Links with US SMEs encouraged

Experts believe there is huge potential for US small and medium enterprises to invest in Vietnam and co-operate with Vietnamese counterparts.

Established in 2009, this clinic has bought a lot of its equipment from US companies. Prior to 2012, the clinic often had to import medical equipment from the US through intermediate distributors in Singapore or Hong Kong.

"Doctors like US medical equipment as it is top-of-the-range. However, we have difficulties buying directly from the US. Vietnam and US have no comprehensive co-operation in the health sector. Levels of development in the 2 countries are also different. Businesses like us receive little help from the state", Le Minh Long - Chairman, Board of Directors, VietDoctor Group - said.

Small and medium-sized enterprises from the US are also interested in doing business in Vietnam. "US investors are still prudent when it comes to investing in Vietnam. They still wait for Vietnam to prove its advantages. They’re not keen to take risks or may be waiting for the TPP", Vu Tu Thanh - Deputy Regional Managing Director - Vietnam Representative, US-ASEAN Business Council - said.

The TPP stipulates that member countries will have to create an attractive investment environment through implementing regulations to protect investors and improve transparency. Experts said TPP will help investors a lot in assessing an investment environment.

"Once the TPP takes effect and Vietnam carries out proper institutional reforms, the risks of doing business in Vietnam will decrease. The cost of entering the market will lower and investors will find more motivation to invest", Vu Tu Thanh added.

On April 29th, the US-ASEAN Business Council in co-operation with the Vietnam Chamber of Commerce and Industry established the US-Vietnam SME Support Centre. This effort, along with the TPP commitments, is hoped to boost US investments in Vietnam in the future.