Vietnam remains an attractive destination for U.S businesses

Mr. John Rockhold, Chairman of the American Chamber of Commerce (AmCham)

Mr. John Rockhold said AmCham’s mission would be 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.

What are AmCham's plans in the new year to promote cooperation between Vietnamese and American businesses?

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 set up small AmCham chapters 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 complexity 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, helping the Vietnamese government make it easier to do business, and creating a high-standard, transparent, and stable business environment to ensure that all investors have fair access to that opportunity.

What is your opinion about the challenges that may affect the development of cooperation between the businesses of two countries? What factors will help overcome those challenges, sir?

Right now, there are many reforms that could 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.

As we look towards the future, we hope both governments can begin efforts towards a bilateral Free Trade Agreement. This would improve investment and trade flows, assist sustainable supply chains, and improve business conditions that strengthen the private sector, ensure sustainable economic and social development, and promote prosperity here.

Over the years, AmCham has had many cooperation activities with VCCI in connecting the businesses of the two countries. How do you rate this cooperation, sir?

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. Back in early 1994, around the same time that Amazon was founded and Justin Bieber was taking his first breaths, a small group of Americans held AmCham’s first meeting at the Dragon Hotel near West Lake. AmCham then began holding small monthly meetings on the top floor of the Army Hotel in Hanoi.

In those early days, we organized many activities for members of the community, including lunches with visiting government officials, softball games, a traditional Thanksgiving holiday dinner in the former conference hall of the Metropole Hotel, and the first American Independence Day celebration in over 40 years held in Hanoi. Since then, AmCham members have contributed significantly to the transformation and growth of Vietnam’s economy.

One of the main reasons for our success is the effort of our friends at VCCI. AmCham and VCCI enjoy a close partnership and a great working relationship. Both organizations share the goal of creating a competitive and sustainable business climate for companies and investors here.

Right now, AmCham and VCCI are working together now on restoring and developing supply chains in the new normal and promoting a sound recovery in Vietnam. Our organizations will soon co-host the annual US-Vietnam Business Summit, which will focus 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.

Could you share more about your expectations for Vietnam-US business cooperation in the new year 2022?

AmCham and our member companies are optimistic about the future in Vietnam. We believe that good government decision-making and continued economic and administrative procedure reforms will enable a sound and resilient recovery and support Vietnam’s aspirations to propel itself to the next sphere of economic competitiveness.

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 leads to optimal public policy outcomes. We are hopeful for a great 2022 and wish good health, happiness, and success to the readers of this publication. Happy New Year!