Ha Noi courts US investment

Ha Noi courts US investment

The capital city will create the best possible conditions for the US investors to launch their projects in the locality, Nguyen Duc Chung, chairman of the municipal People's Committee, said.

During a meeting yesterday with more than 50 American businesses, Chung said, the city always regarded the United States (US) as one of the most reliable trade and investment partners. However, the bilateral relationship has failed to match each other's potential.

Deputy Minister of Foreign Affairs Le Hoai Trung said it was the right time for two business communities to expand their co-operation. Trung added that enterprises from the two nations could supplement each other, especially Vietnamese firms who desired to receive funding and update hi-end technologies from their US counterparts that could help them gradually penetrate the global value chain.

He emphasised the importance of organising such events to facilitate bilateral co-operation between the businesses of the two nations.

Viet Nam was expected by the US firms to perfect the infrastructure and improve the quality of human resources, the US Ambassador to Viet Nam, Ted Osius, said at the event.

US investments in Viet Nam were expected to rapidly increase due to Viet Nam's potential for consumption and new business opportunities, according to the Ministry of Planning and Investment's Foreign Investment Agency (FIA).

The FIA said that many US corporations saw Viet Nam as a strategic market with long-term benefits, pointing out that low labour costs was a key factor in attracting investments.

Only in 11 months last year, US businesses pumped more than US$226 million in investments into Viet Nam, ranking 14th among 57 foreign investors in the country, bizlive quoted the Ministry of Planning and Investment's statistics as saying.

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