At a conference between Prime Minister Pham Minh Chinh and FDI enterprises in Hanoi on October 16, Chairman of the American Chamber of Commerce in Vietnam (AmCham) and Chairman of the AmCham Hanoi Board of Governors, Mr. John Rockhold, said AmCham will continue to work with the Vietnamese Government to identify and remove bottlenecks and help work towards a regulatory environment that meets global standards, according to a report from the Government News.
Mr. Rockhold expressed his delight at the upgrading of relations between Vietnam and the US to a Comprehensive Strategic Partnership during President Joe Biden’s visit to Vietnam last month.
“This partnership opens the door for even greater opportunities to expand the bilateral commercial relationship and reinforce the US’s commitment to a strong, prosperous, resilient, and independent Vietnam,” he was quoted by the Government News as saying.
The US, he went on, is Vietnam’s largest export market and one of the top drivers of investment in the country.
He noted that AmCham is pleased to see additional trade and investment momentum coming from the recent visit to San Francisco, Washington D.C., and New York City by Prime Minster Pham Minh Chinh and senior members of the Vietnamese Government, and that AmCham is working hard with the companies the Prime Minister met to ensure their investment hopes can materialize.
“We look forward to hosting the Prime Minister at the US - Vietnam Business Summit two weeks from now, to focus on Vietnam’s priorities of removing bottlenecks in resource mobilization, production, and business,” he said.
Given the recent relationship upgrade, he explained, this is a critical time and wonderful opportunity to work on how to also upgrade the policy framework and economic environment to attract new players and help current investors and businesses grow.
There are important ways to improve the business climate overall, and AmCham appreciates Vietnam’s efforts to streamline administrative procedures, he said, adding that AmCham members - like most businesses - face regular delays in approval procedures and time-consuming administrative burdens that hinder or stall their projects and impact Vietnam’s competitiveness.
The government should clarify those elements of Vietnamese law that obstruct the efficient deployment of foreign investment and ensure that any additional administrative burdens in draft laws and regulations be carefully considered and avoided whenever possible.
The one thing that ties all businesses and any future investors together is the need for energy reliability and access to renewable energy. Power supply and demand dynamics are complex and a cooperative approach between the public and private sectors is essential to develop affordable, reliable, and sustainable electricity.
“We need to see regulatory uncertainties eliminated and a renewed focus on approving projects that are realistic and bankable to ensure power supply meets the growing demand here,” Mr. Rockhold said at the conference.
He suggested that important next steps for Vietnam are to meet growing electricity demand and its COP commitments, including the development of the national grid, bankable power purchase agreements, faster project approvals, and strengthening the financial position of the national electricity company.
“I work in the power sector and know that private sector participation is crucial to support Vietnam’s energy security and energy transition,” he noted. “US companies are leaders in the energy sector and we look forward to our continued good cooperation to promote green growth and sustainability.”
He added that AmCham looks forward to partnering with the government to navigate these and other challenges, which will not only help attract more foreign investment but will also support Vietnam’s aspirations to propel itself into the next sphere of economic competitiveness.
Google translate