Vietnam is the number one destination for the U.S. business community in Singapore

Tuesday, 29 September 2015
This is the confirmation of Mr. Krik Wagar, the U.S. Ambassador to Singapore on the occasion of visiting and looking for investment opportunities in Vietnam.

In the afternoon of September 9th 2015, at the headquarters of MPI, Deputy Minister Nguyen Van Hieu had a meeting with the U.S. business delegation in Singapore led by Mr. Krik Wagar, the U.S. Ambassador to Singapore. Attending the meeting, there were representatives of the American Chamber of Commerce in Singapore and approximately 20 American enterprises doing business in Singapore.

Highly appreciating assistance of the U.S. Government as well as the U.S. businesses to general development of Vietnam, Deputy Minister Nguyen Van Hieu said that Vietnam – the U.S. relations have developed not only in trade and investment, but also in culture, education, training.

Whole scene of the meeting. Photo: Duc Trung (MPI Portal)

Thanking the Leader of MPI for the reception, Ambassador Krik Wagar said that Singapore is the platform, springboard for activities of the U.S. enterprises in ASEAN and neighboring countries with the presence of 3,600 U.S. enterprises here. According to the survey of the American Chamber of Commerce in Singapore, as much as 81% of total enterprises desire and plan to expand their investment – business in ASEAN and Vietnam has been chosen as the number one destination.

While TPP is expected to be signed, commitments of Vietnam in facilitating development of enterprises and business activities has made the difference and advantage of Vietnam as compared to the regional competitors by creating playing field more equal.

The U.S. is the biggest investor into ASEAN with registered investment capital higher than total capital of the next 3 countries in the list and hopes to be a potential partner of Vietnam. The Ambassador stressed that the U.S. enterprises always focuses on supporting community where they do their business by hiring native labors, transferring technology, becoming a member of local community.

At the meeting, representatives of some U.S. enterprises highly appreciated one-stop shop policy of Vietnam as well as enthusiastic support of the MPI and expressed their attention to investment – business environment of Vietnam and policy of attractive and preferential investment in tourism – hotel, communication, branch development, information technology, health…

Deputy Minister Nguyen Van Hieu said that international economic integration is consistent policy of Vietnam, of which, participation in TPP is expected to bring many opportunities for investment and bilateral trade. Vietnam has been reviewing and completing legal system to be accordant with TPP’s commitments, many laws relating to investment, business, land management… has been revised, approved and enforced. Besides, Vietnam has got plan to restructure 4,200 SOEs, it is expected to equitize 289 SOEs in 2015, to date 93 of which have been equitized . The Government, ministries, branches, localities and enterprises have been determining and doing their utmost to equitize the remaining SOEs.

In orientation of investment attraction in the next time, Vietnam prioritizes the fields of modern technology, environmentally friendly, information technology, supportive industry… In sector development strategy, Vietnam orients to develop tourism to be a key economic sector, sets the goal of 10 million international arrivals by 2020 as well as focuses on infrastructure development and tourism incentives.

In conclusion of the meeting, the two sides assessed that with improvement of investment business and administrative reform to facilitate enterprises, in the coming time, there are more U.S. enterprises investing and doing business in Vietnam, benefiting for the both sides./.

Van Hai (Source: MPI Portal)

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