Mr. Francisco J. Sánchez, the U.S. Under Secretary for International
Trade at the U.S. Department of Commerce, wrote for VietNamNet before his
official visit to Vietnam.
On November 13-16, I will lead a
U.S. Department of Commerce infrastructure sector trade mission to Vietnam,
providing an excellent opportunity to expand mutually beneficial economic and
commercial ties between the United States and Vietnam.
This will be my third visit and
second trade mission to Vietnam since April 2011. It is intended to highlight how the U.S.
Government, working with our public sector organizations, has made a long-term
commitment to help build the critical infrastructure Vietnam needs for
successful global integration using proven American products and technology.
The mission delegation, which
includes eight major U.S. companies, will travel to both Hanoi and Ho Chi Minh
City to meet and work with government and business leaders to explore and
engage greater American participation in infrastructure projects such as
energy, including civil nuclear energy; aviation; environmental technology; and
architecture, construction, and engineering.
I have invited our federal
partner agencies, the U.S. Trade and Development Agency and the Overseas
Private Investment Corporation, to join this trade mission and bring to Vietnam
our “whole-of-U.S. government” or Team USA approach to building commercial relations.
The trade mission comes at an
opportune time as Vietnam seeks to work with the United States to put in place
the physical and human resource infrastructure critical to the next phase of
growth and development. Vietnam’s economy is expanding, with growth in Gross
Domestic Product (GDP) averaging more than 6 percent annually during the past
decade.
Although there has been a recent slowdown, I believe this is a
reflection of the global economic environment, and highlights the critical need
for Vietnam to accelerate its three-pillar economic reform plan that Deputy
Prime Minister Ninh shared with the Obama Administration when he visited
Washington earlier this year.
Meanwhile, our two countries
continue to reap benefits from the U.S.-Vietnam Bilateral Trade Agreement (BTA)
(2001) and Vietnam’s WTO accession (2007)—with total bilateral merchandise
trade growing from $3 billion in 2002 to nearly $22 billion in 2011. Vietnam’s
global exports also topped $95 billion in 2011.
I believe the U.S.-Vietnam BTA
and our expanding trade partnership has contributed to an economic success
story that has changed peoples’ daily lives in Vietnam for the better. Moreover, it has laid the groundwork for
expanded cooperation in other areas, allowing the United States and Vietnam to
realize the true partnership that we enjoy today.
Additionally, I applaud Vietnam’s
central role in strengthening consensus and priorities among the Association of
Southeast Asian Nations (ASEAN) which represents 609 million people and one of
the largest and most dynamic markets for
American exporters.
These 10 member states have a
collective GDP of nearly US$2.2 trillion, and the region’s merchandise trade
with the United States has skyrocketed, rising from around $120 billion a year
in 2002 to $194 billion in 2011—a growth of nearly 62 percent.
While challenges exist for U.S.
firms looking to do business in Vietnam, U.S. businesses are increasingly
finding the country a true emerging market.
This trade mission will advocate for U.S. companies’ participation in
major projects and facilitate collaborative partnerships between the delegation
members and Vietnamese companies and government officials.
My organization, the
International Trade Administration, has arranged numerous business matchmaking
meetings, thus laying the groundwork for a successful trade mission.
During this mission, I plan to
explore with stakeholders the best way to apply public-private partnership
models to financing major infrastructure projects, as well as provide
alternatives and supplements to official development assistance and other
funding resources. These approaches can
play an important role in attracting foreign direct investment to infrastructure
and other sectors. I will also seek
important updates on Vietnam’s commercial and structural reforms through our
meetings with Vietnamese government leaders.
Looking forward, the United
States highly values working with Vietnam as a negotiating partner to the
proposed Trans-Pacific Partnership, which has the potential to become one of
the most economically robust free trade agreements of the 21st century.
U.S. businesses—offering some of
the most innovative technologies and services available—are well-positioned and
eager to help support Vietnam’s growing economy. Having led an education business development
mission to Vietnam last year to help build its human resource infrastructure, I
am enthusiastic about the prospects of returning once again to support this
mission and to help bring important infrastructure deals to fruition.
Francisco J. Sánchez
Business & Investment Opportunities
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