US Trade Mission Scouts ‘New Frontier’ In Vietnam

The largest-ever business delegation from the US started Wednesday a four-day working visit to Vietnam, scouting for investment opportunities in what they are calling ‘the latest regional frontier’.
The delegation is led by Mathew P. Daley, president of the US-ASEAN Business Council (USABC) and Virginia Foote, head of the US-Vietnam Trade Council (USVTC).doanhnghiepmy_067_06.gif

It comprises of more than 40 senior executives of 21 leading American enterprises who will meet Vietnamese leaders and enterprises in the southern business hub Ho Chi Minh City and the nation’s capital - Hanoi.

They include global giants ACE group, AIG, Boeing, Cargill, Citigroup, Ford, General Electric, J.P.Morgan Chase, Oracle Corp., Phillip Morris, Time Warner, UPS and United Technology.

“Vietnam has recently been called the new frontier of ASEAN,” Daley said, adding that Vietnam’s accession to the WTO is of enormous significance and the US business groups look forward to it.

The trade mission’s visit targets to present American businesses’ interest in Vietnam market and to support the country’s admission to the WTO as Vietnam and the US get close to concluding bilateral negotiations.

The USVTC’s head Foote said the mission would support the vote for permanent normal trade relations in US Congress as soon as the two sides reach a mutually beneficial bilateral round.

Vietnam’s investment environment has become more and more attractive to American businesses and others from EU countries as WTO entry approaches.

The country has recently witnessed an influx of leading enterprise delegations from the US and EU to seek business opportunities in Vietnam.

The delegation met with Ho Chi Minh City leaders to seek investment opportunities in the city.

USABC President Mathew P.Daley discussed investment incentives and challenges while General Electric expressed interest in investing in the city’s infrastructure and healthcare.

Transportation and e-commerce giant FedEx hoped to expand its services in the city while Time Warner sought to build movie theaters and an amusement complex in Vietnam.

The delegation will visit Hanoi Thursday to discuss the country’s WTO accession bid and its investment climate.Early this month a delegation of seven US-based enterprises visited Vietnam’s economic hubs to scout for co-operation in sea ports and healthcare.

Source: Thanh Nien News

Reported by Trung Binh, Xuan Danh – Translated by Hoang Bao, Ha Viet