December 14, 2015.
According to Mr. Herb Cochran, Executive Director of Amcham Vietnam, US bi-lateral trade which now stands at US $45 billion will increase to US $80 billion by the year 2020 due in part to the advent of the Trans-Pacific Partnership (TPP). However, a remaining challenge is that Vietnamese firms are not yet integrated into global supply chains. Cochran estimates that 70% of exports are from foreign invested factories and up to 90% of the value are from imported materials and components.
At the recent plenary session of the Vietnam Business Forum held in Hanoi, Sherry Boger, Chairwoman of AmCham Vietnam requested the Vietnamese government extend the term of visas for business travelers and tourists from the current three months. Ms. Boger also explained that under the country specific annexes to the TPP, members have made commitments on access to each other’s business people, but Vietnam’s existing Law on Entry, Exit, Transit and Residence which became effective on January 1, 2015 makes no reference to treatment of Nationals from TPP member countries.
As part of a move to facilitate business travel to Vietnam, the Ministry of Public Security has recently announced that provided American Citizens satisfied certain conditions to be announced soon business people would be granted 5-year visas, and American employees of US businesses outside Vietnam and visiting investee companies in Vietnam, would be granted 2-year visas, instead of the current three months.