The US has many ways to promote trade with Vietnam.

Mr. Adam Sitkoff, Executive Director of the American Chamber of Commerce (AmCham) in Hanoi, discussed Vietnam-US trade and investment issues ahead of Prime Minister Nguyen Xuan Phuc's official visit to the United States.

Mr. Adam Sitkoff, Executive Director of the American Chamber of Commerce in Hanoi

Mr. Adam Sitkoff shared: AmCham regrets the US withdrawal from TPP, but we believe there are other paths and ways to promote trade and investment relations between the two countries.

What do you expect from Prime Minister Nguyen Xuan Phuc's visit to the US?

- I am delighted that Prime Minister Nguyen Xuan Phuc will be paying an official visit to the United States. He is the first Prime Minister of a Southeast Asian country to visit the White House since Donald Trump became President.

This visit shows that the US values ​​its relationship with Vietnam. I hope that trade issues will be one of the focuses of the Prime Minister's visit.

The Prime Minister will meet with US businesses and investors in both New York and Washington. And I hope he will have useful discussions with US President Donald Trump and members of his cabinet on issues important to the people of both countries.

AmCham is advocating for the two countries to move towards signing a free trade agreement. What do you think about the prospects of this agreement, especially at a time when President Donald Trump announced the withdrawal from the TPP but affirmed that bilateral trade agreements could be sought?

- The US business community is proud of its contributions to Vietnam's economic development. Bilateral trade exceeded $52 billion last year, up 16% year-on-year. We are confident that US-Vietnam trade and investment relations will continue to expand rapidly and strongly.

AmCham regrets the US withdrawal from the TPP, but we believe there are other paths and constructive ways to promote trade and investment relations between the two countries.

AmCham supports the initiation of discussions on a free trade agreement (FTA) between the two countries. To move this forward, it must be recognized that it is beneficial to all parties. The U.S. business community in Vietnam is ready to contribute to making this goal a reality.

As a first step, last month AmCham signed a memorandum of understanding with the Vietnam Chamber of Commerce and Industry (VCCI) to establish a US-Vietnam Business Leadership Board to promote the idea of ​​a free trade agreement. This will be a process.

How is a bilateral free trade agreement different from the Vietnam - US Trade Agreement (BTA) previously signed between the two countries?

- The BTA, which began in December 2001, has been very helpful and facilitated the rapid growth of trade relations between our two countries. But it is not a free trade agreement. We hope that President Trump will instruct his team to consider this issue with Vietnam soon.

How do you evaluate the investment environment in Vietnam?

- US companies and investors are highly optimistic about the prospects in Vietnam. We believe that there are many actions that Vietnam can take soon to improve its competitiveness, thereby promoting socio-economic development.

AmCham welcomes reform efforts that have contributed to creating a more competitive environment where decisions are made faster, procedures are less complicated, regulations are enforced fairly, and companies have equal access to capital, land, and development opportunities.

We believe that the business environment in Vietnam can best be supported by actions that increase productivity and reduce costs and risks. The Government’s efforts to address challenges in investment licensing, management, administrative procedures, etc. are highly appreciated.

AmCham continues to work with government partners to reduce regulatory burdens and create a more attractive, transparent, and stable business environment in Vietnam.

According to VNN