Elevating Vietnam - US business cooperation in the new way

Mon, 29 Apr 2024 20:56:00  |  Print  |  Email   Share:

Business Forum Magazine had an exclusive interview with Adam Sitkoff, Executive Director of the American Chamber of Commerce in Hanoi (AmCham Hanoi) on the occasion of the 61st anniversary of the Vietnam Chamber of Commerce and Industry (VCCI). The purpose of the interview was to hear about the cooperation between VCCI and AmCham in fostering business cooperation between Vietnam and the US over the years.

US-Vietnam Business Summit 2023

How do you evaluate the role of the VCCI in promoting cooperation between the business communities of the two countries in recent years?

I believe it is a credit to the Vietnamese and American people that our two countries have been able to move beyond the tragedies of our shared past to build such a vibrant and strong friendship. This year marks the 30th anniversary of AmCham in Vietnam and the beginning of US-Vietnam economic relations, and our members now account for billions of dollars in foreign investment, tens of thousands of direct employees, hundreds of thousands of indirect employees, and a significant share of Vietnam’s exports and tax revenues. Our members have played a transformative role in the development of Vietnam and the United States is one of the top foreign investors in Vietnam.

More importantly, despite considerable challenges posed by recent headwinds in the global economy, the U.S. remains Vietnam’s biggest export market, driving investment and growth throughout Vietnam. One of the main reasons for success is the effort of our friends at VCCI. AmCham and VCCI enjoy a close partnership and great working relationship. Importantly, both organizations share the goal of creating a competitive and sustainable business climate for companies and investors here.

With the background of close cooperation in recent years, what are your expectations about cooperating with VCCI in the near future, especially in promoting investment of American enterprises in Vietnam?

AmCham and VCCI continue to work together on trade promotion activities, including business missions to the U.S. We also partner on workshops to discuss draft legislation which helps ensure a better business climate here.

Later this year, our organizations will co-host the seventh annual US-Vietnam Business Summit, which focuses on ways the business communities in both countries can cooperate to increase trade, investment, and opportunities. AmCham very much values our partnership and friendship with VCCI.

In your opinion, what challenges can affect the development of cooperation between the two sides? How to overcome those challenges, sir?

AmCham has been an active advocate on many new laws and decrees affecting a wide range of business sectors, as well as for Vietnam’s growing role in the global economy. We have also worked on administrative procedure reform with our partners in the government to ensure proposed rules and regulations are consistent and synchronized with existing laws and international standards, and are not overly burdensome on businesses. Right now, there are many reforms that can make it easier to do business here.

The most important factor for a favorable investment climate is to ensure a fair, transparent, predictable, and streamlined regulatory environment that values innovation - not only to attract new investment, but also to maintain and grow the investment already here.

We believe that good government decision-making and continued economic and administrative procedure reforms will support Vietnam’s aspirations to propel itself to the next sphere of economic competitiveness. As major investors here, American companies are invested in Vietnam’s continued success.

Adam Sitkoff, Executive Director of the American Chamber of Commerce in Hanoi (AmCham Hanoi)

Along with our friends at VCCI, AmCham places great importance on engagement with the government as we believe that robust dialogue between the government and the private sector helps address challenges and lead to optimal public policy outcomes.

As Executive Director of AmCham Hanoi, what plans do you have to promote the investment of American businesses in Vietnam?

AmCham’s mission is to increase trade and investment between the United States and Vietnam and our diverse membership of agriculture, retail, education, manufacturing, services, and the not-for-profit sector, is unified by a common commitment to the principles of free trade, open markets, private enterprise and the unrestricted flow of information.

We support the success of our members by promoting a healthy business environment, strengthening bilateral commercial ties, and providing high-quality activities and information for members. AmCham provides trade information and guidance for companies seeking new business contacts or for those wishing to establish operations in Vietnam or in the United States, as well as a forum where knowledge and experience can be exchanged among members and prominent guest speakers.

Recently, we have worked to strengthen our relationship with many provinces in Vietnam and have established an AmCham presence in Vietnam’s central region to promote increased trade and investment ties. As major investors here, American companies have an interest in Vietnam’s continued success. We believe that the business climate can best be helped by actions that increase productivity and reduce the costs and risks of doing business in Vietnam.

More importantly, decreasing the cost and complications of doing business will benefit Vietnamese-owned businesses, many of which are small businesses - and will spur entrepreneurship, which will ensure Vietnam’s future competitiveness and growth. Our members see great opportunity and a bright future here. AmCham will continue to work on lowering barriers to trade, to help the Vietnamese government make it easier to do business, and to create a high-standard, stable, and sustainable business environment to ensure that all investors have fair access to that opportunity.


Source: https://en.diendandoanhnghiep.vn/elevating-vietnam-us-business-cooperation-in-the-new-way-n40019.html


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