Friday, 15 Dec 2017

US businesses keen on Vietnam's investment environment

Updated at Saturday, 11 Mar 2017, 09:38
The Hanoitimes - On March 9, PM Nguyen Xuan Phuc hosted reception for a delegation of the US-ASEAN Business Council led by Senior Vice President and Regional Managing Director Michael Michalak at the Government Headquarters in Hanoi.
Senior executives of 29 US businesses expressed their desir e to do long-term business in Vietnam. The Vietnamese Government has doubled efforts to become one of the top business environments in ASEAN, said PM Nguyen Xuan Phuc.

The Government will continue focusing on building an open and transparent legal corridor and creating favorable conditions for businesses as it considers the success of investors as its own success. He affirmed the Government attaches importance to further strengthening friendly cooperation with the US in a more substantial, comprehensive, stable and long-term manner.

The Government also stands ready to collaborate with the new administration of President Donald Trump to boost the bilateral ties so that the US continues to be a top trade partner of Vietnam, PM Phuc reiterated. PM Phuc welcomed the interest of members of the US-ASEAN Business Bouncil in such fields like food safety, information technology, climate change, innovation, business restructuring, renewable energy, agriculture among others.

He took the occasion to call on American businesses to support Vietnam to successfully host the APEC Year 2017. The business delegation spoke highly of the Vietnamese Government’s efforts in improving business environment, pledging to further expand investment in Vietnam.

The delegation, led by Senior Vice President of the US-ASEAN Business Council (UABC) Michael Michalak, viewed Vietnam as an attractive business destination and expressed their support for trade liberalisation, including the Regional Comprehensive Economic Partnership and other deals. 

They said they were interested in investing in thermo and wind power, animal feed manufacturing and distribution, chemicals, agriculture insurance, micro-finance, information technology, movies and start-ups in Vietnam. The guests thanked the Vietnamese government and agencies for facilitating their expansion in the country and committed to abiding by law in Vietnam and taking social responsibility via community-based activities. 

Though the Trans-Pacific Partnership has stalled, the US investors firmly believed that both sides could work together effectively. The PM, for his part, congratulated the US firms on their success in Vietnam over the years and lauded their support to the country.  

He said that Vietnam considers the US enterprises’ success as its own and pledged to listen to their feedback to improve the business climate. Vietnam will maintain macro-economic stability, build a transparent and open legal environment and strive to be among top four ASEAN members in terms of business environment, he stated. 

Appreciating their interest in diverse areas in Vietnam, including agriculture and equitisation, the leader said the government will work to keep pace with science-technology advances and pledged to realise signed free trade agreements while building regulations in fields of the firms’ interest. 

The Vietnamese government wants to push forward long-term friendship with the US on the basis of respect for each other’s political regime, he said, adding that the Cabinet is willing to work with US President Donald Trump’s administration to boost bilateral ties. 

He asked the UABC and US firms to serve as a bridge connecting their business partners and Vietnam, urge the US government and Congress to enhance investment and trade with Vietnam and the region, back the US administration’s recognition of Vietnam as a market economy and assist Vietnam in successfully hosting the Asia-Pacific Economic Cooperation (APEC) 2017. 
Translated by Anh Kiet
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