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US firms determined to find traction in Vietnam’s market
This year is anticipated to see continued high levels of US company interest in Vietnam and a new record in bilateral trade ties.
On the sidelines of the recent Nuclear Security Summit in Washington, Prime Minister Nguyen Tan Dung witnessed the signing of a number of cooperative agreements between Vietnamese and American companies, including Citibank’s $200 million loan for Vinacomin to finance the Lam Dong bauxite alumina project and a long-term cooperation agreement between PetroVietnam and GE Oil & Gas.
Dung also had meetings with other leading US companies such as Lockheed Martin, the American Textile and Apparel Association, Target Corporation and other high-profile American importers.
“This [Dung’s activities] will help push forward our commercial and trade relations,” said US ambassador Michael Michalak in an interview with VIR. Michalak said he was optimistic about US-Vietnam trade and investments this year, particularly two-way trade volumes.
“First, we are happy to see that the Obama administration named Vietnam as one of six ‘next tier market’ countries under our new National Export Initiative. This puts Vietnam right after China, India and Brazil as one of the top US focus markets,” he said, explaining that Vietnam was a country where the US expected significant growth and great opportunities for US companies.
“Under the national export initiative, the US government will increase activities that will boost bilateral trade and investments in 2010 and in the following years,” he said.
After Vietnam and the US signed an historic bilateral trade agreement, two-way trade increased more than 700 per cent, from just over $2 billion in 2001 to nearly $16 billion last year, making the US one of Vietnam’s most important trade partners and export markets.
“Since both economies are expected to grow more this year than last, it’s very likely that our total trade in 2010 will set a new record,” said Michalak.
He added that though there was a serious global economic downturn in 2009, total trade between the US and Vietnam dipped only slightly, and US exports to Vietnam grew by 11 per cent.
He said this year would continue to see a high level of US company interest in Vietnam, which boded well for bilateral economic activities this year.
US Under Secretary of State for Robert Hormats, during his visit to Vietnam last week, affirmed that the US wanted to continue expanding its ties with Vietnam to further enhance its continued positive role as an emerging economy and as a responsible trading partner.
He said Vietnam’s products and the way they were seen around the world should emphasise the importance of quality and integrity in the eyes of the world. “The more Vietnam emphasises quality, integrity and the protection of intellectual property, the better the Vietnam brand will be around the world,” he said.
vietnamnews, VIR
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