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Vietnam Today

State President encourages US businesses to invest in Vietnam

Released at: 18:15, 19/05/2017

State President encourages US businesses to invest in Vietnam

Photo: VNA

US President Donald Trump's acceptance of an invitation to attend the APEC Economic Leaders' Meeting 2017 in Vietnam demonstrates the US's interest in promoting bilateral cooperation, State President Tran Dai Quang tells Vietnam - US workshop.

by Nguyen Quoc

Speaking at a workshop on Vietnam-US prospects in 2017 and subsequent years held in Hanoi on May 19, State President Tran Dai Quang encouraged US businesses to make investments in Vietnam’s energy, oil and gas, infrastructure, finance-banking, education and training, and tourism sectors.

The Vietnam News Agency quoted the President as telling the gathering, which was jointly organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the American Chamber of Commerce (AmCham), that Vietnam hopes to export its farm produce, seafood, timber products, garments and textiles, electronics, and consumer products to the US while importing hi-tech goods.

He added that the country highly values the investment projects of US businesses and has vowed to provide optimal conditions for foreign investors to make long-term investments.

Successful economic cooperation would create an important foundation for the bilateral comprehensive partnership to grow in a sustainable, constructive, and mutually-beneficial manner, he said.

Vietnam has gained significant achievements over the past 30 years of renovation, he went on, and become a middle-income developing country, with GDP per capita expected to reach $3,200-3,500 by 2020 and total GDP now standing at nearly $350 billion.

“As an active and responsible member of the ASEAN Economic Community, Vietnam is proactively speeding up international economic integration,” he said. “The country has also signed 12 free trade agreements (FTAs) and is pushing ahead with negotiations over four others.”

Vietnam is also involved in the TPP, a next-generation trade pact with high and comprehensive commitments, in the hope of joining global value chains, he added.

He also affirmed that Vietnam is persistently pursuing three breakthroughs: improving socialist-oriented market economy institutions, developing high-quality human resources, and building synchronous and modern infrastructure.

Many multinational groups, including those from the US, are doing business successfully in the country, he said, noting that the US is ranked eighth among countries and territories with direct investment in the country.

Bilateral trade has increased from $15 billion in 2008 to $52 billion in 2016. US exports to Vietnam hit over $10 billion in 2016, a year-on-year increase of 43 per cent, he said.

The Vietnam National Oil and Gas Group (PetroVietnam) and the US-based Exxon Mobil Corp. have signed a framework agreement on the Blue Whale project’s development and gas sales worth around $10 billion, which is expected to make the US one of the leading investors in Vietnam, he noted.

Relations between Vietnam and the US have seen significant strides forward under the bilateral comprehensive partnership set up in 2013 as well as the Joint Vision Statement reached during the historic visit to the US by Party General Secretary Nguyen Phu Trong in July 2015 and the Vietnam-US Joint Statement reached during the visit to Vietnam by former President Barack Obama in May 2016.

President Quang said that US President Donald Trump’s acceptance of an invitation to attend the APEC Economic Leaders’ Meeting 2017 in Vietnam demonstrates the US’s interest in promoting bilateral cooperation.

“Development cooperation continues to be a driver for bilateral relations to push trade and investment ties,” he said.

US Ambassador to Vietnam, H.E. Ted Osius, said that US enterprises are keen to access the Vietnamese market and affirmed that the development of the countries’ economic, trade and investment relations is a foundation for future bilateral relations.

Ms. Tami Overby, Senior Vice President for Asia at the US Chamber of Commerce, said the organization is seeking specific measures to increase the two countries’ trade, including the prospect of a bilateral free trade agreement.

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