US companies see huge potential in Việt Nam as a semiconductor hub: Official – Viet Nam News

Trọng Kiên
HÀ NỘI — A United States State Department official has affirmed that the US business community is excited to take advantage of the double upgrade in relations between Việt Nam and the US to Comprehensive Strategic Partnership last year.
Sarah Morgenthau, Special Representative for Commercial and Business Affairs at the US’ State Department, was speaking during an interview with Việt Nam News, while in Hà Nội to accompany the 50-business mission from the US-ASEAN Business Council.
The delegation, through engagements with government officials and key stakeholders across various ministries and agencies, aimed to reaffirm their dedication to supporting the Government of Việt Nam’s endeavours while proposing further collaboration across multiple sectors. The US business community is also actively seeking avenues to support the realisation of initiatives and commitments delineated in the Việt Nam-US Comprehensive Partnership.
US Special Representative Sarah Morgenthau said that this year, the two countries are celebrating the 30th anniversary of the lifting of the US trade embargo, and economists, business people and young entrepreneurs have agreed that the future of the Việt Nam-US relationship is bright.
Việt Nam ranks as the US’ ninth largest trading partner, and the US one of Việt Nam’s top trading partners, with bilateral trade reaching over US$124 billion this past year, which makes Việt Nam the largest trading partner in ASEAN, she noted.
The two countries’ leaders – US President Biden and Vietnamese Party General Secretary Nguyễn Phú Trọng – have pledged to create favourable conditions and facilitate the further opening of markets for each other’s goods and services, support trade and economic policy and regulatory measures, according to Sarah, with both countries having “shared interests in diversifying the supply chains.”
She said: “To achieve this aim and to address issues such as market access barriers, fulfilment of this pledge promises to create new opportunities for businesses and both our nations and that’s one of the reasons the USABC mission that I am a part of this week has one of the largest US trade missions to Việt Nam in its history.
“US businesses are looking forward to building on the momentum of the upgrade. From conversations I’ve had, businesses are very excited to look forward to the new opportunities these market openings will bring.”
Addressing the impacts of the upcoming election in the US and potential change in administration on bilateral relations, Sarah – appointed by President Joe Biden – said while she couldn’t speak to the outcomes of the elections, the US “is truly committed” and “the Biden-Harris administration fully supports the Comprehensive Strategic Partnership”.
The US side is looking forward to meaningful discussions with Vietnamese partners that will “create a more business and investment-friendly climate, including a clearer and more predictable legal and regulatory regime, greater compliance with international standards and enforcement of rights in key areas and more nimble government decision-making processes,” she remarked.
Special Representative Sarah said the current US business delegation includes “America’s finest companies” in the fields of consumer and personal products, health, digital transportation, energy, financial security and other sectors.
“Our desire truly is to explore ways to expand our business to business, business to government, government to government and people to people ties,” she said.
“I am joined here with other senior US government officials from the Biden administration, including Reta Jo Lewis, President and Chairwoman of the Export-Import Bank of the United States, and Lindsey Ford, Deputy Assistant Secretary of Defense for South and Southeast Asia. We flew 8000 miles to this beautiful country because we believe in it.”
Regarding semiconductor cooperation, one of the highlight items within the Việt Nam-US Comprehensive Strategic Partnership, the US State official reaffirmed the country’s commitment and that the US lives by its commitment “to increasing support for Việt Nam in the training and development of a high-tech workforce.”
She added: “Our leaders pledged to support the rapid development of Việt Nam’s semiconductor ecosystem and work together to increase Việt Nam’s engagement in the global supply chain.
“To this end, our countries have signed a memorandum of cooperation on semiconductor supply chain workforce and ecosystem development to formalise this partnership.
“The Embassy here in Hà Nội is working hard every day to carry out this mission. And we see several US companies that are deeply interested in continuing to grow their level of investment in Việt Nam and see huge potential in Việt Nam as a semiconductor hub. Thanks to its educated, literate young workforce, a drive to do more in this industry.”
She reaffirmed that US companies are “eager to invest in Việt Nam”, including ways that will support Việt Nam’s climate and green energy ambitions, and their interest in Việt Nam complements US Government’s efforts under the Just Energy Transition Partnership, which will mobilise $15.5 billion in public and private finance to support Việt Nam’s transition.
“We are excited, we are here to stay, and we are committed,” she said. — VNS
US-ABC business mission
From March 18 to 21, the USABC lead a delegation of senior executives from 50 leading US companies to Hà Nội for its annual Business Mission to Việt Nam.
Representatives from diverse industries such as digital technology, energy, aerospace, defence, manufacturing, fast-moving consumer goods, food and agriculture, financial services, healthcare, investment funds, and others are eager to explore new opportunities and investment potential in Việt Nam.
This reflects the enthusiasm of US companies towards Việt Nam as an attractive emerging market and investment destination.Companies participate in the Business mission include: 3M, Abbott, AES, AIG, Amazon, Atmo, Bay Global Strategies, Bell, Chubb Life Vietnam, Coca-Cola Vietnam, Dieago, Dow, Energy Capital Vietnam, Estee Lauder Companies, FedEx, Ford, GE Genova, IMSG, JP Morgan, Koch Industries, KKR, Manulife, Marriott International, Mastercard, Meta, Mondelez Kinh Do Vietnam, Organon, Pacifico Energy, PepsiCo Foods Vietnam, Pernod Ricard, Procter & Gamble (P&G), Reinsurance Group of America (RGA), Roblox, Salesforce, SAP Asia Pte Ltd, SnowBridge Capital, Suntory PepsiCo Vietnam Beverage, Tilleke & Gibbins, Viatris, VinFast Manufacturing US, Visa, Vriens & Partners, Zuellig Pharma Vietnam.
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