70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam calls for US investments in energy, industry and infrastructure
Hai Yen 16:59, 2020/11/19
Given Vietnam’s rapid economic growth in the past few years, opportunities for US companies spread in all fields, from healthcare, aviation, to agriculture or education.

The Vietnamese government welcome US investments in fields with high added value, including energy, industry and infrastructure, that can help Vietnam further go up in the global value chain, according to Vice Minister of Industry and Trade Do Thang Hai.

Overview of the conference. Source: MoIT.

An unstable global trade environment as a result of the Covid-19 pandemic is putting pressure on multinationals, including US corporations, to look for the formation of new supply chains, state Mr. Hai at the Vietnam – US Trade Forum 2020 held on November 18.

During this context, a growing number of enterprises are investing in backup supply chains in different locations to ensure sustainability and continuity in operation, he noted, adding many US investors consider Vietnam as a key and safe choice for the global value chains.

  Vice Minister of Industry and Trade Do Thang Hai speaks at the conference. Source: MoIT. 

According to Mr. Hai, this is the right time for Vietnam to continue pushing for greater improvements in the business environment to attract investment from the US and take a higher role in the supply chains.

US Consul General in Ho Chi Minh City Marie Damour said given Vietnam’s rapid economic growth in the past few years, opportunities for US companies spread in all fields, from healthcare, aviation, to agriculture or education.

Four sectors with the highest potential are energy, infrastructure, digital economy and hi-tech manufacturing, she added.

Mr. Hai pointed to the complementary nature between the two economies as key factor to maintain mutual benefits in bilateral cooperation, therefore placing the US among Vietnam’s top trading partners.

The vice minister also urged Vietnamese enterprises to import more machinery, equipment and technologies from the US to help facilitate trade between Vietnam and the US.

With an investment of US$9.4 billion in 1,063 projects as of September 2020, the US ranks 11th out of 138 countries and territories in terms of FDI commitments to Vietnam. Most of the US's biggest corporations are already present in Vietnam, including Exxon Mobil, Murphy Oil, Chevron, Boeing, Ford, Intel, Wal-Mart, Nike, Coca-Cola and P&G, among others.

During the course of 25 years since the establishment of diplomatic relations, bilateral trade turnover increased by 168-fold from US$450 million in 1995 to US$75.7 billion in 2019.

The US mainly imports textile, footwear, wooden products, seafood, and electronic products from Vietnam, and is Vietnam’s top supplier of equipment, core technologies, and agricultural products.

TAG: Vietnam United States covid-19 coronavirus nCoV pandemic energy industry infrastructure Ho Chi Minh City healthcare agriculture opportunities trade exports
Other news
16:07, 2024/07/20
Gov’t mulls creation of oil and gas trading exchange
Such a platform would help minimize price manipulation, ensure a flexible pricing mechanism, and improve the distribution and circulation of oil and gas.
21:59, 2024/07/19
Hanoi promotes women's role in safe agri-food trade
The city will focus on strengthening enforcement of food safety regulations in food production and trade facilities.
16:17, 2024/07/17
Vietnam’s stock market set for strong year-end growth
The projected P/E ratio for the VN-Index this year is 11.5, below the 5-year average of 13.4, potential for the benchmark to rise in the second half of the year and 2025.
09:56, 2024/07/17
Hanoi ramps up food safety inspections, identifying and rectifying violations
The city's health department will continue to carry out regular, specialized and random inspections.
16:37, 2024/07/16
Vietnam under pressure to achieve high growth in 2024-2025
The Government's best-case growth scenario for 2024 is 6.5-7%, higher than the goals set by the National Assembly and forecasts by international organizations.
17:07, 2024/07/15
Early warnings help Vietnam mitigate trade probe impacts
In the first six months, Vietnamese exports were the target of 252 trade remedy investigations from 24 markets, a 9% increase of 21 cases compared to the same period in 2023.