Vietnam-U.S Business Forum: Official Information Channel for Business Community

Vietnam Business Forum has an interview with Ms. Dang Thi Hoang Yen, Chairwoman of the Vietnam-US Business Forum on the occasion of the launching of the Vietnam-US Business Forum on April 8, 2010. Ms. Yen is currently the President of Tan Tao Group.

The Vietnam-U.S. Business Forum, besides acting as a connecting bridge between the two countries, is also an official information channel for the business community to contribute their points of view to the both Governments’ policies with the objective of building a more favorable business investment environment. Would you please describe the major functions and mission’s orientation of the Forum?

In supporting the business communities of both countries, a key priority of the Forum is to bridge the gap of bilateral information, including collating market opportunities and trends, the meeting and sourcing of business partners and collaboration opportunities. In a global world that we live in with masses of information and misinformation via multiple media platforms such as the internet, television and print, Forums such as this provides an essential source of hands on, qualified information from industry leaders and the ability for businesses to have direct access to information and potential partners. This Forum provide the ability for individuals and companies to filter, select and make strategic and company decisions in penetrating new markets, or connecting with potential partners in the two countries. Furthermore, the Forum is a place for businesses and industry leaders to gather, exchange, establish contacts and strengthen personal relations through investment and trade promotion activities such as conferences, seminars, market surveys, fairs and other associated activities.

The Forum is a common place for both countries’ businesses to gather concerns, spot major trends and development relating to enterprises and business environment. Such dialogues are essential in contributing ideas to both Vietnam and the US to refine and direct trade and economic policies for the objective of enabling bilateral economic growth and progress. Such inputs and proposals via the Forum can be tabled to both Government agencies and supporting groups such as Amcham or the US-Vietnam Trade Council for further deliberations at inter-Government meetings or discussion with both State and Government leaders.

For the U.S. Government, the Forum will make the most of the support of the U.S. business associations such as the U.S. Business Association in Vietnam, the American Chamber of Commerce (AmCham) and the U.S.-ASEAN Business Council to mobilize the U.S. business community and related associations to resolve arising issues in the commercial relationship between the two countries.

The Forum also fulfill a significant mission of becoming a support channel for promoting Vietnam’s investment image to the United States and the Vietnamese-American community. Such a mission is supported through the various economic policies tax and incentives policies,including commercial, investment and tourism potential of Vietnam.

As far as I know, the Forum is operated according to the annual plan of the Steering Board. So, which issues is the focus of the Forum in 2010?

Despite the Forum being relatively new as it was established in late 2009, the Forum has held numerous promotion activities with the primary purpose of helping Vietnam businesses gain access to the U.S. market. Apart from the official activities of the State and Government such as the Vietnam Investment Forum in New York in September of 2009, a business delegation named “Meeting Vietnam 2009” to the US was organized in November of 2009. The official opening of the Forum in 2010 initiate a marketing support and information infrastructure to enhance investment and commerce demand of businesses between the two countries. Regular dialogues and business delegations will be organized for Vietnamese business participants to learn and survey the US market.

A second area of focus for the Forum is to build up the existing Vietnam-U.S. e-commerce information portal. The upgraded portal will enable businesses in the two countries to search for basic market information and potential business partners and suppliers. In 2010, the Forum will also enroll more U.S. businesses via a close-knit partnership with the American Chamber of Commerce (AmCham). We will invite AmCham to play an important role in the Forum’s operations to mutually support partners, members of the Forum as well as in promoting and attracting businesses to invest in Vietnam.

Although the Forum was established later than the other business forums including the Vietnam Chamber of Commerce and Industry (VCCI), nevertheless, the Vietnam-U.S. Business Forum has the membership of 13 large economic groups and highly trained experts and specialists. Therefore, the Forum is expected to be a significant “leverage” to lift up the commerce and investment turnover between Vietnam and the United States. What do you think about it?

The United States is still the world’s largest economy with long history and experience in commerce, investment and advanced financial and institutional regulations and legal framework in the world. As an emerging and developing country , Vietnam needs to follow developed countries to learn and adapt from tried and tested systematic and modern economic development process. Recognizing the importance of the U.S. market for Vietnam businesses, the VCCI has invited Vietnam’s renowned businesses and specialists to join the Steering Board and the Advisory Panel of the Forum. With such a high-quality team, we will launch new initiatives to further enhance the growing trade and investment relationship between our two countries. We will also target to draw greater attention from U.S. investors to grow their business in in Vietnam whilst supportingVietnam businesses to expand their operations in the United States.

What do you think about the U.S. investment into Vietnam in the coming time?

In 2009, the United States became the largest foreign investor country in Vietnam. This is despite the fact the world including the United Staes was going through a major economic and financial crisis since the “Great depression of the 1930s”. This accomplishment had been attained through a number of advantages that Vietnam provides. Firstly, it is the result of Vietnam’s political stability and the government’s single mindedness to alleviate poverty through strong economic and GDP growth. Both the US and Vietnam have consistently worked on building bilateral trade and relationship as seen by the historical visit of President Nguyen Minh Triet’s historical trip to the US in 2007. Multiple trips from Prime Minister Nguyen Tan Dung and various government delegations to the US were also subsequently made.

Second, Vietnam is also attractive as a country of large human resource and talents due to the large population of 86 million people growing at a rate of 1.2% annually. 65% of our population is also young and below 35 years of age leading to an enthusiastic and passionate work force. Thirdly as an emerging country with huge infrastructure needs including powerplants, industrial parks, water resources and modern roads, Vietnam presents significant opportunites to US companies that provide such infrastructure solutions. Therefore, I believe that the United States will continue to be one of the largest investors among foreign investors in Vietnam this year and on a sustained basis in the long term.

As the Chairwoman of the Forum and a businessperson with much experience in the U.S. market, which advices would you give to Vietnam businesses when doing business in the United States?

Whether doing business in the United States is easy or difficult is subject to the assessment of each single individual. It is a large consumer-market, but with intense competition in many sectors. The United States has been in development as a country for over a century Its industrial and financial institutions, regulatory and legal framework are well established.

Any entrepreneur who wants to be successful in the US market need to have a long long-term focus and work with U.S. partners for the long haul in order to achieve success in the U.S. market. It is critical for Vietnam businesses to take a systematic step on operations, to ensure compliance with the laws, have a deeper insight into the U.S. market, , and to maintain the reputation and quality of products and services throughout. In many situations that I have come across, Vietnam’s businesses have initially promoted and introduced their products to customers very well in the beginning. However, numerous businesses did not sustain the quality in their y manufactured products and have since damaged the confidence of partners and adversely impacted the image of the Vietnam business community.

Another important factor I like to share: Searching for business opportunities in the United States is extremely difficult, it requires creativeness and a close insight into the U.S. legal system. Nevertheless, the significant advantage is that after you have acquired business opportunities, you will feel secure to undertake more business activities without being bothered by complex formalities, corruption or “bureaucracy”.

VCCI

Tags: Vietnam-US Business Forum