Ambassador Ted Osious: Optimistic about the potential of Vietnam-US cooperation in 2024

For Vietnam, Ambassador Ted Osious - President of the US-ASEAN Business Council said that the opportunities for American companies are huge even though the "headwinds" of the global economy are posing many challenges.

US-ASEAN Business Council Chairman, Ambassador Ted Osious, gives an interview to a reporter from Vietnam News Agency. (Photo: Hong Nguyen/VNA)

Chairman of the US-ASEAN Business Council, Ambassador Ted Osious, said that the prospects and potential for cooperation between Vietnamese and US businesses in 2024 are on a very strong upward trajectory and will be increasingly strengthened, especially after the two countries officially upgraded their Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development, on the occasion of President Joe Biden's State visit to Vietnam in September 2023. Ambassador Ted Osious made the above comments when talking to a resident correspondent of the Vietnam News Agency in Washington on February 22. Assessing the business prospects of Vietnamese businesses in particular and the Association of Southeast Asian Nations (ASEAN) in general with US partners in the context of the world economy facing many "headwinds," Mr. Osious emphasized that ASEAN is a bright spot in the global economy and the US private sector has many commitments to ASEAN. In fact, as the number one investor in ASEAN for a long time, US companies have invested more in ASEAN than in China, India, Japan, South Korea and Taiwan (China) combined. For Vietnam, the President of the US-ASEAN Business Council believes that the opportunities for US companies are huge, although the "headwinds" of the global economy have posed many challenges. According to Ambassador Ted Osious, Vietnam and the US have many commitments to strengthening bilateral economic relations after the two countries officially upgraded to a Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development. According to Mr. Ted Osious, there are three areas that US businesses are interested in and will invest in Vietnam, including technology, energy and health care. In the technology sector, the United States has committed to helping Vietnam develop its semiconductor manufacturing industry, which requires a number of factors, including reliable energy sources, water availability, and a skilled workforce. The U.S. government is therefore investing in Vietnam’s workforce development. The United States Agency for International Development (USAID) is investing $100 million in workforce development, and just a few days ago announced an additional commitment to upskilling the workforce through the University of Arizona. U.S. companies are also very interested in the continued development of Vietnam’s workforce.

Ambassador Ted Osious assessed that there are three areas that US businesses are interested in and will invest in Vietnam, including technology, energy and health care. (Photo: Minh Quyet/VNA)

In addition, the President of the US-ASEAN Business Council believes that the two sides also have great opportunities for cooperation in the field of healthcare, an area where there has been incredible cooperation, from the prevention of SARS, to HIV/AIDS and COVID-19. US companies also want to be able to produce pharmaceuticals and medical equipment in Vietnam and invest in the healthcare sector. He expressed confidence in the above-mentioned great potential and said that next month, some of that potential will be realized. Sharing more about the impact on Vietnam-US trade due to the disruption of commercial transportation activities in the Red Sea, President of the US-ASEAN Business Council, Ambassador Ted Osious said that the shipping time of goods by sea between the US and Vietnam will take an additional 10-15 days as well as increase costs, resulting in an impact on exporters and damage to consumers. According to him, the lesson here is that economic security is also national security. Therefore, he said that close consultation between the US and Vietnam on challenges in the Red Sea as well as other security and trade challenges is extremely necessary./.

Kieu Trang - Hong Nguyen

(Vietnam News Agency/Vietnam+)

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