Vietnam remains attractive destination for US businesses

Ramachandran A.S, chairman of the American Chamber of Commerce in Ho Chi Minh City

Could you tell us how the visit will affect US-Vietnam trade and investment in the near future?

President Lam's business trip took place in the context that Vietnam and the US have just celebrated one year of upgrading relations to a Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development.

AmCham was delighted to witness the upgrade of US-Vietnam diplomatic relations to the highest-level last year. We believe that the visit will further strengthen the relationship between the two countries. We expect the discussions to focus on deepening economic ties and promoting trade and investment. The visit will signal that Vietnam remains a vital partner in the region and reinforce Vietnam's position as an attractive destination for US businesses.

Has the trend of US investment and trade in Vietnam changed recently?

The US remains Vietnam’s largest export destination, totalling about $114 billion in 2023. The US is also a major source of foreign direct investment, which has reached over $12 billion on a cumulative basis. AmCham is witnessing a lot of interest among American enterprises looking to realign supply chains and optimise costs, and Vietnam consistently ranks at the top of their list. More American brands are looking to enter the market, and AmCham is dedicated to providing the necessary support for them to succeed. We see a high level of cultural affinity to the US from the younger generations, providing a natural advantage to US brands.

Does AmCham have any suggestions for Vietnam's authorities and enterprises to improve the investment environment?

AmCham has partnered with Vietnamese authorities for 30 years to help strengthen the business environment. We shall continue to hold regular dialogues with government authorities, provide input and feedback to draft laws and regulations from our members, and promote Vietnam to US businesses looking to invest. We believe we can assist Vietnam in its journey to promote the digital economy and accelerate digital transformation. There is also an opportunity to support Vietnam’s energy transition to more renewables. Finally, it is critical to upskill the workforce through technical training and university collaborations, and to move up the value chain in manufacturing.

PM urges US businesses to invest in tourism and trade in Vietnam Prime Minister Pham Minh Chinh on May 17 (local time) attended a Vietnam-US trade, investment and tourism promotion conference themed ‘Rediscovering Vietnam’ in San Francisco.

The significance of Vietnam for US businesses and why they should take notice Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective, and industrial nation. Firms and investors that are looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities.

PM calls on US businesses to strengthen investment in Vietnam Prime Minister Pham Minh Chinh received a delegation of officials and businesses from California, led by Mayor of Oakland Sheng Thao, on August 1.

US businesses focused on semiconductors, clean energy, carbon reduction Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez shared the direction of cooperation with Vietnam in the fields of semiconductor chips, clean energy and carbon reduction at a meeting with members of the American Chamber of Commerce in Ho Chi Minh City on January 24.

50 leading US businesses to visit Vietnam A high-level business delegation, including 50 top US businesses, will visit Vietnam from March 18–21 to explore investment opportunities.