Maintaining a stance not to respond to China’s `Belt and Road` strategy, but US Ambassador to Vietnam Daniel Kritenbrink gave some anonymous warnings in the `Indo-Pacific Dialogue`
`The principle is that what seems too good probably isn’t real. Infrastructure loans with opaque terms, in projects with questionable economic rationale, often come with strings attached.`
Instead, at this event, the US side invited Vietnam in particular and Indo-Pacific countries in general to participate in the `Indo-Pacific Strategy`, an idea that international observers
President Donald Trump mentioned the vision of a `free and open Indo-Pacific` at the APEC CEO Summit in Da Nang last year.
US Vice President Mike Pence at the 2018 APEC CEO Summit. Photo: Reuters
`America offers a better choice. We do not drown our partners in a sea of debt. We do not coerce or damage a country’s independence. America deals openly and fairly. When you
Over the past two years, American businesses have announced more than 1,500 new projects and more than $61 billion in new investments in the Indo-Pacific region.
In 2017, America’s two-way trade with countries in the Indo-Pacific region reached 1,800 billion USD.
In order to help the `Indo-Pacific Strategy` come into reality soon, in July 2018, US Secretary of State Mike Pompeo launched specific initiatives on infrastructure, energy and the technical economy.
`America’s commitment to the Indo-Pacific has never been stronger,` Mr. Kritenbrink said.
According to the Asian Development Bank, developing countries in the Indo-Pacific need $1,700 billion in infrastructure investment each year, or $26,000 billion by 2030. `No government has
He said America’s aim is to unleash the power of the private sector, with its $70,000 billion sitting in the world’s financial centers.
Impact on Vietnam
Mr. Vu Tien Loc – Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) said that with the `Indo-Pacific` initiative, Southeast Asia is the center for connection.
`In addition to the pillars of energy and infrastructure, we need to pay more attention to startups and SMEs. What must be done so that the connection is not only at the level of transnational corporations but also connects small economic communities?`
Experts discuss at ‘Indo-Pacific Dialogue’, Photo: Vien Thong
In the `Indo-Pacific Strategy` in Vietnam, the US identifies energy as a priority area for investment, including power generation, oil and gas exploration, natural gas, wind and power projects
`Vietnam has a need to develop liquefied gas projects and American private enterprises have a lot of experience and ability to deploy them. Therefore, Vietnam needs to create more favorable policies, especially shortening the timeframe.`
Mr. Pham Quang Vinh – Deputy Foreign Minister, Former Vietnamese Ambassador to the US commented that Vietnam is always committed to improving the business environment for investors and businesses.
Responding to Bloomberg’s question about the possibility of Vietnam being Mr. Trump’s trade war target after China, Mr. Robert Gabor recommended that Vietnam is the 5th country in terms of the US trade balance deficit.
Ms. Barbara Weisel – Director of Rock Creek Global Advisors said that not only the US but many countries are shifting investment from China to Vietnam as a more impressive destination.