US businesses keen on Vietnam market (VOV) - High-level executives from 33 leading US companies, who are sanguine on prospects for doing business in Vietnam, attended the annual US-ASEAN Business Council (USABC) in Hanoi on February 24. This year’s event saw an increase of 11 businesses compared to last year’s – a clear signal that the US business community views Vietnam as a lucrative investment location and they are waiting for the pending Trans-Pacific Partnership (TPP) to be signed. USABC President Alexander C. Fedman explained one of the main reasons for the keen interest of the US businesses is that the macro-economy in Vietnam has improved significantly and the inflation rate and exchange rate has been kept in check. When Vietnam signs the TPP agreement, US businesses will have added incentives to invest, he said, noting that a number of US businesses, currently operating in Vietnam, revealed they will double their production capacity once the agreement is inked. A representative from the Boeing Group said that the aviation market in Southeast Asia is exploding and that Vietnam has the potential for becoming the most competitive market in the region. The President of Boeing Southeast Asia, Ralph L.Boyce, said Vietnam’s economy has turned the corner and is on a bright path to full economic recovery as evidenced by its high GDP growth rate of more than 5% last year. Boeing is bullish on the Vietnam market and stands ready to fully support and back Vietnam airlines to obtain its targets, he said. At the meeting, the US business representatives proposed the Vietnamese Government continue with measures to improve the banking system, restructure the macro-economy and deal with non-performing loans. The US has high hopes of breakthroughs at the ongoing TPP ministerial meeting in Singapore, and TPP members expect to sign the trade pact in the fourth quarter of this year.  VOV