Vietnam organized a financial investment promotion conference in Los Angeles on Wednesday, with the participation of more than 50 major U.S. firms and investment funds, according to the State Securities Commission of Vietnam.

The conference, chaired by Minister of Finance Ho Duc Phoc, was meant to bring U.S. financial firms to Vietnam to strengthen the capital and stock markets in the Southeast Asian nation.

Minister Phoc said that Vietnam has emerged as a potential nation for sustainable and stable economic growth despite global uncertainties.

Vietnam's gross domestic product (GDP) is expected to expand over five percent in 2023, and 6-6.5 percent in 2024, he said.

The country is focusing on three breakthrough strategies, including perfecting and improving the legislative system; scaling up the workforce; and completing synchronous economic infrastructure.

“To achieve these goals, Vietnam needs both domestic and international investments,” Phoc said.

Phoc underscored that the ministry would start implementing all commitments related to financial cooperation aimed at fostering the Vietnam-U.S. comprehensive strategic partnership that was set up during U.S. President Joe Biden’s visit to Vietnam in September.

Through the event, many U.S. firms showed their interest in Vietnam’s tax incentives for foreign investors and its efforts in upgrading the status of the stock market from frontier to emerging.

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