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Ho Chi Minh City to welcome increased US investment

Thursday, June 08, 2017, 15:27 GMT+7

Ho Chi Minh City and Vietnam in general will provide support and favorable conditions for investors from the United States to operate in the city on a long-term basis.   

During the “Meet the USA” conference organized in the southern metropolis on Wednesday, Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan praised the decision of U.S. businesses to invest in Vietnam and the southern hub.

Speaking to leaders from over 100 American enterprises, Nhan stressed that the time has come for businesses from both countries to cooperate and continue contributing to the realization of the vision shared by the two nations.

The official pledged to provide assistance and favorable conditions for U.S. investors to operate on long-term bases in the Vietnamese city.

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Secretary Nguyen Thien Nhan speaks at the conference on June 7, 2017. Photo: Tuoi Tre

During the event, Mary Tarnowka, U.S. Consul General in Ho Chi Minh City, mentioned that many major names from the North American country, namely Coca-Cola, Microsoft, ExxonMobil, and Fulbright University, have already extended the length of their operations to Vietnam.

This reflects the U.S.’s hope to collaborate with the Southeast Asian nation in various fields, Tarnowka continued.

However, Tran Dinh Thien, head of the Vietnam Institute of Economics, pointed out that U.S.-Vietnam relations have yet to reach their full potential.

U.S. investment in Vietnam has only reached US$12 billion so far, ranking ninth among foreign investors in the country.

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U.S. Ambassador to Vietnam Ted Osius speaks at the event. Photo: Tuoi Tre

Jonathan Moreno, chairman of the American Chamber of Commerce (AmCham) in Ho Chi Minh City, attributed the fact to the lack of transparency of Vietnam’s investment environment.

Specific policies for foreign investors have yet to be promulgated by local authorities, especially in new fields, such as clean energy and environmental protection.

Addressing the topic, U.S. Ambassador to Vietnam Ted Osius affirmed that his home country would continue to deepen its relationship with the Southeast Asian nation, especially in free trade and technology transfer.

The U.S. diplomat spoke highly of Vietnamese authorities’ efforts to boost the provincial competitiveness index (PCI), creating a foundation for U.S. businesses to thrive in Vietnam.

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Delegates discuss investment at the conference. Photo: Tuoi Tre

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