The Government News on March 3 quoted Mr. Eric Johnson, Chairman of the American Chamber of Commerce (AmCham) in Hanoi as appreciating the Vietnamese government's efforts to streamline administrative procedures.

Mr. Johnson made the statement during a dialogue held on March 1 between Prime Minister Pham Minh Chinh and representatives of U.S. businesses in Vietnam.

He hailed the Vietnamese Government's willingness to work closely with the U.S. businesses on creating a fair, transparent, predictable, and streamlined regulatory environment that values innovation.

The representative of the AmCham noted that the U.S. is Vietnam's largest export market and one of the top drivers of investment.

"Our business community shares Vietnam's priorities and is working closely with your ministries on removing bottlenecks in resource mobilization, production, and business, addressing energy development needs and accelerating the transition to clean and renewable energy", Mr. Johnson said.

He vowed to work with Vietnam in ensuring success, affordability, and innovation in the health industry, unlocking the full potential of the digital economy, upgrading from frontier to emerging market status, implementing the use of advanced pricing agreements, upskilling the workforce to meet the needs of a modern economy, promoting sustainable investment and supply chain integration, such as capitalizing for opportunities in the semiconductor sector.

"We believe that President Trump appreciates Vietnam and the benefits that come from being close friends and comprehensive strategic partners", Mr. Johnson added.

He suggested Vietnam take proactive steps to demonstrate a real commitment to addressing the trade imbalance while solving burdens and barriers faced by American companies and investors.

The AmCham representative referred to concerns from the 40 American companies, including recommendations to ensure proposed rules are consistent and synchronized with existing laws and international standards, the need for fair administration of stable tax policies, and the need for faster and simpler work permits and visas for foreign workers and experts.

"We welcome the restructuring of government departments and responsibilities, is designed to promote efficiencies, and AMCHAAM appreciates the General Secretary To Lam's recommendation for government to reduce administrative processing times by at least 30 percent, cut business costs including customs, regulatory compliance, and unofficial costs by at least 30 percent, and to eliminate at least 30 percent of unnecessary business conditions", he highlighted.

Also at the dialogue, Deputy Chief of Mission for the U.S. Mission in Vietnam Courtney Beale said, U.S. companies have a lot to offer Vietnam. U.S. investments create jobs and drive GDP growth, but beyond that they also support their local communities. They treat workers with respect and help build a skilled workforce that can drive future growth.

As global leaders in sectors such as artificial intelligence (AI), cloud computing, blockchain, quantum technology, and digital communications, U.S. firms are uniquely positioned to play a role in helping Vietnam meet the innovation and digital transformation goals laid out in Resolution 57, she added.

According to the diplomat, American companies can also contribute to Vietnam's energy security, with vast knowledge and expertise in oil and gas, LNG, nuclear energy, and renewables.

U.S. companies stand ready to assist with a range of Vietnam's other economic goals, including critical minerals development, infrastructure investment, expanding tourism and aviation, and strengthening the healthcare sector.

"As we celebrate the 30th anniversary of U.S.-Vietnam relations this year, we can reflect on all of our trade and investment successes, but we also acknowledge that there is room for improvement. This goal of continuous improvement is also something we aim to achieve as we implement our commitments under the U.S.-Vietnam Comprehensive Strategic Partnership to find new ways of working together to meet our mutual goals", emphasized Ms. Beale.

At the dialogue, leaders of the American business association, and representatives from 38 major corporations and enterprises—including Meta, Polaris, Amkor, Boeing, Warburg Pincus, and GE Verona—shared their assessments and evaluations of the state of economic cooperation with Vietnam in recent times.

Over the past 20 years, the U.S. has been Vietnam's largest export market, while Vietnam has become the U.S.'s seventh-biggest trading partner and the largest partner in ASEAN.

In 2024, bilateral trade reached nearly $150 billion, with Vietnam exporting $137 billion to the U.S. (19 per cent increase compared to 2023) and the U.S. exporting over $13 billion to Vietnam (33 per cent increase).

In terms of investment, as of the end of 2024, U.S. investors poured $11.94 billion in more than 1,400 projects, ranking 11th among countries and territories investing in Vietnam.