Vietnam-US economic cooperation strengthened

Businesses are among those in the front of the cooperation between Vietnam and the United States, the Government of Vietnam always listen to and care about them and create good conditions for foreign firms to do business in the country, stressed Prime Minister Nguyen Xuan Phuc on May 24.

Secretary of HCMC Party Committee Dinh La Thang (R) received a representative of US investors on May 24 (Photo: SGGP)

Receiving the US-ASEAN Business Council (USABC) led by council chairman Keith Williams in Hanoi, he hoped that the council will create conditions and give assistances to Vietnamese businesses.

PM Phuc appreciated the council’s idea in coordinating with the Vietnam Chamber of Commerce and Industry to establish a US -ASEAN small and medium enterprise (SME) sponsorship center headquartered in Vietnam.
Mr. Williams welcomed the Vietnamese Government for removing barriers and implementing measures to support US enterprises. The Government has recently issued a resolution on business development assistance which he said a strong and encouraging message to the business community.
Congratulating Vietnam on signing the Trans-Pacific Partnership, Mr. Williams said that USABC had signed three cooperation agreements with Vietnam focusing on three fields SME assistance, health and medical care and climate change.

On the afternoon of the same day, Secretary of the Ho Chi Minh City Party Committee Dinh La Thang received a delegation of US investors led by Mr. Howard Lutnick, chairman cum director general of Cantor Gitzgerald Financial Group. They have been to the city to learn about investment opportunities.

Secretary Thang appreciated US investors for choosing HCMC to be their destination and pledged to facilitate their investments.

He hoped that the group and its partners will soon implement the project to build the main tower at Thu Thiem New Urban Area, aiming to make Thu Thiem a financial hub in the region and attract more investors from the US and in the world.

Mr. Thang believed that the US president’s visit to Vietnam will create a wave of investments by American businesses especially after TPP takes effect, making the US the largest investor in the city.

Explaining why they choose Vietnam to be a destination, Mr. Lutnick said he believed that the country would become a transit location of financial flows in the Southeast Asian region in the upcoming time.

The city’s advantage in strong start-up spirit among the youth has boosted American investors’ consideration to investment in the city.
Amid developing relations between Vietnam and the US, Cantor Fitzgerald Group is willing to invest in HCMC and hope to contribute in the city’s development and benefit both sides, he affirmed.
On the same day, Minister of Finance Dinh Tien Dung worked with US trade representative Michael Froman who expressed concerns about Vietnam’s control over milk products.
Minister Dinh Tien Dung said that the ministry would consider an end to application of ceiling prices on formula products for children of under six year old from early July.
The ceiling price removal should ensure competitiveness and balance benefits among businesses, the State and consumers, Minister Dung said. Businesses must ensure and be able to prove their transparence, he added.
The US is one of the largest investors in Vietnam with many environmentally friendly and large scale projects in many fields including hi-tech.

Last year, the total trade turnover of the two countries topped US$41 billion.

After 20 years of diplomatic normalization, the turnover has increased 187 times and the US has become one of the most important export markets of Vietnam. However, these results have been said inappropriate with cooperation potentials between the two nations.

By staff writers – Translated by Hai Mien

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