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:
Mai-Lan Ha
Manager, Vietnam Affairs and
Coordinator, Defense & Security Working Group
mha@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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U.S. alleges serious breaches in Vietnam's adoption system Mercury News, Apr 25

Vietnam expels man accused of planning to disrupt Olympic Torch relay IHT, Apr 25

Vietnam's inflation hits 21.4 percent in April, statistics office says IHT, Apr 25

Vietnam posts record trade deficit of $11 billion in first four months of 2008 Forbes, Apr 25

Vietnam sentences 3 men for anti-state propaganda Xinhua, Apr 25

Vietnam lures $7.6 billion of FDI in four months ThanhNien, Apr 25

Vietnam Su Tu Den '08 output eases to 55,000 bpd ThanhNien, Apr 25

more headline news

Vietnam Provincial Competitiveness Index

The Asia Foundation in cooperation with VCCI completes a yearly survey called the "Vietnam Provincial Competitiveness Index", Measuring Economic Governance for Private Sector Development. The findings of the latest survey are found here.

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Council President Matt Daley Testified at the Senate Foreign Relations, Subcommittee on East Asian and Pacific Affairs
Committee Hearing

March 12, 2008

On March 12th, 2008, the Senate Foreign Relations Committee, Subcommittee on East Asia and the Pacific held a hearing on the status of the United States – Vietnam Bilateral Relationship. The hearing was chaired by Senator Barbara Boxer, (D – CA). Matt Daley testified at the hearing along with a number of other individuals including Assistant Secretary of State, Christopher Hill. For a full transcript of the hearing, please click here. Please find their testimonies below:

Testimony of Matthew Daley, President, US-ASEAN Business Council

Statement of Mr. Don Hoang Dien, Chairman, Viet Tan (Vietnam Reform Party)

Testimony of Ann Mills Griffith, Executive Director, National League of POW/MIA Families

Statement of Mr. Christopher Hill, Assistant Secretary of State, Bureau of East Asian & Pacific Affairs

Testimony of Ms. Sophie Richardson, Asia Advocacy Director, Human Rights Watch

Testimony of Ms. Janet Nguyen, Orange County Supervisor, State of California

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2008 Business Mission to Vietnam

May 5-7, 2008

The US-ASEAN Business Council is pleased to invite you to join its Vietnam Business Mission. The Mission will be co-led by Matthew P. Daley, President of the US-ASEAN Business Council, and Stuart Dean, The General Electric Company, Chair of the Vietnam Committee. This year’s business mission is timely as Vietnam’s economy continues to grow following a year of WTO and PNTR (Permanent Normalized Trading Relations) commitments’ implementation. For more information, please contact Mai-Lan Ha at mha@usasean.org.

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Reception with the Visiting TIFA Delegation,
led by His Excellency Minister Nguyen Xuan Phuc

December 17, 2007

The US-ASEAN Business Council, with the generous support of the Boeing Company and Chevron Corporation, hosted the visiting Vietnam TIFA delegation in Washington, DC for a reception on December 17, 2007. The delegation, led by Minister Nguyen Xuan Phuc (above, center), will conclude its first round of bilateral government to government meetings under the Trade and Investment Framework Agreement (TIFA) with the Office of the United States Trade Representative. The delegation is comprised of individuals representing a cross section of ministries and includes the Vice Minister of Trade and Industry, Mr. Bui Xuan Khu along with representatives from the Ministry of Planning and Investment, Ministry of Justice, Ministry of Finance, Ministry of Science and Technology, Ministry of Agriculture and Rural Development, Ministry of Health, Ministry of Information and Communications, and the State Bank of Vietnam.

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US-ASEAN Business Council
Opens Office in Hanoi

November 2, 2007

The inauguration of the Council’s office in Hanoi is seen as part of an effort to increase American trade and investment in Vietnam. The office has the blessing of Prime Minister Nguyen Tan Dung who has asked Minister of Planning and Investment Vo Hong Phuc (top picture, right) to speak on his behalf at the inaugural ceremony. U.S. Ambassador Michael W. Michalak is the other keynote speaker. Deputy Minister Pham Binh Minh (bottom picture, right) of the Ministry of Foreign Affairs also officiated the event. Invited guests include senior officials from the Government of Vietnam, the U.S. embassy, senior executives from the Council’s member companies and other dignitaries. For a press release of the event, click here.

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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.)

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