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VietNamNews

New opportunities for US investors

Update: March, 07/2013 - 05:00
Medals are made by workers at the US-invested Acrylic IdeaFactory East Co in southern Binh Duong Province. The province has attracted a large amount of capital from US companies, contributing to national development. — VNA/VNS Photo Quach Lam

HA NOI (VNS) — Viet Nam has an important position for establishing economic and trade links with the Association of Southeast Asian Nations (ASEAN), said Marc Mealy, Vice Chairman of the US-ASEAN Business Council (USABC), at a seminar on Viet Nam-bound investment in New York on Tuesday.

Speaking to over 70 representatives from local companies, trade organisations and investment funds, Mealy said the Obama administration's US Pivot Strategy towards Asia and the possible signing of the Trans-Pacific Partnership (TPP) would create more opportunities for US businesses to invest in Viet Nam.

Vietnamese Ambassador Le Hoai Trung, Viet Nam's permanent representative to the United Nations, described his country's competitive advantages – a large population, abundant workforce and favourable geographic position – as investment "magnets".

Citing southern Binh Duong province as the most favourable investment environment in Viet Nam, he said the province had attracted a huge amount of capital from US companies and groups, contributing to national development.

Walter Blocker, one of the first US businessmen to pour capital into the Viet Nam Trade Alliance branch in HCM City since diplomatic ties between the countries were normalised in 1995, shared his success stories and said that Viet Nam had made great strides in reforming the investment environment.

Participants focused on business-related procedures in the Southeast Asian country and Binh Duong province in particular, as well as US-Viet Nam ties.

The seminar was held by Binh Duong-based Becamex ID Corporation with the support of Citibank and the New York-based Manhattan Chamber of Commerce.

Vo Son Dien, Marketing Director of Becamex IDC Binh Duong, said the seminar aimed to attract investment from funds in the US, as well as small and medium American companies, as almost all the large corporations of the world's largest economy are already present in Viet Nam. — VNS

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