Talking to the Vietnam News Agency (VNA)'s resident correspondents in Washington on February 22, he said that opportunities for U.S. businesses in the Southeast Asian country are considerable although headwinds in the global economy have been posing multiple challenges.

Osius, who is also former U.S. Ambassador to Vietnam, said the two countries have made a number of commitments to promoting economic ties since their relations were lifted to the Comprehensive strategic partnership for peace, cooperation, and sustainable development during U.S. President Joe Biden’s visit to Vietnam in September 2023.

President of the U.S. - ASEAN Business Council (USABC) Ted Osius.

He perceived that U.S. businesses are interested in and will invest in three areas in Vietnam, namely technology, energy, and health care.

In terms of technology, the U.S. pledged to assist Vietnam in developing the semiconductor industry, which requires reliable energy sources, ready water sources, and skilled manpower.

Given this, he said, the U.S. Government is helping Vietnam to develop the workforce. The U.S. Agency for International Development (USAID) is investing USD 100 million in workforce development and recently announced an additional commitment to improving human resource capacity via the University of Arizona. U.S. businesses are also highly interested in the unceasing development of the Vietnamese workforce.

The two sides also hold substantial cooperation opportunities in the field of health care, which has seen surprising partnerships in the fights against SARS, HIV/AIDS, and COVID-19, the USABC leader said, adding that U.S. companies want to produce pharmaceutical and medical equipment in Vietnam and make healthcare investments.

Osius voiced his belief in such big potential and that some of the potential will be realized in the near future.

Source: VNA