American business community optimistic about US-Vietnam economic ties
American business community optimistic about US-Vietnam economic ties
With Viet Nam-US economic relations having grown steadily, the American business community is very optimistic and working very hard in Viet Nam, according to Virginia B. Foote, President of the Board of the US International Centre.
The two countries have reached a new height of over US$100 billion in two-way trade, Foote, who is also co-founder of the US-Viet Nam Trade Council (USVTC) and President and CEO of Bay Global Strategies, told Vietnam News Agency's reporters on the sidelines of Prime Minister Pham Minh Chinh’s meeting with US enterprises in New York on May 16.
She highlighted the entrepreneurial spirit in Viet Nam as well as its great workforce, better infrastructure and significant location in Asia as advantages for American firms doing business in the country.
“Our companies very much appreciate the talents in Viet Nam and working with the Vietnamese people,” she said.
Foote also outlined several challenges facing US investors which include burdensome administrative procedures in some areas, and supply chain and logistical difficulties which are not unique to Viet Nam.
“We're hoping as we come out of COVID-19, these things will smooth out,” she stated.
Foote also hoped that US firms can get access to renewable energy which is increasingly important to their manufacturing in Viet Nam.
The official later spoke highly of PM Chinh’s meeting with the US business community, saying he made several speeches which were all very interesting and insightful about Viet Nam’s future. “I think he's heard a lot from various companies,” she noted.
She added that the US is hoping to have Viet Nam join the Indo Pacific economic framework. “There's been discussions about that and how that might help build global standards and further deepen the relationship between the US and Viet Nam.”
Foote was presented with a friendship order by the Vietnamese State in 2007 for her support for the signing of the bilateral trade agreement (BTA), the agreement on Viet Nam’s WTO accession and the US Government’s application of Permanent Normal Trade Relations (PNTR) with Viet Nam.
She served as Chair for the US Business Coalition for APEC and Chair of the US-Viet Nam WTO Coalition in 2006. She was also Executive Vice President of the US-ASEAN Business Council from 2014 – 2017.
