Bright future forecast for US companies in Vietnam despite COVID-19: AmCham

There are great opportunities and a bright future for US companies within sight in Vietnam despite the economic implications of the COVID-19 for the country, said Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi, in a recent interview.

US companies and investors have contributed significantly to the transformation and growth of Vietnam’s economy, Sitkoff told Dau Tu (Vietnam Investment Review). This continues today as AmCham members represent billions of US 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, he said.

He revealed that the Vietnam-US trade totalled about US$100 billion last year and the US remains Vietnam’s largest buyer, even during these tough times.

Last year was challenging for everybody, regardless of business sector, he said, noting that for US companies in Vietnam, the biggest challenge was the frequent changes in regulations that were announced and implemented on short notice.

He commended the Vietnamese government’s recent decisions to facilitate cross-border travel and encouraged additional actions to reduce the burdens on inbound and outbound international travel by both foreigners and Vietnamese citizens.

Adam Sitkoff hoped to see more predictable, streamlined procedures for US executives, incoming investors, and technical support teams to maintain operations and facilitate expansion and new investment.

The official also expected the Vietnamese and US governments to begin efforts towards a bilateral trade agreement. A trade deal would improve investment and trade flows, assist sustainable supply chains, enhance business conditions that strengthen the private sector, ensure sustainable economic and social development, and promote prosperity in Vietnam, he stated.