American firms show strong confidence in Vietnam's future: US-ASEAN Business Council chief

Representatives from major U.S. companies on Tuesday expressed their optimism about the business prospects in Vietnam and praised the government's efforts in reforms and market openness.

Speaking at a press meeting in Hanoi, Ted Osius, president and CEO of the US-ASEAN Business Council (USABC), announced that the USABC is leading a delegation of 64 big American businesses to explore opportunities and strengthen partnerships in Vietnam.

Osius, who was U.S. Ambassador to Vietnam from 2014 to 2017, noted that this is the largest business delegation that the USABC has arranged in its over 40-year history.

The companies in the delegation operate in key sectors, including LNG, aircraft and engines, agriculture, technology, finance, logistics, manufacturing, energy, aerospace, healthcare, and consumer goods.

The record number of delegation members reflects the strong confidence that American businesses have in Vietnam's future, as well as their commitment to expanding trade and investment in this dynamic market, Osius said.

The delegation includes leaders from global companies such as Apple, Boeing, Coca-Cola, Intel, Nike, Amazon, Exxon Mobil, Bell Textron, Meta, JPMorgan, Visa, Mastercard, Warburg Pincus, Excelerate Energy, and GE Vernova, according to foreign media.

Amid global trade uncertainties - including the possibility of the U.S. imposing tariffs on Vietnamese goods - Osius emphasized that the American business community remains committed to strengthening economic recovery and fostering a mutually beneficial and stable trade relationship.

He added that while challenges lie ahead, there is significant potential for deeper cooperation and investment.

Echoing this view, Daniel Kritenbrink, who succeeded Osius as Ambassador to Vietnam from 2027-2021 and is currently a partner at consultancy The Asia Group, noted that despite the challenges, American businesses are focusing on seizing opportunities in Vietnam.

The presence of the largest business delegation ever organized by the USABC reflects the continued optimism of both the U.S. and the global business community about Vietnam’s future, Kritenbrink said.

Expectations for Vietnam’s reforms

Commenting on Vietnam’s ongoing big reforms to its state apparatus, Osius said they will drive economic growth, improve the business environment, and create new opportunities for American companies.

These reforms align well with U.S. priorities to strengthen resilient supply chains, open markets to U.S. products, create a level playing field for American companies, and deepen strategic and economic relations between the two countries, he stated.

Osius emphasized that these actions will have a long-lasting impact by removing trade barriers, clearing bottlenecks, and improving economic efficiency - ultimately creating more opportunities for greater cooperation and investment.

He highlighted Vietnam’s position as the fastest-growing economy in Southeast Asia, attracting a record amount of FDI and expanding its global trade presence over the past three decades.

Trade between Vietnam and the U.S. has surged from $451 million in 1995, when the two countries normalized relations, to over $149 billion last year. The U.S. is now Vietnam's second-largest trading partner, while Vietnam is the U.S.'s eighth-largest trading partner.

Vietnam proactively handling issues of U.S. concern

Regarding the Vietnam-U.S. relationship during President Donald Trump’s first term, Kritenbrink praised the Vietnamese government’s efficiency in engaging with the administration. He expressed his hope that those diplomatic experiences will continue to benefit the relationship under the current U.S. administration.

He noted that during the "Trump 2.0" era, Vietnam has been focusing on high-level diplomacy and made significant efforts to reduce the U.S. trade deficit with Vietnam through agreements on energy, aviation, and other areas.

Vietnam has also been working hard to improve market access and reduce legal barriers for American businesses, he added.

Answering The Investor's question about the possibility of U.S. tariff imposition on Vietnamese goods, Osius acknowledged that the risk is real, given Vietnam's large trade surplus with the U.S.

However, he commended the Vietnamese government’s proactive approach in addressing these concerns, citing agreements worth over $4 billion signed during the visit of Minister of Industry and Trade Nguyen Hong Dien to the U.S last week. During the trip, Dien also outlined measures to further open the Vietnamese market to U.S. goods.

Osius also praised Vietnam's proactive efforts to resolve issues related to the transshipment of goods, with both countries' authorities, including customs and border control agencies, collaborating on the matter.