Business Opportunities Post the Historical Visit of President Obama to Vietnam
Thursday, September 15, 2016
4:30 p.m. - 7:30 p.m.
Grant Thornton Tower
171 N. Clark Street, Suite 200
Chicago, IL 60601
U.S.-Vietnam Chamber of Commerce (“USVNCC”), Becamex IDC Corporation, the largest property development company in Vietnam, and Grant Thornton, LLP are pleased to invite you to a special seminar and networking reception, ““BUSINESS OPPORTUNITIES POST THE HISTORICAL VISIT OF PRESIDENT OBAMA TO VIETNAM,” on Thursday, September 15, 2016 at Grant Thornton Tower, 171 North Clark Street, Suite 200, Chicago, IL, 60601.
Vietnam is a one of the fastest-growing economies in 2016. In a report by Goldman Sachs, it predicts that Vietnam’s economy, currently ranked 55th in the world, will surge to 17th by 2025 with a gross domestic product of $450 billion. Its economy is poised to expand by 6.7% in 2016, and under Hanoi’s new economic plan for 2016 to 2020, it targets an average annual expansion of 7%. Vietnam’s steady economic growth is largely due to a vast expansion in manufacturing and construction, a rise in exports, an increase in domestic demand, and a surge in foreign direct investments. In essence, Vietnam is very similar to China in the early 2000s.
Vietnam is poised to be one of the key economies in Southeast Asia and expects to remain as one of the fastest growing economies in the world due to:
Low cost base for manufacturing and services
Well-educated population ( high-school students ranked 12th in the world in science and mathematics) with 70% of the population under the age of 35
Strategic position in Southeast Asia with access to the shipping lanes in the South China Sea
Growing consumer and investor class in Vietnam – wealth in Vietnam has risen at an annual compounded rate of 13.5% over last decade
Increased reforms in banking and finance
While the visit of President Obama to Vietnam last May has led to certain strategic agreements, the key drivers in U.S.-Vietnam relations are trade and investment ties. Two-way trade between the United States and Vietnam totaled $35 billion, accounting for 22 percent of U.S. trade with ASEAN and making Vietnam the single largest ASEAN supplier to the U.S. market. When the TPP is passed, bilateral trade is expected to surge to $57 billion by 2020.
U.S. companies have been more active in Vietnam in recent years. Intel, which operates its largest test and assembly plant outside the commercial capital of Ho Chi Minh City, has been among the pioneers in gradually transforming Vietnam’s economy into one that is technology-driven. U.S. companies Boeing, Westinghouse, General Electric, and Honeywell have been in talks to supply Vietnam’s aviation and energy markets. Google CEO Sundar Pichai said he did not see any reason why Vietnamese companies (tech) couldn’t follow their counterparts in India and China.
This special program will discuss the opportunities in Vietnam and will also introduce a delegation from Binh Duong, the fastest growing province and Becamex, the largest property development company and one of the largest and most well-capitalized conglomerates in Vietnam. In addition to its vast real estate holding including industrial and business parks, commercial buildings, residential housing, country clubs, golf courses, theme parks, shopping malls, hotels, service apartments and others all over Vietnam, Becamex has operations in many business segments including construction, infrastructure, retail and wholesale, healthcare, education, hospitality, public transportation, logistics and ports, manufacturing, energy, telecommunication, IT, tourism, and others. USVNCC has signed a number of MOUs with Becamex to develop several very large projects in Vietnam. The delegation is led by The Hon. Tran Van Lieu, Chairman of Binh Duong Industries Authority and Mr. Pham Ngoc Thuan, Deputy General Director (Vice Chairman), Becamex IDC Corp.
We hope you will join us for this special event. Please note that spaces are limited and the event is by invitation only. If you are interested in attending, please email firstname.lastname@example.org for an invitation to this event. The registration deadline is Tuesday, September 13, 2016. If you have any question about this forum, please contact USVNCC at (312) 357-9966.