What U.S. Businesses Should Know About Vietnam | Asia Forward | Episode 16

Vietnam is Southeast Asia's fastest-growing economy and, as Ted Osius, a former U.S. ambassador to Vietnam, puts it, already a "tiger" of the region. In this episode of Asia Forward, Osius joins Ledy Simarmata to discuss what is driving Vietnam's growth, why foreign companies are investing there and what U.S. businesses should understand before entering the market. The conversation looks at the legacy of Đổi Mới, how those reforms helped shape Vietnam’s economic growth and why advanced technology including artificial intelligence is emerging as the most promising sector fas it works to build a more highly skilled workforce. Osius also discusses the country’s efforts to reduce bureaucracy, improve transparency and address corruption, including how the U.S. Foreign Corrupt Practices Act influences how American companies operate in Vietnam. The conversation also explores Vietnam’s infrastructure needs and the role of the new Vietnam International Financial Center. The episode covers how the China Plus One strategy benefits Vietnam and how the country balances its economic relationships with both the United States and China. Osius draws on more than three decades of experience with Vietnam, including his time as U.S. ambassador, his work at Google Asia-Pacific and his tenure as president and CEO of the U.S.-ASEAN Business Council. 0:27 Introduction 1:57 How Ted Osius developed personal ties with Vietnam. 3:49 How Vietnam became Southeast Asia’s fastest-growing economy. 4:31 What Đổi Mới changed for Vietnam. 6:24 How Vietnam’s socialism coexists with an open business environment. 7:41 How technology and investment are shaping Vietnam’s next phase. 10:27 How American business has become increasingly interested in Vietnam. 12:11 What American business confidence in Vietnam looks like today. 15:00 How the China Plus One strategy is benefiting Vietnam. 18:40 How Vietnam ranks in the Transparency International Corruption Index 22:43 What Foreign Corrupt Practices Act means for U.S. businesses in Vietnam. 24:26 What the Vietnam International Financial Center (VIFC) could mean for investors. 27:27 Whether Vietnam has the skilled workforce for its next stage of growth. 30:10 Where U.S. companies may find the biggest opportunities in Vietnam. 33:19 How Vietnam balances its economic ties with the U.S. and China.  35:08 How American businesses can compete in Vietnam 36:11 What Vietnam’s economy could look like in the next 5-10 years.