According to former Ambassador to the US Pham Quang Vinh, the US is an important economic, trade and investment partner of the regional countries, including Vietnam. The US has invested in Vietnam since the mid-1990s when the embargoes were lifted and Vietnam and the US normalized their relations.
“At that time, big companies like Coca-Cola, Intel, Google started to come to Vietnam, and they told me that they would continue expanding their long-term investment in the country. I have had chances talking with big businesses and investors from the US. They continue affirming their interest in investing in Vietnam, and consider it an attractive and stable investment environment. This trend is still on the rise,” said former Ambassador to the US Pham Quang Vinh.
Currently, the US is the ninth biggest investor in Vietnam. According to the former ambassador to the US, US investment makes a difference. He said, “US investment in Vietnam creates a new stimulus for the development of the bilateral comprehensive relations and motivates the investment of transnational companies and the private sector from the US and other countries in Vietnam. US investment has also helped increase trust in the Vietnamese market.”
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Former Ambassador to the US Pham Quang Vinh |
Emphasizing the importance of the investment flows from the US to Vietnam, former Ambassador to the US Pham Quang Vinh held that the country should continue getting hold of that trend. In addition, it is necessary to further disseminate policies and laws on investment and the business environment of Vietnam so that US and foreign investors could find that “Vietnam is truly attractive” and that “it follows international regulations, especially those of the WTO.” According to him, Vietnam’s international economic integration and participation in regional, bilateral and multilateral free trade agreements have attracted more foreign investment in Vietnam.
“We have increased interactive and exchange activities, not just between the two governments and businesses, but also among localities. By so doing Vietnam can take advantage of advances in science and technology, smart city management, smart agricultural construction and manufacturing, etc. to increase the knowledge-content in our products, while creating momentum for us to develop in the global supply and value chains. On the US side, with the advantages in science and technology and capital; therefore, they can invest in their favored direction of strength. The two economies of Vietnam and the US are supporting and complementary to each other. In doing business with the US, it is most important to create a framework and investment environment suitable with the interests of both sides so that each side can take advantage of the other,” said former Ambassador to the US Pham Quang Vinh.
Regarding the tension in trade relations between the US and China, former Ambassador to the US Pham Quang Vinh held that the trade war would benefit no one but would certainly have great impact on the regional economy in general and Vietnam in particular. Vinh said that all disagreements, including economic ones, should be discussed and solved via a dialogue mechanism suitable to both parties. “In the face of world political and economic instability, the most important thing is to strengthen resources and get ready to take measures. In an increasingly integrated and interdependent world, Vietnam should stay persistent in carrying out its policy of innovation, international integration and economic reforms. The best solution in response to economic risks, not just in trade wars, but also in other abnormal economic incidents, is that Vietnam should build an increasingly heightened status and hold more common interests with other countries as well as diversify its markets, financial, capital and technological supplies,” former Ambassador to the US Pham Quang Vinh affirmed.
Translated by Huu Duong