Bright future forecast for US companies in Vietnam despite COVID-19: AmCham
There are great opportunities and a bright future for US companies within sight in Vietnam despite the economic implications of the COVID-19 for the country, said Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi, in a recent interview.
US automaker Ford's production in Vietnam. (Photo: VNA)
Hanoi (VNA) – There are great opportunities anda bright future for US companies within sight in Vietnam despite the economicimplications of the COVID-19 for the country, said Adam Sitkoff, executivedirector from the American Chamber of Commerce (AmCham) Hanoi, in a recentinterview.
US companies and investors have contributed significantly tothe transformation and growth of Vietnam’s economy, Sitkoff told Dau Tu(Vietnam Investment Review). This continues today as AmCham members representbillions of US dollars in foreign investment, tens of thousands of directemployees, hundreds of thousands of indirect employees, and a significant shareof Vietnam’s exports and tax revenues, he said.
He revealed that the Vietnam-US trade totalled about 100billion USD last year and the US remains Vietnam’s largest buyer, even duringthese tough times.
Last year was challenging for everybody, regardless ofbusiness sector, he said, noting that for US companies in Vietnam, the biggestchallenge was the frequent changes in regulations that were announced andimplemented on short notice.
Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi. (Photo: tinnhanhchungkhoan.vn)
He commended the Vietnamese government’s recent decisions tofacilitate cross-border travel and encouraged additional actions to reduce theburdens on inbound and outbound international travel by both foreigners andVietnamese citizens.
He hoped to see more predictable, streamlined procedures forUS executives, incoming investors, and technical support teams to maintainoperations and facilitate expansion and new investment.
The official also expected the Vietnamese and US governmentto begin efforts towards a bilateral trade agreement. A trade deal wouldimprove investment and trade flows, assist sustainable supply chains, enhancebusiness conditions that strengthen the private sector, ensure sustainableeconomic and social development, and promote prosperity in Vietnam, hestated./.
Bilateral trade between Vietnam and the US set a new milestone, hitting 111.56 billion USD in 2021, up nearly 21 billion USD over the previous year, according to the General Department of Customs.
Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung on January 25 held phone talks with Kurt Campbell, Deputy Assistant to the US President and Coordinator for Indo-Pacific Affairs on the US National Security Council, and Daniel Kritenbrink, Assistant Secretary of State for East Asian and Pacific Affairs.
A senior official of Hanoi has highlighted the capital city’s support for US businesses’ investment and operations while meeting with a representative from the US Embassy in Vietnam.
The Ministry of Natural Resources and Environment (MoNRE) and the US Agency for International Development (USAID) on January 28 inked a Memorandum of Understanding (MoU) aiming to address the complex challenges of climate change and environmental pollution.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
US automaker Ford's production in Vietnam. (Photo: VNA)
Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi. (Photo: tinnhanhchungkhoan.vn) 
