Doing Business in Vietnam Seminar on Thursday
Tim Cannon will speak at the June 8, 2017 Doing Business in Vietnam Seminar.
Promo image from the World Trade Center Utah promoting the governor-led trade mission to Vietnam and Singapore in August 2017.
The World Trade Center Utah is holding a Doing Business in Vietnam Seminar at 1 p.m. Thursday to educate companies about the opportunities available in Vietnam and connect them with resources that can help them enter the market successfully.
Tim Cannon, commercial officer in Vietnam for the U.S. Commercial Service, is the seminar’s speaker.
“He is a great resource for companies looking to enter the region or expand their current presence,” said Derek Miller, president and CEO of WTC Utah.
The event will also prep businesses for the Utah trade mission to Vietnam and Singapore from Aug. 28 through Sept. 1.
Miller explained whenever a trade mission is planned, WTC Utah partners with Zions Bank, the U.S. Commercial Service, the Small Business Administration and the Utah Governor’s Office of Economic Development to host an event about doing business in that region. That helps attendees learn about opportunities in the country and decide if the trade mission would be a good fit for their company.
“Vietnam was selected as a trade mission location because of its strong economic growth and increasing demand for U.S. products,” Miller said. “This is a prime location for international expansion and a good gateway into the Asian market.
“Trade mission participants will meet with people and interact with organizations that will help them succeed in Vietnam.”
According to Miller, Vietnam has strong GDP growth, a large population, a fast-growing middle class and political stability. Vietnam’s annual economic growth rate of 5.3 percent is second only to China in the Asian region. That bodes well for Utah businesses.
Utah exports to Vietnam in 2016 totaled more than $26 million. Top exports to Vietnam from Utah included food and kindred products, agricultural products, transportation equipment and chemicals.
Miller explained the food and kindred products industry is projected to have an 11.2 percent annual growth rate until 2021.
“While Vietnam is not currently one of Utah’s largest export destinations, it has a lot of potential to be a place Utah companies can grow,” he said. “Vietnam is expected to have the second-strongest average GDP growth between now and 2050, exceeding 5 percent a year on average.”
During Thursday’s seminar, Cannon will cover the current state of trade and doing business in Vietnam. He will talk about the government, regulations, transparency and corruption.
The seminar is free, and will be at the World Trade Center Utah offices at 60 E. South Temple, Suite 300, in Salt Lake City.
For more information or to register visit wtcutah.com.