The 2019 US-Vietnam Business Summit celebrating 25 years of Trade and Investment was held on May 10 (Photo: VNA)
It quoted US Ambassador to Vietnam Daniel J. Kritenbrink as saying that investing in the US is one of the best decisions that Vietnamese firms can make, especially as the country’s economy continues to expand rapidly.
“As firms benefit from this expansion, they should look to expand into new markets and it’s only natural to consider one of Vietnam’s largest export markets, the US,” he added.
The diplomat has been recruiting companies in the Southeast Asian country for a business delegation to Washington, DC. As noted by Kritenbrink, the US is the biggest market for Vietnamese products, which is a reminder that the country already has a big presence in the international arena, having established itself as an export powerhouse in the past two decades.
Speaking highly of Vietnam’s economic results, the VOA believes that it would be a major achievement for companies to take it to the next level – no longer just shipping goods overseas, but actually setting up operations and offices overseas too.
The VOA cited electronics conglomerate FPT and telecommunications giant Viettel as examples. By going abroad, Vietnam’s companies hoped to not only strengthen their home economy against foreign trade tensions, but also to help build the national brand around the world, said the US multimedia agency.
Standard Chartered Bank executive Nirukt Sapru said Vietnamese firms have various advantages to go global, as the country is still seeing increases in gross domestic product, foreign direct investment (FDI), and FDI-driven manufacturing.
The bank’s CEO for Vietnam, Southeast Asia, and South Asia added that Vietnamese mid-corporate manufacturers can capitalise on this and shield themselves from headwinds by pursuing strategies, such as investing in technologies and exploring new markets, which will help them move up the value chain.