US companies eager to make investments in Vietnam
US companies eager to make investments in Vietnam
US businesses are eager to invest in Vietnam because they recognise the country's enormous potential following the US-Vietnam Comprehensive Strategic Partnership.
On June 25, Under Secretary for Economic Growth, Energy, and the Environment Jose W. Fernandez welcomed Minister of Planning and Investment Nguyen Chi Dung to Washington, DC, for the first US-Vietnam Comprehensive Strategic Partnership Economic Dialogue (CSPED).
The US and Vietnamese delegations celebrated the historic elevation of their bilateral relationship to a Comprehensive Strategic Partnership in September 2023 during President Biden's visit to Vietnam. During their talks, Fernandez and Dung discussed expanded cooperation on supply chain resilience in the semiconductor industry, support for Vietnam's high-tech workforce, advancing the renewable energy transition and implementing climate mitigation efforts, and cooperation on critical minerals.
Other expanded cooperation areas include managing security risks in trade and international finance, strengthening cybersecurity, critical information and communication infrastructure, and working together to ensure that Vietnam's legal-regulatory environment will attract high-quality investment and drive sustainable and inclusive economic growth.
"US companies are excited about investing in Vietnam, recognising Vietnam's great potential. We'll discuss ways to facilitate this investment and ensure that Vietnam fully capitalises on this interest. While investors are bullish on Vietnam, we want to ensure they have the regulation and decision-making environment that they need to commit to expanding in your country," Fernandez stated.
"I emphasise that the US is committed to our economic relationship. The US recognises the centrality of our ties, and the rapid growth of the economic linkages between us. There's no greater proof of this than the CSP," Fernandez added.
In just 30 years since the US trade embargo was lifted in 1994, two-way trade between the US and Vietnam has grown from virtually zero to $124 billion, making Vietnam the US' ninth-largest trading partner in goods.
The rapidly expanding economic ties between the two countries demonstrate the promise of the CSP and were a driving force behind our joint decision to raise the partnership to the highest-level last fall. The relationship between the US and Vietnam is as strong as it has ever been, and there is no clearer sign than our economic cooperation, Fernandez said.
Both sides agreed to meet again in early 2025 to review the progress made under the CSPED and to capitalise on the momentum of bilateral economic cooperation.
