Ministry of Industry and Trade Facilitates Collaboration: Linking Vietnamese Businesses with the Portland, Oregon Business Community, USA
On May 18, 2023, the Ministry of Industry and Trade, specifically the Department of European and American Markets, the Department of Trade Promotion, and the Vietnam Trade Office Branch in San Francisco, coordinated with the State of Oregon and the Consulate General of Vietnam in San Francisco to organize the Vietnam-US Business Forum in 2023. The forum was attended by approximately 200 delegates, including Vietnamese businesses in the fields of renewable energy, mechanical engineering, agriculture, fisheries, logistics, information technology, and software, as well as numerous US businesses, including corporations such as Nike, Intel, Columbia Sportswear, and others. The 2023 Vietnam-US Business Forum focuses on discussing the challenges that the Vietnamese economy is facing in the context of complicated trade conflicts and geopolitics; US policy orientation and potential areas to promote bilateral economic and trade relations; building solutions to adapt to the shifting trend of the global supply chain, enhancing trade exchanges and attracting investment capital, ...
Representative of the Ministry of Industry and Trade, Mr. Nguyen Hong Duong, Deputy Director of the European-American Market Department, an expert directly involved in developing policies to promote economic and trade relations between Vietnam and the United States for the past 25 years, has affirmed that the potential for cooperation between the two sides in traditional fields, as well as emerging sectors such as renewable energy, manufacturing, and education, is immense. The two governments will collaborate with partners to continue discussing cooperation frameworks, including the Indo-Pacific Economic Framework, to enhance economic cohesion, creating benefits for businesses and people on both sides.
Speaking at the opening of the Forum, Vietnamese Consul General in San Francisco Hoang Anh Tuan affirmed the importance of international trade and investment to the country's economic growth and development. The United States is one of Vietnam's leading partners in all pillars of cooperation. Oregon is known for its leadership in innovation, technology and sustainability. It is a startup hub, has a strong education system, home to a diverse economy. The Consul General believes that Vietnam and Oregon have many similarities in strengths and challenges, and that the partnership between the two sides can create new opportunities for businesses in both regions.
On the Oregon Government's side, Mr. Vince Porter, Economic Development Advisor to Oregon Governor, Mrs. Tina Kotek, affirmed that Vietnam is one of Oregon's leading trading partners. Vietnam serves as a crucial production base for global industry leaders headquartered in Oregon, including Intel, Nike, and Columbia Sportswear. There is substantial potential for collaboration between Vietnam and Oregon in agricultural, food, and beverage development. Mr. Porter reiterated the commitment to sending an Oregon business delegation to participate in the Vietnam Food Expo 2023 in Ho Chi Minh City in November 2023.
At the forum, businesses from both sides took advantage of every opportunity to meet, establishing direct contacts, seeking trade opportunities, and grasping new business trends and solutions. This active engagement has contributed significantly to the pillar of economic cooperation. The economic and trade cooperation between Vietnam and the United States has yielded numerous significant achievements, fostering the deepening of the overall Comprehensive Cooperative Partnership. This collaboration aligns with the interests of the governments, people, and business communities of both countries.
During the session, guest speakers also discussed the investment environment of both regions, highlighted areas with high growth potential, and shared success stories of companies that have invested in these areas. They shared insights on approaches to market development and capacity building, adapting to technical requirements and regulations of the US market. Simultaneously, they provided solutions to develop import and export and attract supply chains and Foreign Direct Investment (FDI) from the United States.
From there, the speakers offered recommendations, solutions, and directions for businesses to gradually position and build their strategies systematically and effectively. This is particularly important in the context of intertwined opportunities and challenges. The aim is to motivate the business communities of both countries to formulate strategies for accessing and expanding import-export markets, thereby promoting balanced and sustainable trade and investment exchange activities between the two nations.
During the discussion session, businesses from the two regions had the opportunity to engage with guest speakers, gaining insights into opportunities, lessons, and potential areas for future development into large corporations. The forum dedicated a significant portion of its time to facilitating direct connections with businesses in need from both countries.
In the context of an unprecedented decline in Vietnam's exports in the first quarter of 2023, it can be assessed that trade promotion and business connection activities in the Houston area in 2023 are particularly crucial. On one hand, they provide opportunities for businesses from both countries to meet directly. At the same time, these activities support large US corporations seeking to expand their supply chains in Vietnam, attracting US investment capital flows into Vietnam, especially in the fields of green production, energy and energy conversion, high technology, and precision engineering. This contributes to stabilizing and restoring Vietnam's export activities.
The forum was highly appreciated by businesses for its role in connecting and creating an additional channel for policy advice, exchanging experiences, providing effective market information, and supporting businesses to overcome challenges and seize opportunities. Simultaneously, it created opportunities for the business communities of the two countries to propose solutions to state management agencies to enhance import-export activities and promote trade and investment cooperation between Vietnam and the United States in the future.
According to Vietnamese customs data, bilateral trade between Vietnam and the United States is projected to reach nearly $124 billion USD by 2022. Vietnam's main export items to the United States include electronics, textiles, footwear, customs, seafood products, and furniture. In return, the United States exports machinery, aircraft, agricultural products, and other high-tech goods.
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