AmCham Executive Director Adam SitkoffHanoi (VNA) – Vietnam and the US are celebrating the 25th anniversary of their diplomatic ties this year, marking a significant change. Mutual trust has helped the two countries overcome pains in the past and join hands in building a close relationship, Executive Director of the American Chamber of Commerce (AmCham) in Hanoi Adam Sitkoff said in an interview granted to VietnamPlus e-newspaper.
Regarding progress in the bilateral diplomatic ties, Sitkoff affirmed that the two countries hold a close-knit relationship in multi-aspects. In terms of economics, the US is a leading trading partner and investor of Vietnam. In the political field, the two share a common stance towards peace and stability in East Asia as well as mitigating impact of the COVID-19 pandemic.
They also have close relations in regional security, education, global health, food and energy security, and disaster response, he said, adding that cultural connections are of great importance, as the Vietnamese community in the US is currently the largest compared to other countries.
If only 60,000 Americans visited Vietnam in 1995, the figure surged to nearly 700,000 in 2019, he said, noting his hope that the growth will accelerate further once international tourism return to normal after the pandemic.
At present, over 30,000 Vietnamese students are learning in the US, he added.
According to him, trade is a foundation for the bilateral relations and the US business community in Vietnam has undergone a lot of changes over the past years.
With its role as the voice of US enterprises in Vietnam, AmCham has actively supported the success of its members through its efforts to push for improvement of the business environment, develop bilateral trade, provide information and organise high-quality events.
US enterprises make up a significant proportion in Vietnam’s export turnover and contribute remarkably to State budget – Illustrative image (Photo: VNA) The AmCham Executive Director said that the COVID-19 pandemic is slowing down business activities of US investors. However, in fact, US companies and investors are still operating in almost all fields of the Vietnamese economy.
The US’s exports to Vietnam enjoy a more than fourfold increase over the past decade, and the US remains Vietnam’s largest export market, even amid the terrible pandemic, he highlighted.
Sitkoff expressed his hope that both Governments will exert more efforts to enforce the bilateral free trade agreement so as to improve investment flows and trade, support sustainable supply chains, better business conditions and consolidate the private sector to ensure sustainable socio-economic development and promote prosperity.
Many US investors said they are optimistic about business prospects in Vietnam, he stated, affirming that his country backs Vietnam’s efforts to create a modern economy.
He suggested controlling administrative procedures and stabilising the legal framework, as many investors have showed concerns over policy changes and regulations which are not in accordance with international practices.
AmCham Executive Director Adam Sitkoff speaks at a ceremony to mark 25th founding anniversary of AmCham (Photo: VietnamPlus).He also recommended that the Vietnamese Government continue developing infrastructure, protecting intelligence property, stepping up education reform, improving laws and policies and increasing transparency.
It is necessary to issue clear, fair and consistent regulations on auditing and taxation so as to attract more foreign investment and assist with Vietnam’s ambitions in competitive aspects, he added.
The AmCham Executive Director shared that he can see wonderful opportunities and a bright future in Vietnam, where he has lived and worked for almost 20 years.
Automobile manufacturing at a factory of Ford Vietnam – a joint venture between the US’s Ford Group and Song Cong Diesel Company (Source: VNA)He hailed Vietnam’s success in preventing the spread of the pandemic, which allows the country to quickly re-start its economy.
The Government’s effective response to the pandemic will continue boosting Vietnam’s position as an attractive market in future.
AmCham will continue with its efforts to support the Vietnamese Government in lowering trade barriers, improving business conditions and creating a standardised, transparent and stable environment to ensure all investors have equal access to business and investment opportunities in Vietnam, he pledged./.
