Opportunity for growth and investment links between Vietnam and the US

VCN- “Before deciding to invest, the US investors are always interested in building the business and investment environment in localities”, US Ambassador to Vietnam Marc E. Knapper told the media.
Key economic pillars show positive growth Key economic pillars show positive growth
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Opportunity for growth and investment links between Vietnam and the US
US Ambassador to Vietnam Marc E. Knapper.

Recently, the Vietnam Chamber of Commerce and Industry (VCCI) coordinated with the United States Agency for International Development (USAID) to announce the Provincial Competitiveness Index (PCI) in 2023. Could you tell me about the important role of the Index in attracting foreign investment, including the US?

The announcement of PCI result has been implemented by the US Government since 2005, which is jointly held by USAID and VCCI. PCI is a very significant tool for increasing accountability and transparency in the provinces, aiming to promote greater investment and economic growth. So it’s no coincidence that PCI has been a key tool for companies and provinces to use to attract investment and promote economic growth.

Currently, the relationship between the US and Vietnam has been upgraded to a comprehensive strategic partnership, which is a solid foundation for the US to assist Vietnam's sustainable development and contribute to improving the business investment environment, and governance in provinces and cities. Accordingly, it gains business’ confidence in investment, cooperation and business production; and provides opportunities for Vietnamese enterprises to improve their position in the supply chain and global value chain, promoting innovation and improving business production in line with good international practices.

The business community and investors see the government's strong commitments to promoting environmentally friendly production and business activities, and Vietnam's efforts in combating climate change as the country’s commitment at COP 26, integrating environmental protection into the development aspects of the economy.

Currently, the US is one of the Vietnam’s largest investors. Foreign investors, especially American investors, always consider provinces that are most competitive in terms of creating a favorable business environment and creating transparency and accountability before deciding to invest in those localities. Therefore, this is an opportunity to create great growth for Vietnam and greater economic links between Vietnam and the US.

How do you evaluate Vietnam's promotion for sustainable development as well as the country’s implementation of commitments at COP26?

Vietnam made a bold decision in 2021 at COP 26 to have a net zero economy by 2050. This is a key element for sustainable development because companies that want to invest in Vietnam have their own commitments.

Through looking at the Provincial Green Index PGI and the data announced by VCCI and USAID, companies can make informed decisions about investment area, and provinces may also provide solutions to make their economies greener, more clean and more attractive to investors who are very interested is green and clean projects.

By Minh Chi-Huyen Trang/Hoang Loan

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