USABC President optimistic about US-Vietnam cooperation potential

Washington D.C: The potential of cooperation between Vietnamese and US businesses this year has been increasingly enhanced, especially since the two countries upgraded bilateral relations to a Comprehensive strategic partnership for peace, cooperation and sustainable last September, said President of the US-ASEAN Business Council (USABC) Ted Osius. Talking to the Vietnam News Agency (VNA)'s resident correspondents in Washington on February 22, he said that opportunities for US businesses in the Southeast Asian country are considerable although headwinds in the global economy have been posing multiple challenges. Osius, who is also former US Ambassador to Vietnam, said the two countries have made a number of commitments to promoting economic ties since their relations were lifted to the Comprehensive strategic partnership for peace, cooperation, and sustainable development during US President Joe Biden's visit to Vietnam in September 2023. He perceived that US businesses are interested in and will invest in three areas in Vietnam, namely technology, energy, and health care. In terms of technology, the US pledged to assist Vietnam in developing the semiconductor industry, which requires reliable energy sources, ready water sources, and skilled manpower. Given this, he said, the US Government is helping Vietnam to develop the workforce. The US Agency for International Development (USAID) is investing 100 million USD in workforce development and recently announced an additional commitment to improving human resource capacity via the Arizona State University. US businesses are also highly interested in the unceasing development of the Vietnamese workforce. The two sides also hold substantial cooperation opportunities in the field of health care, which has seen surprising partnerships in the fights against SARS, HIV/AIDS, and COVID-19, the USABC leader said, adding that US companies want to produce pharmaceutical and medical equipment in Vietnam and make healthcare investments. Osius voiced his belief in such big potential and that some of the potential will be realised in the near future./. Source: Vietnam News Agency

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