More US businesses plan to sound out opportunities in Vietnam
Amid unfavourable fluctuations occurring in the global economy, US businesses continue to view Vietnam as a market with growth prospects ahead in the medium term.
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| Industry insiders at a recent panel discussion says US businesses continue to view Vietnam as a market with growth prospects ahead in the medium term. (Photo: tinnhanhchungkhoan.vn) |
Many firms from the United States have devised plans to enter the Vietnamese market from now until the end of the year to seek business opportunities and meet Government members, said Vu Tu Thanh, deputy regional managing director for the US-ASEAN Business Council.
Thanh revealed this information during a panel discussion looking at international trade and investment amid a volatile world, held on May 8 by the Vietnam International Arbitration Centre.
The CEO said amid unfavourable fluctuations occurring in the global economy, US businesses continue to view Vietnam as a market with growth prospects ahead in the medium term. In late March, a delegation made up of 52 US corporations and businesses arrived in Vietnam to explore investment, business, and trade cooperation opportunities.
More US business delegations will continue to come to the nation from now till November this year, he disclosed.
The shift and restructuring of the global supply chain is happening strongly with US businesses, Thanh said.
He recalled his participation in the inauguration of an expansion investment project by an electronics enterprise in northern Vietnam, outlining that the firm expected to double their production capacity in order to quadruple export revenue from Vietnam.
Another electronics business based in southern Vietnam is also planning to double its production capacity over the next 12 to 18 months, he revealed.
According to the CEO, in addition to these US-invested projects, some Chinese enterprises that are tier four and tier five suppliers to the US supply chain are interested in renting a factory in Vietnam.
The supply chain for electronics and semiconductor products in the country is expected to develop quickly moving forward, he stressed.
Speakers during the panel discussion also shared the view that US businesses continue to pay great attention to logistics, health care, and tourism services in Vietnam.
UPS, a leading express delivery group of the US, has invested in six cargo planes with starting points from Vietnam, meaning that it counts on this burgeoning market.
Meanwhile, a US firm that provides export certification services has also invested in expanding its lab in Hai Duong province, even though its current site is operating efficiently in Ho Chi Minh City.
Thanh noted that the recent moves by US firms highlight a shift in supply chains in a number of areas where Vietnam boasts strengths.
Last Match, US Under Secretary of Commerce for International Trade Marisa Lago and US Trade Representative Katherine Tai paid separate visits to Vietnam to meet with Government officials in order to discuss bilateral cooperation.
The US officials affirmed that the Biden administration’s priority is to ensure the security and resilience of the supply chain, including in health care and epidemic prevention supplies.
Last year witnessed two-way trade between Vietnam and the US reach approximately US$123.86 billion, up 11% from the previous year. Notably, Vietnamese exports to the US fetched US$109.2 billion, thereby making the latter the largest export market of the former.
(Source: VOV)
