US-ASEAN Business Council (USABC) President & CEO Ted Osius. — VNA/VNS Photo

WASHINGTON D.C — The US-ASEAN Business Council (USABC) will break its own record on the number of US businesses joining an annual delegation to Việt Nam, even higher than the 51 firms joining the delegation in March last year, according to President & CEO of the council Ted Osius.

The former US Ambassador to Việt Nam said that this will be an important visit taking place after the upgrade of the US-Vietnam relations to a comprehensive strategic partnership for peace, cooperation and sustainable development and on the occasion of the 40th founding anniversary of the USABC.

He said that US businesses have shown great interest in Việt Nam. From almost no trade relations in the 1990s, the two sides enjoyed two-way trade of US$138 billion in 2022, and Việt Nam has become the eighth largest trade partner of the US.

According to Osius, three areas that attract US investors the most are technology, energy, and health care. In the technology sector, the US is committed to helping Việt Nam develop its semiconductor industry through investing in workforce development for Việt Nam.

The US Agency for International Development (USAID) is investing $100 million in workforce development and announced just a few days ago an additional commitment to improve workforce qualifications through Arizona State University, he stated, holding that US companies are also greatly interested in the continuous development of the Vietnamese workforce.

US Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez who visited Vietnam recently said that 15 companies are ready to invest $8 billion in the semiconductor industry, but there will be challenges when they want to buy clean energy from sources such as clean natural gas, solar power, hydropower and wind power. Therefore, the USABC will discuss with them measures to deal with this task in March, he added.

US firms also want to be able to produce pharmaceuticals and medical equipment in Việt Nam and invest in the healthcare sector, said Fernandez, expressing confidence in this great potentials and affirming that during the trip in March, some of those potentials will be realised.

According to Osius, Việt Nam is considered a stable and open country that always welcomes American people and businesses. The Vietnamese Government is ready to take steps to create favourable conditions for investors and to address challenges, he commented.

The USABC leader hailed the openness in business cooperation between the two countries, especially in the field of high technology because Việt Nam has many talents and great potential. According to him, this sector can reach $1 trillion across ASEAN by 2030 and account for 30 per cent of Việt Nam 's economy in a few years. This is a dynamically growing part of the Vietnamese economy and an attractive area for US companies that will accompany him on the March trip, he underlined. — VNA/VNS