Vietnam is a country with huge potential and US enterprises should grasp this opportunity, according to US Secretary of Commerce Wilbur Ross.

Prime Minister Nguyen Xuan Phuc and US Secretary of Commerce Wilbur Ross. Source: VGP.

A steady increase of Vietnam’s GDP per capita over the last few years has been evidence of Vietnam’s achievements in socio-economic development, indicating the country’s capability to realize priorities for development, Ross said in a meeting with Prime Minister Nguyen Xuan Phuc in Hanoi on November 8.

Ross led a delegation of US enterprises to pay a working trip in Vietnam on November 7-8 in search of business opportunities and balancing trade with Vietnam.

According to Ross, many major US corporations joined this delegation, showing their interest in the Vietnamese market.

US enterprises want to contribute to Vietnam’s development, and expect more improvements in the business environment, as well as simplification of administrative procedures, Ross stated.

The US secretary added US enterprises have financial capabilities and expertise to invest in diverse projects in Vietnam, hoping to receive support from the Vietnamese government to facilitate greater investment flow from the US.

The US Department of Commerce plans to hold a delegation of US enterprises to Vietnam next March to push for greater cooperation in field of energy, Ross revealed, adding trade and health are two potential fields for cooperation between the two countries.

At the meeting, representatives of US corporations expressed interest in investing in various fields in Vietnam, and highly regarded Vietnamese government’s strong support for their operations in Vietnam so far.

PM Phuc stressed the bilateral relations have been growing strongly in all spheres, particularly in trade and investment.

Phuc thanked Ross’ efforts in promoting US – Vietnam relations as two countries are preparing for the 25^th anniversary of establishment of diplomatic relations in 2020.

Vietnam gives priority to the comprehensive partnership with the US, and hopes to take this relationship to a new height, contribute to peace, stability and development in the region and the world, Phuc stated.

Phuc added the Trade and Investment Framework Agreement (TIFA) has been instrumental in facilitating bilateral trade and addressing concern of enterprises from the two countries, while the close cooperation between Vietnam’s Ministry of Industry and Trade and the US Trade Representative proves essential in drafting an action plan for a sustainable and balanced trade.

Vietnam is willing to create favorable conditions to greater cooperation with the US in trade and investment, especially the US’s projects in the country, and open further the Vietnamese market for US products, Phuc said.

Phuc asked the US to push for investments the fields that Vietnam gives priority to such as infrastructure, health, aviation, finance, among others.

Vietnam is privatizing state-owned enterprises, which could be an opportunity for US enterprises to become strategic partners.

US Secretary of Commerce Ross agreed with Phuc’s request for more cooperation in bilateral economic, trade and investment relations towards sustainability.