Socialist Republic of Vietnam

The Vietnam Chamber of Commerce and Industry and the Office of the Texas Governor signed minutes on economic-tourism co-operation on Friday.

Also the same day, 22 leading firms from the Texas State attended a seminar to seek opportunities for investment and commercial co-operation.

Speaking at the seminar, Texas Secretary of State, Geoff Connor, highlighted Vietnam’s important position and role in economic co-operation with Texas. He said several years ago Texas consumers had known nothing about Vietnamese goods, but now Texas ranked Vietnam 56th in its commodity import list. The University of Texas also opened a major centre for Vietnam studies.

"The business circles in Texas are increasingly interested in boosting investment and trade with Vietnam in all industries," said Mr Connor. "Texas has potential for crude oil and gas exploitation, mineral ores, chemicals, food, transport equipment, machinery and metal products and electronics, which are potential areas for investment in Vietnam."

In addition, hundreds of thousands of overseas Vietnamese now reside in Texas to make up the third biggest Vietnamese community in the US. The largest supermarket in Texas is owned by a Vietnamese American.

Mr Connor said the State will encourage more firms to come and seek business opportunities in Vietnam in the near future. He said Texas is determined to become a leading investor in Vietnam among US states. Currently, Texas ranks third after Washington and California.

Representatives from Conoco Phillips and Weather Ford, which are operating profitably in the oil and gas industry in Vietnam, have highly valued the investment environment in Vietnam and pledged to continue to do long-term business here.

This proves Vietnam's seriousness in implementing the BTA, which is a high priority, especially in the process to draw up a legal system in line with Vietnam's commitments to the international community, said Deputy Minister of Planning and Investment Nguyen Bich Dat. He said that once completed in 2007, the legal system will boost reform, produce a free trade and investment environment as well as a level playing field for all economic sectors.

Vietnam and the US has enjoyed a surge in bilateral trade revenue in the past three years to more than US$2.6 billion so far this year. the US has invested nearly 200 projects in Vietnam totaling more than US$1.1 billion. 
                                                           Radio Voice of Vietnam, August 14,2004