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Vietnam Today

2018 US - Vietnam Business Summit held in Hanoi

Released at: 17:27, 10/09/2018

2018 US - Vietnam Business Summit held in Hanoi

Photo: Ngoc Lan

Summit discusses ways for Vietnam to move forward during Industry 4.0.

by Ngoc Lan

The American Chamber of Commerce in Hanoi (AmCham) and the US Chamber of Commerce in cooperation with the Vietnam Chamber of Commerce and Industry (VCCI) hosted the 2018 US - Vietnam Business Summit on the future of the two countries’ commercial relationship on September 10 in Hanoi.

The summit was attended by Deputy Prime Minister Trinh Dinh Dung, US Under Secretary of Commerce Gilbert Kaplan, and representatives from 100 American and Vietnamese businesses.

It brought together government and industry leaders from both countries to discuss how Vietnam, working in partnership with US companies and investors, can stride confidently forward in Industry 4.0 by taking advantage of the best inputs and technology and by employing international-standard best practices.

The event also focused on ways in which to promote continued trade and investment between the two countries and on solutions to address the many areas where inconsistencies, inefficiencies, and unfair practices persist.

Deputy Prime Minister Dung told the conference that the government attaches great importance to and appreciates the investment and business projects of US enterprises in Vietnam. “At the same time, the government continues to create favorable conditions for US investors to carry out successful, sustainable and long-term investment activities in Vietnam,” he added. “Besides the achievements, trade cooperation between Vietnam and the US has not met potential and the two sides’ need for trade and investment.”

He also hoped that more and more US businesses would invest in the fields of renewable energy, clean and sustainable energy, oil and gas, infrastructure and urban development, smart cities, finance and banking, education and training, tourism, high technology agriculture, and hi-tech.

AmCham Director Adam Sitkoff expressed concern that the policy approaches that governments are taking toward some technologies are actually moving in directions that would hinder investment and economic growth in both Vietnam and the US.

“Data privacy regimes are increasingly looking to limit cross-border data flows and establish arduous localization barriers in the name of privacy and cyber security,” said Mr. John Goyer, Executive Director for Southeast Asia at the US Chamber of Commerce. “Such approaches severely hinder the ability of domestic and foreign companies to operate, by limiting choices, driving up costs for customers, and ultimately reducing competitiveness. These approaches stunt economic growth and thwart the regulatory objectives they are meant to achieve.”

At the summit, under the Digital Economy Partnership, the organizations encouraged both governments towards three goals. First, take proactive and coordinated leadership roles to promote a multi-stakeholder model for internet governance, privacy, and cyber security globally.

Second, work closely with the private sector and implement global best practices in domestic economics while institutionalizing those best practices through international cooperation and trade agreements.

Finally, continue to expand the interoperability of privacy frameworks across the globe. Vietnam and the US should work together to promote the benefits of multi-stakeholder approaches to privacy, in line with the APEC Cross Border Privacy Rules (CBPR).

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