Vietnam is a country with rich natural resources and a well educated (literacy rate is over 90%), diligent population of over 85.2 million. Since 1986 the ruling Communist Party of Vietnam has committed itself to economic reform, or "Doi Moi" (New Changes) a move from a centrally planned economy to a multi-sectoral one based on open market principles, thus opening the door to foreign investment.

“Doi Moi” has ushered in over two decades of significant progress, both economically and politically. Through the 1990s, Vietnam opened relations with the West, particularly with the United States, with formalized normalized diplomatic relations in 1995 and normalized economic relations with the passage of the Bilateral Trade Agreement in 2001. Even more historically, in January 2007, Vietnam gained Permanent Normalized Trade Relations with the United States.

In addition to its active engagement with the United States, Vietnam has also emerged onto the world stage with its entry into the World Trade Organization (WTO) in January 2007 and its seat on the United Nations Security Council in January 2008.

Domestically, Vietnam is currently in the process of restructuring its institutions and legal system to meets its new obligations under the WTO and PNTR. To this effect, it has passed a series of criminal and civil laws that include both investment and enterprise laws and decrees that look to bring it towards a market economy. This has included the abolishment of price control, the legalization of private ownership, a more dynamic private sector, and the active equitization of the state owned enterprises. It actively encourages greater amounts of foreign investment across key industries notably those dealing with large infrastructure and energy and is instituting new fiscal and monetary policies.

Vietnam enters a time period of continued high economic growth following consecutive years of high GDP growth (8.6% in 2007). This trajectory looks to continue into the future as a committed leadership looks to lead Vietnam towards its goal of becoming an industrialized nation by 2020 while tackling bureaucracy and deep rooted corruption.

For more information on our Vietnam affairs, please contact:
Frances Zwenig
Counselor, covering Cambodia, Laos, Myanmar, Thailand and Vietnam
fzwenig@usasean.org

In addition to our work through our Washington, DC headquarters, the Council also maintains a strong presence in Hanoi. For assistance, please contact:
Vu Tu Thanh
Representative, Hanoi Office
tvu@usasean.org

Please contact Mai-Lan Ha at mha@usasean.org for upcoming Vietnam event in the works.

more upcoming events

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more headline news

2009 Business Mission

May 13-15, 2009

Despite the global economic downturn, members of the US-ASEAN Business Council demonstrated their continuing interest in Vietnam with the participation of 16 companies in the annual USABC business mission to Hanoi May 13 – 15, 2009 (see list of participating companies below). The mission accomplished its purpose in bringing our members’ issues to the attention of the highest level of relevant authorities in 13 separate meetings and a healthcare dinner dialogue. The Vietnamese officials were generally appreciative and receptive of the information and ideas our delegation shared with them. The information they shared with the mission, in turn, was helpful and opened new opportunities for follow-up steps.

For a full trip report, please contact Anthony Nelson at anelson@usasean.org.

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Luncheon in honor of
Deputy Prime Minister Hoang Trung Hai

Washington, DC, November 18, 2008

Above: Deputy Prime Minister Hoang Trung Hai meets with US ASEAN Business Council and USCC members on November, 18 in Washington, DC.

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Luncheon in honor of
Prime Minister Nguyen Tan Dung

Washington, DC, June 25, 2008

Above: Council President Matthew Daley (right) greets PM Dung (left) upon his arrival.


Above: Senator Jim Webb (D-VA) gave the introduction remarks at the luncheon

On June 25th, 2008, the US-ASEAN Business Council in cooperation with the US Chamber of Commerce hosted Prime Minister Nguyen Tan Dung, Socialist Republic of Vietnam at the Mayflower Hotel, Washington, DC. The luncheon was attended by over 300 individuals from the government, diplomatic, think-tank, and media communities. The Honorable Senator Jim Webb (D-VA) introduced the Prime Minister. In Prime Minister Dung’s remarks, he focused on the United States-Vietnam trade, investment, and economic relationship. The luncheon concluded the Washington, DC portion of Prime Minister Dung’s visit to the United States.

On June 24th, he met with President George W. Bush at the White House to discuss a wide range of issues. A White House Press release can be found here.

PM Dung Continues US Visit

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US-Vietnam Business Council's
Chair:

Stu Dean,
General Electric Company

Vice Chair:

E. Daisy Liu,
ConocoPhillips

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GDP: $ 222.5 billion (2007 est.)
GDP Growth Rate: 8.2% (2007 est.)

Export-Import
U.S. export to Vietnam: $ 1.9 billion (2007)
U.S. import from Vietnam: $ $ 10.6 billion (2007)

Currency Rate

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H.E. Le Cong Phung
Ambassador of the Socialist Republic of Vietnam to the United States

The Honorable Michael Michalak
United States Ambassador to Vietnam

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Congressional Research Service's Report on Vietnam - US Relations, February 2009
In addition to the standard CRS discussion of major bilateral issues, the report in its introduction:

• analyzes US and Vietnamese interests in the bilateral relationship;
• examines whether the economic crisis might halt the positive momentum in relations; and
• identifies key decisions the Obama Administration is likely to confront when it comes to Vietnam.