Certain enterprises held up as examples in entering US market.
Vietnamese enterprises have strengths in information technology, construction materials and goods outsourcing, investment consultant Mr. Dang Duc Dung told a conference on March 9 regarding opportunities and business activities in the US pre-TPP.
Referring to case studies, he said that Vietnamese enterprises in Silicon Valley had won contracts of Indian contractors and then took part in making software for small companies and giants such as Microsoft. "IT is one of the strongest sectors of Vietnam, where it trains a number of good engineers," he said.
Regarding construction materials, a Vietnamese provincial enterprise brought manufacturing lines from Italy to produce quartz stone. It established its first store in Dallas with goods worth about $5 to $10 million, then sold them to building contractors.
Five years later the company has had distribution systems in Chicago and Atlanta and could even reach the West Coast. It can now compete with products from Israel and China. "The US economy came out of its slowdown and the housing market returned to growth, and Made-in-America is a new driver for industries and job creation," he said.
On manufactured goods outsourcing, a Vietnamese provincial enterprise supplied US companies after obtaining Japanese technology for steel structures. "Demand in the US for manufactured good outsourcing is very high," Mr. Dung added.
"The TPP is an incredible opportunity to enter the US market," said Mr. Bill Delaney from the law firm Sterling Harwood. Without professional consultants, however, many Vietnamese enterprises had experienced failure.
Three other challenges were mentioned at the conference as needing to be resolved before Vietnamese enterprises joined the TPP. Firstly, intellectual property, labor, the environment, State-owned enterprises, and small and medium-sized enterprises need addressing. Secondly, there are problems regarding labor rights, including unionizing rights, meetings, demonstration and human rights. Thirdly, State-owned enterprises need more reform to eliminate unfair competition between State and private sectors.