Vietnam - US Trade and Investment Promotion Conference

Within the framework of the Delegation program, the Vietnam - US Trade and Investment Promotion Conference and the trade exchange program were organized by the Trade Promotion Agency in coordination with Baruch College of the City University of New York in New York. The conference received the attention of nearly 80 delegates from government representatives, trade promotion organizations, industry associations and businesses of the two countries.

Opening the workshop, President Bruce Weber welcomed the delegation to visit and work at the school, creating opportunities for communication between Vietnamese businesses and US businesses and students of the school's Faculty of Business Administration. He emphasized that this is an opportunity for students to study and experience international trade transactions and negotiate business cooperation between businesses of the two countries. Following the President, Professor Myung-Soo Lee, Director of the Weissman Center for International Business, briefly introduced Baruch School, which is ranked among the top schools in the region and the country by US News & World Report, Forbes, Princeton Review and others. He said that the majority of graduates have become successful businesses and do business in the field of international trade.

Mr. Bruce Weber, President of Baruch College, spoke at the Conference.

Speaking at the workshop, Mr. Vu Ba Phu, Director of the Trade Promotion Department, said that organizing the Trade and Investment Promotion Workshop at Baruch University not only creates opportunities for Vietnamese enterprises to meet with US enterprises, but also to exchange and share experiences and attract interest in the Vietnamese market from potential students and businesses in the future. The Director emphasized that “the upgrading of bilateral relations between Vietnam and the United States to the level of comprehensive strategic partnership on September 11, 2023 is extremely important, creating a solid foundation, helping the cooperation between the two countries to go deeper and more substantive on all pillars; in which the economic, trade and investment pillar continues to play a central role in promoting the relationship between the two countries. The United States is currently Vietnam's second largest trading partner for many consecutive years and Vietnam's goods exported to the United States are very diverse and abundant. It is forecasted that the trade turnover between the two countries in 2024 will continue to maintain growth momentum and achieve many positive results”.

According to him, in the trend of international economic integration, trade and investment promotion organizations are increasingly strengthening their support activities for businesses while also promoting cooperation with each other in the field of trade and investment promotion. Strengthening international cooperation between trade and investment promotion organizations is inevitable and necessary.

Mr. Vu Ba Phu, Director of the Department of Trade Promotion, spoke at the Workshop.

At the workshop, Mr. Huynh Huu Tri - Permanent Vice Chairman of Bac Lieu Provincial People's Committee shared information about the province's potentials, strengths and policies to attract and encourage foreign investors. He said that Bac Lieu is a coastal province in the Mekong Delta region with a large population, with a fairly high and even economic growth rate. Currently, the province is focusing on attracting investment in 05 pillars of socio-economic development: (1) Agricultural development with a focus on high-tech agriculture; (2) Industrial development, with a focus on renewable energy and electricity; (3) Tourism development; (4) Development of high-quality trade services - education - healthcare; (5) Development of marine economy associated with ensuring national defense - security. The Vice Chairman emphasized that the Party Committee and the People's Committee of Bac Lieu province are committed to actively cooperating, promptly resolving difficulties and problems of enterprises with the highest sense of responsibility, and accompanying enterprises for long-term development.

Mr. Huynh Huu Tri - Permanent Vice Chairman of Bac Lieu Provincial People's Committee

In his presentation, Professor Robert Imbriani, Zicklin School of Business, shared important issues in import and export activities in the United States. Thereby, he provided information from public agencies in charge of import and export that businesses need to pay attention to, such as the United States Customs (USN), Customs and Border Protection (CBP), to notes on payment, commercial invoices, taxes, packaging, and product labels. In addition, the professor also emphasized the benefits of free trade agreements (FTAs) for Vietnamese businesses that want to export goods to the United States. Many Vietnamese businesses also asked some questions, learned more about the process of controlling goods imported into the United States and received positive feedback from Professor Robert.

Professor Robert – Zicklin School of Business

Mr. Peter Sexton, representative of the US Department of Commerce, introduced to the delegation and delegates at the Workshop about the Select USA program and the “International Buyer” program. “SelectUSA” is a national program of the US Government to support foreign companies investing in the United States. The program, through the US Embassy and Consulate General in the countries, supports investors and provides businesses with market research information and advice on the US market, investment trends, workforce and available federal resources. During the discussion, Mr. Peter also answered questions from businesses wishing to invest in the United States and noted the legal regulations for foreign investment activities from Vietnam. He also welcomed the delegation of the Ministry of Industry and Trade to visit and work in the United States and said that organizing this trade and investment promotion delegation is extremely necessary to create conditions for businesses of the two countries to strengthen cooperation, have more opportunities to directly exchange and sign contracts.

Mr. Peter Sexton – Representative of the US Department of Commerce

At the workshop, Mr. Quach Tat Liem, Vice Chairman of the People's Committee of Hoa Binh province, gave an overview of the province's socio-economic development situation and priority areas for investment. Hoa Binh is located at the gateway to the Northwest region, bordering the capital Hanoi and 170km from Hai Phong city, so investors in Hoa Binh will have many favorable conditions. He said that currently, Hoa Binh province has been developing agriculture in a safe and effective direction; large-scale production of goods linked to the consumer market; closely linking processing industry, tourism, environmental protection, ecology, and adaptation to climate change. The province has remarkable incentives and investment support such as: exemption and reduction of corporate income tax, land rent, water surface rent, import tax on machinery and equipment... Hoa Binh province prioritizes attracting industrial projects to produce key products, encourages the development of preservation industry, deep processing, refined processing, high-tech processing, clean agriculture... The Vice Chairman shared that Hoa Binh province hopes that in the near future, US enterprises will come to invest and promote trade in the province and commits to creating the most favorable conditions to serve US enterprises and traders to learn, negotiate and sign contracts.

Mr. Quach Tat Liem - Vice Chairman of Hoa Binh Provincial People's Committee

In his presentation, Mr. Tran Minh Ngoc - Deputy Director of the Department of Traditional Medicine Management - Ministry of Health gave an overview of "Vietnam's medicinal potential" to the delegates. He said that with favorable conditions of large land fund, suitable soil and climate, Vietnam has been attracting many investment projects in this potential industry.

Mr. Tran Minh Ngoc - Deputy Director of the Department of Traditional Medicine Management

Immediately after the Workshop, Vietnamese enterprises conducted direct B2B trade connection activities with US enterprises, with an estimated 40 business transactions.

Image of direct B2B trade connection activities between Vietnamese and US businesses

In the afternoon of the same day, the delegation attended a reception event within the framework of the Select USA Investment Summit in Washington DC. The event is expected to gather hundreds of businesses and investors from various countries to learn about partners and sign business cooperation contracts.

Source: https://moit.gov.vn/tin-tuc/xuc-tien-thuong-mai/hoi-thao-xuc-tien-thuong-mai-dau-tu-viet-nam-hoa-ky.html