Vietnam, US seek business opportunities amid COVID-19

Illustrative image (Photo: VNA)

New York – Vietnamese and US firms sought ways to overcome economic difficulties caused by the COVID-19 pandemic during an online trade exchange event on July 15.

Speaking at the event, Ambassador Dang Dinh Quy, head of the Vietnam Permanent Mission to the United Nations, said the two countries will surely offer the best conditions for their firms to develop, thus helping to lift bilateral ties to a new height.

Sharing the same view, Minister Counsellor Bui Huy Son, head of the Vietnam Trade Office in the US, said the event will enable US enterprises to learn about the promising Vietnamese market and make it easier for Vietnamese firms to approach the huge US market.

Director of the Vietnam Trade Promotion Agency (Vietrade) Vu Ba Phu said since the COVID-19 outbreak, the agency has held a number of online trade promotion events, especially in Vietnam’s traditional and potential markets such as the US, India, Russia and Singapore, drawing hundreds of enterprises.

An The Dung, Director of the Vietrade Office in New York, said achievements in the fight against COVID-19 has made Vietnam a safe destination for investors at the crisis time.

Data from the Ministry of Industry and Trade showed that Vietnam still receives hundreds of transaction letters each day and thousands of enterprises accessed the Vietrade portal to seek opportunities. Two-way trade grew by over 4 percent in the first five months of this year, with US exports to Vietnam up 3 percent.

Lauren Merkel from the Empire State Development, for her part, affirmed that New York authorities, especially Governor Andrew Cuomo, always stay ready to offer all possible support to Vietnamese businesses interested in doing business with New York partners, and vice versa.

Daniel Pint from the US Department of Commerce introduced US firms to participants, as well as their requirements for exports-imports. He added that businesses opportunities with the US are abundant and the US is ready to offer opportunities to qualified and capable partners.

According to the General Department of Vietnam Customs, two-way trade between Vietnam and the US has grown by 20 percent on average each year, from 41.28 billion USD in 2015 to 75.72 billion USD in 2019.

Vietnam is now the 16th largest trade partner of the US in the world, while the US is the third biggest trade partner of the Southeast Asian nation.

With a gross domestic product (GDP) average growth rate of nearly 7 percent each year and a 100-million population, Vietnam is expected to become a promising market for US companies in the fields of agriculture, renewable energy, telecommunications, aviation or finance-banking.