Amcham Welcomes U.S. Business Mission to Vietnam: Praises Achievements in Trade and Recommends More Balance
AmCham Vietnam welcomes a high-level Business Mission of 23 leading U.S. firms to Vietnam November 4-8. Led by U.S. Commerce Secretary Gutierrez, the Mission will help companies develop business and government contacts, solidify business strategies, and obtain market assess.
Ho Chi Minh City, Vietnam (PRWEB) November 4, 2007 –- AmCham Chairman Chris Muessel welcomed the first U.S. Business Mission to Vietnam led by U.S. Commerce Secretary Carlos M. Gutierrez. Vietnam has attracted tremendous interest from U.S. companies following WTO accession in January 2007 and the decision by Intel in 2006 to invest $1 billion in a test and assembly facility in Ho Chi Minh City. More than half the firms on the mission are in the “Fortune 500,” and several smaller, entrepreneurial firms are also included. List of firms on the Mission: http://www.amchamvietnam.com/1737
“In 2007, total trade between the two countries may reach $12 billion, an eight-fold increase since the Bilateral Trade Agreement (BTA) went into effect,” said AmCham Chairman Muessel. “We are very pleased with cooperation between governments and businesses to develop trade and investment between Vietnam and the United States.”
“However, U.S. imports from Vietnam account for about $10.5 billion of this total, while Vietnam imports from the U.S. have hit a plateau at just over $1 billion since 2003,” he said. “U.S. exporters of goods and services to Vietnam are not yet enjoying the balance of market access opportunities that was promised when the BTA was signed in July 2000.”
A top priority for Secretary Gutierrez is opening global markets for U.S. companies. He regularly travels internationally to visit with foreign government and business leaders to discuss ways to enhance trade and promote U.S. exports.
“AmCham Vietnam welcomes this focus on opening markets and we have recommended that both governments cooperate so that several major contracts between Vietnamese Government and State-owned enterprises are completed soon,” said Muessel.
He added, “Moreover, both governments should cooperate to implement Vietnam’s market access commitments in the Bilateral Trade Agreement and WTO Accession Agreement, especially Trading (Import/Export) and Distribution Rights.”
“In the current environment for trade issues in Congress, one of the best arguments in favor of trade is robust implementation of existing agreements, so that trade, and U.S. exports, are actually increased,” said Muessel. With regard to apparel trade, both governments and industries should be congratulated for managing successfully a complex and challenging situation. U.S. imports of apparel from Vietnam in the first eight months (January-August) of 2007 are up 25%. If this trend continues, U.S. imports of apparel from Vietnam will reach $4.25 billion this year, more than 40% of the projected U.S. total imports from Vietnam of over $10 billion.
For additional information, contact Herb Cochran or visit http://www.amchamvietnam.com.
About AmCham Vietnam:
The American Chamber of Commerce in Vietnam (AmCham Vietnam) is a chamber of commerce representing 600 companies involved in trade and investment between the United States and Vietnam. There are two chapters, one in HCM City and one in Hanoi.
Contact:
Herb Cochran, Executive Director
AmCham Vietnam in HCM City
Phone: +84 90 375 9530
http://www.amchamvietnam.com
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