Viet Nam is fastest growing country in Southeast Asia: USABC President

Ted Osius, President and CEO of the U.S.-ASEAN Business Council (USABC), and former U.S. Ambassador to Viet Nam, made that above statement during the working session between the USABC and Prime Minister Pham Minh Chinh in Ha Noi on March 18.

According to Osius, Viet Nam embarks on a new chapter of economic and political transformation. These reforms will not only drive long-term economic growth and efficiency, but also help reduce barriers to U.S. imports. This strengthens Viet Nam's position in global trade and creates an even more attractive environment for investment and business expansion.

"So a few days ago, just before this mission, I briefed the White House National Security Council on the great work that U.S. companies are doing in Viet Nam. And after this trip, I will report back to the White House that our companies are working alongside the Vietnamese government to remove obstacles to U.S. imports and further strengthen our trade relationship", told the USABC representative.

Viet Nam's reforms align closely with the U.S. administration's priorities of fostering resilient supply chains, opening markets for U.S. products, leveling the playing field for U.S. businesses, and strengthening economic and strategic ties between the two nations.

"We're always ready for policy consultations and we really deeply appreciate the government's openness to our thoughts, to our recommendations. The current restructuring efforts are directly tackling many long-standing issues, paving the way for even greater collaboration and two-way investment", he underlined.

Minister of Industry and Trade Nguyen Hong Dien's recent visit to the U.S. is very successful visit. The timing was great and important deals were signed. It received a lot of notice in the U.S.

Viet Nam will be the highest number of any country in the world sending delegates to the SelectUSA Investment Summit 2025, which is slated to be held in next May. These are important steps.

"So we support Viet Nam's investments in the U.S., including those in the gas sector, which will help ensure a reliable long-term supply of LNG for Viet Nam and significantly improve our bilateral trade balance. We're also excited to celebrate the 30th anniversary of the normalization of U.S.-Viet Nam relations", shared Osius.

U.S. companies vow to contribute to strengthening ties between U.S., Viet Nam

Looking back on those three decades, the USABC representative said, there's been remarkable progress in diplomacy, trade, investment, culture, education, security, defense, and bilateral relations, bringing mutual benefits to the two countries, adding that today's delegation is the largest ever of American executives to any country in Southeast Asia in the 41-year history of the U.S.-ASEAN Business Council.

U.S. companies today are from the sectors where U.S. plays a global leadership role, information technology, financial services, logistics, manufacturing, energy, aerospace and defense, healthcare, consumer products, and food and agriculture.

"This year, the business community looks forward to discussing ways we can support the vision that you just laid out of a transition to a new phase of double-digit growth", the USABC noted.

U.S. companies are committed to being a trusted partner in achieving these ambitious goals and in Viet Nam's efforts to drive national progress and advance the key priorities, including those under Politburo Resolution 57 on science, technology, innovation, and digital transformation.

The USABC also looks for ways to support Viet Nam's strategic initiatives, including strengthening energy security while advancing the green energy transition, supporting healthcare sector reforms, promoting the digital economy, and enhancing Viet Nam's capabilities and semiconductors, high-tech industries, and green supply chains.

"We hope to contribute to efforts that further establish Viet Nam's position as a critical global manufacturing hub that will unlock untapped growth in areas such as aerospace, maritime industries, and critical minerals, and that will support Viet Nam's development as an international and regional financial center", he stated.

U.S. companies have been consistent in their contributions to strengthening ties between the U.S. and Viet Nam, highlighted Osius.

With around 60 businesses, this is the largest delegation to ever visit Viet Nam under the program organized by USABC, featuring leading corporations such as Boeing, Apple, Intel, Coca-Cola, Nike, Amazon, Bell Textron, and Excelerate Energy./.