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Vietnam Today

Leading US companies visit Vietnam to support economic restructuring

Released at: 16:28, 20/03/2015

Leading US companies visit Vietnam to support economic restructuring

Ideas offered to assist Vietnam's efforts in preparation for the TPP.

by Thong Dat

A delegation of senior executives from 29 leading US companies is now in Vietnam for high-level meetings with the Vietnamese Government.

Organized by the US-ASEAN Business Council, the meetings will focus on how to make Vietnam an even more attractive destination for business and investment.

The delegation will offer ideas on how Vietnam can deepen the involvement of stakeholders and improve its consultative processes in policy development and offer support to Vietnam's efforts in the Trans-Pacific Partnership (TPP), while reinforcing the importance of the ASEAN Economic Community to US business.

2015 marks the 20th anniversary of bilateral relations between Vietnam and the US. Two-way trade tops $35 billion annually and has been growing steadily. Vietnam exports more goods to the US than any other ASEAN country, totaling more than $30 billion in 2014 alone. "This is a direct result of the efforts of Vietnam's government to continually reform its economy and create an investment-friendly business environment," said US-ASEAN Business Council President and CEO Mr. Alexander Feldman. "However, as Vietnam continues to grow, it will be increasingly important to provide a business environment that embraces the development of technology and innovation in Vietnam and includes the ability for data to flow freely across borders as well as within the country."

Meanwhile, GE ASEAN CEO Mr. Stuart Dean said that the delegation was encouraged by their conversations with the Vietnamese Government, as both parties recognized that finalizing the TPP is a high priority. "The TPP will be critical for Vietnam and its future growth," he said.

The US-ASEAN Business Council is the premier advocacy organization for US corporations operating within ASEAN. Companies represented on the delegation include 3M, AES, AIG, Apple, Autodesk, Caterpillar, Coca-Cola, Dow Chemical, eBay, ExxonMobil, Ford Motor, General Electric, GlaxoSmithKline, Google, Halliburton, Hewlett-Packard, IBM, Johnson & Johnson, MasterCard, Mead Johnson Nutrition, Monsanto, Qualcomm, Suntory PepsiCo, Time Warner, UL, UPS, Visa and Westinghouse Electric.

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