Mr. Ted Osius, President and CEO, US-ASEAN Business Council
Share with AdolescentMr. Ted Osius, President and General Director, US-ASEAN Business Council (USABC), representing 180 of the largest US business companies in Southeast Asia, commented that ASEAN-US relations are maintaining steadfastness. for the past 47 years and continues to expand at an unprecedented level after the relationship upgrade in 2022.
The US surpassed China for the first time in ASEAN
Mr. Osius said that after the two sides establish a comprehensive strategic partnership in 2022, the US will step up cooperation efforts with ASEAN in the fields of digital, cyberspace, health, environment and climate. , energy, transport and women’s empowerment, while expanding available dialogue channels on foreign affairs, economics and defense.
According to the USABC President, with a total GDP of 3,600 billion USD and nearly 700 million people, Southeast Asia is an important economic partner of the US and the country’s fourth largest trading partner. Last year bilateral trade, boosted by manufactured goods and high technology, reached $500 billion for the first time.
Earlier this year, data for the first quarter of 2024 showed that the US became Southeast Asia’s largest export market, with a goods value of 67.2 billion USD.
In addition, US direct investment in Southeast Asia reached 480 billion USD, double the total investment in mainland China, Japan, Korea and Taiwan. ASEAN is also a key partner of the US in creating resilient supply chains: 6 ASEAN members account for nearly 16% of the total global export value of electronic components.
By comparison, Taiwan accounts for 7% of global exports of electronic components, as does South Korea (6%) and Japan (4%), according to USABC’s ASEAN Matters for America/America Matters for ASEAN report. and partners.
Representatives of the US Chamber of Commerce at Washington DC headquarters talked with ASEAN journalists in early November
Vietnam’s role
Formerly the US Ambassador to Vietnam (term 2014-2017), Mr. Osius assessed that Vietnam contributed significantly to the flourishing relationship between ASEAN and the US. Since Vietnam and the US established a Comprehensive Strategic Partnership in September 2023, bilateral cooperation has expanded across all key areas.
“Vietnam is now the US’s largest trading partner in ASEAN and the 8th largest globally, and the US is currently Vietnam’s largest export market. At the same time, Vietnam is also emerging as a destination of investment flows from the US, is not only limited to the ASEAN region but also expands to the Indo-Pacific”, according to the USABC Chairman.
Reply AdolescentMr. John Goyer, Executive Director of Southeast Asia of the US Chamber of Commerce (Washington DC headquarters), Vietnam has long focused on developing human resources and needs to continue in the coming time to attract talented people. investors, especially from the US. Mr. Goyer is in charge of bilateral dialogues and forums to promote enhanced trade relations with Southeast Asian countries, as well as monitor the impact of trade tensions on supply chains and flows. trade flows in the region
“As companies look for places to build data centers or semiconductor factories, they want to operate these places with clean, green or renewable energy. In many cases, This pressure is coming from shareholders. And I think that while Vietnam does have a surprisingly large share of renewable energy, Vietnam continues to increase its coal consumption. So Vietnam needs Find ways to solve these energy problems,” according to Mr. Goyer.
The Southeast Asia executive director of the US Chamber of Commerce also said that US companies have many opportunities to provide technology to support Vietnam in the green transition process. However, there are still many challenges that need to be resolved, such as the need to create conditions for a more open investment environment both in the US and Vietnam.
The exchange with the US Chamber of Commerce and the US-ASEAN Business Council took place within the framework of the tour program and reporting on ASEAN-US economic cooperation activities by the US Mission to ASEAN (Indonesia headquarters). organized in coordination with the East-West Center (Hawaii headquarters) at the end of 2024.
US Chamber of Commerce and US-ASEAN Business Council
The US Chamber of Commerce said it represents nearly 3 million US businesses globally, of which more than 6,200 US companies operate in Southeast Asia with about 1 million workers locally. All 50 US states export to ASEAN, creating jobs for 625,000 workers in the US. More than 96% of businesses represented by the US Chamber of Commerce are small businesses with less than 100 employees. The US-ASEAN Business Council represents more than 180 of the largest US companies in Southeast Asia, with offices in Vietnam. This is also the only US-based organization recognized in the ASEAN Charter.
