A business delegation from Vietnam’s Binh Duong Province and Chicago business leaders joined the Chicagoland Chamber of Commerce on September 23 to explore opportunities for Chicago companies in Southeast Asia.
The delegation, meeting at the University of Chicago Gleacher Center as part of the Chamber’s Business and Investment Opportunities in Vietnam event, included representatives from the Binh Duong Provincial Department of Planning and Investment, the Binh Duong Industrial Zones Authorities, Becamex IDC, and Runckel and Associates. Andree Dolan, Vice President of Communications and Programs for the Chicagoland Chamber, read a welcome letter from Mayor Rahm Emanuel and thanked the delegation to kick off the event.
“We’re excited to learn about business opportunities in the Binh Duong Province and Vietnam’s role within the Association of the South East Asian Nations,” said Dolan. “We are confident the economic developments in this region will create new opportunities for U.S. companies to expand globally.”
The newly formed Association of Southeast Asian Nations (ASEAN) means opportunity for U.S. entrepreneurs and companies, as free trade agreements and increased capital and people in the region make it an appealing place to do business. The delegation cited many pros to doing business in Vietnam specifically, including a stable government, free trade agreements with various countries, a key location, a young and dynamic workforce, and tax rates lower than China and India.
Vietnam is also facing challenges in the form of difficulties finding local financing, high inflation, an inefficient government and corruption. As the region continues to grow, the delegation believes these challenges can be overcome.
Following the speaking portion of the event, attendees had the opportunity to network with the Vietnamese delegation.
Click here to view photos from the event.