US institutions, corporations hope for stronger investment in Vietnam

They want to promote cooperation in a variety of industries

US institutions, corporations hope for stronger investment in Vietnam
Prime Minister Nguyen Xuan Phuc (center) speaks at a reception for Adam Boehler, CEO of the U.S. International Development Finance Corporation, and representatives from the U.S. Department of Treasury, Department of Commerce, and U.S. Export-Import Bank in Hanoi, October 26, 2020. Photo: Quang Hieu / Tuoi Tre

Different U.S. institutions and businesses expressed their wish to strengthen the American investment in Vietnam’s many sectors at Prime Minister Nguyen Xuan Phuc’s reception for Adam Boehler, CEO of the U.S. International Development Finance Corporation (DFC), in Hanoi on Monday.

In addition to CEO Boehler, the meeting also welcomed representatives from the U.S. Department of Treasury (USDT), Department of Commerce (USDOC), and U.S. Export-Import Bank (EXIM).

In his remarks, Boehler expressed his pleasure to visit Vietnam and conveyed President Donald Trump’s greetings to Prime Minister Phuc.

He revealed that the DFC will increase its investment in Vietnam in the time to come, saying that EXIM also wants to further strengthen cooperation with the country. 

He noted that the two countries have made positive progress in energy cooperation through ongoing projects, adding that the DFC is also looking for investment opportunities in Vietnam’s infrastructure sector.

The representative from EXIM expressed a desire to boost U.S. exports to Vietnam and hoped for stronger cooperation between the two countries.

The U.S. Congress has approved a new tool for the bank to promote cooperation with other countries, including Vietnam, the representative said, noting that the bank can provide financial support in terms of renewable energy, transportation, aviation, health, agriculture, and 5G technology.

Meanwhile, the USDT representative hoped that the two countries would expand cooperation in private economic areas, and ties with the State Bank of Vietnam. 

The USDOC said the two sides can promote partnership in aviation, healthcare services, and infrastructural development.

PM Phuc affirmed that the Vietnamese government always supports and accompanies the business communities of the two countries in orientating, connecting, and improving investment efficiency.

Ministries, sectors, and localities in Vietnam create the most favorable conditions possible for U.S. companies to invest in and do business in the country, he added, suggesting that the DFC soon invest in major projects, such as the North-South Expressway and Long Thanh International Airport. 

The PM emphasized that Vietnam attaches great importance to and highly values the U.S.’s active participation in the U.S.-Mekong Partnership.

The DFC’s investment expansion into the Mekong region will be the foundation for building a dynamic, resilient, and sustainable Mekong region and a strong ASEAN, he noted. 

He suggested that the DFC and relevant Vietnamese agencies identify investment opportunities in potential infrastructure and energy projects and those with high technology content in Vietnam and the Mekong region.

On the occasion, the Vietnamese head of government also expressed his appreciation for the role of CEO Boehler in donating 100 ventilators to Vietnam during the COVID-19 pandemic. 

Two-way trade between Vietnam and the U.S. has increased more than 170-fold since 1995. 

Many U.S. businesses are investing and doing business in Vietnam, with the U.S. among the ten largest investment partners in the Southeast Asian country.

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