Major US business delegation visits Vietnam

10:07 | 30/03/2017 Economy

(VEN) - They met with top government officials, including Prime Minister Nguyen Xuan Phuc, in a bid to understand the business environment and seek investment opportunities. It was the first such high-level delegation to visit Vietnam since President Donald Trump was elected last November.  

Coca-Cola commits to expand investment in Vietnam

Minister of Planning and Investment Nguyen Chi Dung said that the US business community has played a key role and made significant contributions to Vietnam’s socio-economic development in recent times. He added that the US wants to continue playing a leading role in Vietnam’s investment scene.

Michael Michalak, the senior vice president and regional managing director for the US-ASEAN Business Council, said that the US delegation’s visit represented businesses operating in many areas, such as agriculture, finance, information technology, health, digital economy and consumer goods.

With its high economic growth, stable politics and improved investment attraction policies, US firms view Vietnam as a promising investment target.

Many, especially multinational companies, have invested and achieved success in Vietnam, such as Coca-Cola, Ford and Amway, and have pledged to further expand their activities.

The General Electric Corporation currently has three plants in Vietnam, creating jobs for about 3,000 local workers, and Coca-Cola has invested US$1 billion, creating jobs for around 2,500 local workers.

According to the Ministry of Planning and Investment’s data, the US had a total of 826 investment projects in Vietnam by February 2017, with total registered capital of US$10.1 billion, ranking ninth among the 116 countries and territories investing in Vietnam.

In the first two months of 2017, US firms invested in 11 projects in Vietnam, added capital for three projects and conducted capital contribution and share purchasing in 28 projects, with a total amount of US$51 million, ranking 10th among the 61 countries and territories investing in Vietnam.

However, US firms said that the Vietnamese investment environment needs to be further improved. To attract more investors, the Vietnamese government needs to adopt drastic measures to improve the business and investment environment, focus on the equitization of state-owned enterprises and create a fair environment for all domestic and foreign investors. In particular, developing support industries and increasing the local content are required.

Chu Huynh