Mr. Adam Sitkoff, Managing Director of the American Chamber of Commerce (AmCham) in Vietnam, talks with VietNamNet’s Dieu Thuy about trade and investment between Vietnam and the US on the occasion of Prime Minister Nguyen Xuan Phuc’s visit to the US.

Mr. Adam Sitkoff, Managing Director of the American Chamber of Commerce (AmCham) in Vietnam

Q: What do you expect from Prime Minister Nguyen Xuan Phuc's official visit to the US? 

A: I'm pleased that Prime Minister Phuc will be visiting the United States later this week. Mr. Phuc will be the first leader from an ASEAN country to visit the White House since Donald Trump became President. 

This shows the importance that the US places on its relationship with Vietnam. I expect that commercial issues will feature prominently in Mr. Phuc's visit. 

He will be seeing current and potential investors in both New York and Washington and I expect that the Prime Minister will have useful discussions with President Trump and members of his Administration on issues important to people of both nations. 

Q: AmCham Vietnam is lobbying for the signing of the Vietnam - US Free Trade Agreement (FTA). What do you think about the possibility of such an agreement during PM Phuc’s visit to the US, especially after President Donald Trump said that he could look at bilateral trade agreements after the US withdrawal from the Trans-Pacific Partnership (TPP)? 

A: The American business community is proud of its contributions to the development of Vietnam’s economy. Trade between our two countries passed $52 billion last year, up 16 percent year-on-year. We are confident that the rapid expansion of trade and investment relations between the US and Vietnam will continue and become dynamically stronger. 

AmCham regrets that the United States withdrew from participating in the TPP. However, we believe there are other constructive paths forward to increase trade and investment between the US and Vietnam. 

AmCham supports the beginning of discussions about a free trade agreement (FTA) between our two countries. For an FTA to move forward, it will need to be viewed as beneficial and fair by all parties. The American business community in Vietnam stands ready to do our part to make this goal a reality. 

The first step was the signing last month of an MOU between AmCham and VCCI to create a US-Vietnam Business Leadership Committee that will push forward the idea of a free trade agreement. This will be a long process. 

Q: Is there any difference between the Vietnam-US Bilateral Free Trade Agreement signed in 2000 and a free trade agreement? 

A: The bilateral trade agreement (BTA) that started in December 2001 was very helpful and allowed commercial relations to grow quickly between our two countries. It was not a free trade agreement. We are hopeful that President Trump will direct his team to begin considering a path forward with Vietnam sometime soon. 

Q: What do you think about the investment environment in Vietnam? 

A: American companies and investors are excited about prospects in Vietnam. We believe there are many actions that Vietnam can take right now to improve the country’s competitiveness to promote economic and social development here. 

AmCham applauds reform efforts that help create a more competitive environment where decisions are made faster, procedures are less complicated, rules are fairly enforced, and companies compete on their merits - including for access to capital, land and opportunities. 

We believe that the business climate in Vietnam can best be helped by actions that increase productivity and reduce the costs and risks of doing business here. 

Government efforts to address the challenges created by the over-complicated, restrictive, and unclear licensing and regulatory environment here are welcomed and AmCham continues to work with our partners in the Vietnamese Government to reduce administrative burdens and to create a more attractive, transparent, and stable business environment here.

Dieu Thuy