Vietnam welcomes US investors: President

Update: 13:00 | 19/05/2017
President Tran Dai Quang encouraged US businesses to make investment in Vietnam’s energy, oil and gas, infrastructure, finance-banking, education and training, and tourism while addressing a workshop on the Vietnam-US prospects in 2017 and the following years in Hanoi on May 19.
vietnam welcomes us investors president President Tran Dai Quang concludes State visit to China
vietnam welcomes us investors president Vietnam, China issue joint statement

The event was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the American Chamber of Commerce (AmCham).

Viet Nam hopes to export to the U.S its farm product, seafood, timber products, garment-textile, electronics, and consumer products, while importing hi-tech commodities to serve the local economy, he said.

vietnam welcomes us investors president
President Tran Dai Quang speaks at the workshop.

He added that the country highly values investment projects of U.S businesses and vows to provide the optimal conditions for foreign investors to make long-term investment.

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

He told participants that Viet Nam has gained significant achievements over the past 30 years of renovation and become a middle-income developing country, he said, adding that the gross domestic product (GDP) per capita is expected to reach 3,200-3,500 USD by 2020 while the economic size will stand at nearly 350 billion USD.

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

The Southeast Asian nation has also decided to get involved in the Trans-Pacific Partnership (TPP) – a new-generation trade pact with high and comprehensive commitments with the hope of joining deeply in the global value chain, he added.

He affirmed that Viet Nam is persistently pursuing three breakthroughs, namely improving the socialist-oriented market economy institutions, developing high-quality human resources, and building synchronous and modern infrastructure.

Many multinational groups, including those from the U.S, are doing business successfully in Viet Nam, and noting that the U. S is ranked eighth among countries and territories having direct investment in Vietnam.

The bilateral trade has incessantly increased from 15 billion USD in 2008 to 52 billion USD in 2016. The U.S exports to Viet Nam hit over 10 billion USD in 2016, a year-on-year rise of 43 percent, he said.

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

The relations between Vietnam and the U.S have seen significant strides according to the orientations of the bilateral comprehensive partnership set up in 2013, as well as the Joint Vision Statement reached during the historical visit to the U.S by Party General Secretary Nguyen Phu Trong in July 2015, and the Vietnam-US Joint Statement reached during the trip to Vietnam by former President Barack Obama in May 2016.

President Tran Dai Quang said that U.S President Donald Trump’s acceptance of the invitation to attend the APEC Economic Leaders’ Meeting 2017 in Viet Nam shows the U.S’s interest in promoting the bilateral cooperation.

“Development cooperation continues to be an impetus to the bilateral relations to push trade and investment ties,” he said.

U.S Ambassador to Vietnam Ted Osius said U.S enterprises are keen to access the Vietnamese market and affirmed the development prospects in the countries’ economic, trade and investment relations is a foundation for the bilateral future relations.

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

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(Source: VNA)