Optimistic about the potential of Vietnam-US cooperation in 2024

President 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 relationship to a strategic partnership for peace, cooperation and sustainable development, on the occasion of President Joe Biden's State visit to Vietnam in September 2023.

President of the US-ASEAN Business Council, Ambassador Ted Osious. Photo: VNA

Ambassador Ted Osious made the above comments when talking to VNA correspondents in Washington on February 22. Assessing the business prospects of Vietnamese enterprises 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 Chairman of the US-ASEAN Business Council said that the opportunities for US companies are huge, although the "headwinds" of the global economy have been posing many challenges. According to Ambassador Ted Osious, Vietnam and the United States have many commitments to strengthening bilateral economic relations after the two countries officially upgraded their 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 field of technology, the United States has committed to helping Vietnam develop the semiconductor manufacturing industry, which requires many factors such as reliable energy sources, available water sources and a skilled workforce. Therefore, the US Government is investing in workforce development for Vietnam. The United States Agency for International Development (USAID) is investing 100 million USD in workforce development. A few days ago, the agency also announced another additional commitment to improve the workforce through the University of Arizona. American companies are also very interested in the continuous development of the Vietnamese workforce. In addition, the President of the US-ASEAN Business Council said that the two sides also have great opportunities for cooperation in the field of health care, an area where there has been incredible cooperation, from the prevention of SARS, to HIV/AIDS and Covid-19. American companies want to be able to produce pharmaceuticals and medical equipment in Vietnam and invest in the health care sector. He expressed confidence in the above 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 shipping time by sea between the US and Vietnam would take an additional 10 to 15 days as well as increase costs, resulting in impacts on exporters and losses for 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 the challenges in the Red Sea as well as other security and trade challenges is extremely necessary./.

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