Vietnam expects to attract more investors from the United States following the official visit of US President Donald Trump to the country to attend the 2017 APEC Economic Leaders’ Week from November 6-11 in Danang.
Phan Huu Thang, former of the Foreign Investment Agency under the Ministry of Planning and Investment, said that it is a good opportunity for Vietnam. The US President's visit to Vietnam will contribute to enhancing the relationship between the two countries and boosting the US investment in Vietnam, he said.
Statistics from the FIA showed that the US ranked ninth out of 128 countries and territories investing in Vietnam as of October 2017, with 835 foreign direct investment (FDI) projects worth nearly US$9.4 billion.
In the first ten months of this year, US investors poured more than $400 million to Vietnam, of which new projects contributed $267 million.
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| US investors poured more than $400 million to Vietnam in the first ten months of the year. |
Economists forecast that US investment in Vietnam will increase in the near future.
At the end of August 2017, Coca-Cola Beverages Vietnam Ltd., which has operated in Vietnam for more than 20 years, announced the completion of an expanded investment package worth $300 million in Vietnam from 2013-2016, raising the company’s total capital to more than $500 million.
Calin Dragan, Regional Director of Coca-Cola in Southeast Asia and the Middle East, said the package will serve as a foundation for Coca-Cola to invest deeper in Vietnam.
Procter&Gamble (P&G), a US consumer goods corporation which has been in Vietnam since 1995 with initial total registered capital of $360 million, has three factories in the country.
Omar Channawi, P&G Vice President of the Asia-Pacific Region, said at a recent workshop held by the Vietnamese Ministry of Planning and Investment that Vietnam is one of P&G’s major markets and the corporation plans to invest more in the country.
Many US enterprises said they appreciate Vietnam’s investment environment, stressing that they plan to invest in the country.
John Hill, US Vice Acting Ambassador to Vietnam, said Vietnam’s investment environment has improved significantly, with the most noteworthy development being the issuance of the Law on Support for Small and Medium-Sized Enterprises (SMEs), which demonstrates the Government’s commitment to helping SMEs and the economic private sector to develop.
This is a foundation for Vietnam to attract investment from foreign countries, including the US, he said.
Jonathan Moreno, Chairman of the American Chamber of Commerce, said one of US investors’ biggest concerns is infrastructure in Vietnam, especially transport infrastructure, which affects not only traffic but also the transportation of goods.
He suggested the country improve its infrastructure to lure more investment.
(Source: Hanoitimes)
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