activity.
Our business community has kept a strong dialogue with the HCMC government. Our frank and open conversations have helped establish a spirit of trust and partnership to overcome the pandemic.
Trust and partnership will continue because American companies see themselves as partners in HCMC’s long-term growth and economic development.
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Will US businesses invest more in HCMC in the upcoming time? If possible, would you please elaborate on that plan?
US firms have played a significant role in HCMC’s economic development over the years. They have invested billions of dollars here, integrating HCMC into global supply chains, and creating high quality jobs.
We see continued interest in US companies in coming to HCMC or expanding their footprint here, including in hi-tech manufacturing.
We also see great interest from US firms in areas like clean energy, healthcare, and smart cities technologies.
The US government is a committed partner in this effort. We are investing in HCMC’s education sector. These investments will help HCMC develop a globally competitive workforce to meet the needs of foreign investors. They will also help HCMC transition to a hi-tech, knowledge based economy.
