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Vietnam welcoming third investment flow from the U.S

In Uncategorized on December 21, 2010 at 9:30 am




Vietnam welcoming third investment flow from the U.S


QĐND – Monday, December 20, 2010, 21:48 (GMT+7)

“Vietnam is expecting to have the third investment flow from the U.S.A. in the forthcoming time”, said Mrs Jocelyn Tran, Chairwoman of AmCham Vietnam.


According to Ms Tran, American businesses have been successful in doing business in Vietnam. Two-way trade between Vietnam and the U.S rose to around US$18 billion in 2010 from almost US$1 billion in the 1995-2000 period. Several large American companies such as Nike, MAST Industries and Target have made considerable contributions to this trend by increasing the volume of imported goods from Vietnam.


“I am confident to say that in the next ten years, the two countries’ trade turnover will reach US$35 billion and Vietnam will become one of the most important trading partners of the U.S.A. in ASEAN”, Ms Tran added.


However, at present only few big US manufactures are investing in Vietnam?


The U.S. investment in Vietnam can be divided into three main stages. The first stage is from 1995 to 2000, mostly in consumer goods to explore Vietnam’s market. The second stage started from 2001 to 2005 after the two countries had signed the bilateral trade agreement. The investment mostly came from foreign companies that cooperated with the American partners to build factories to manufacture textiles and garments, footwear and wooden furniture for export to the U.S.


The third investment flow, starting from 2006, came from the modern manufacturing industry with the construction of Intel Group’s assembling factory in Vietnam at the cost of  USD1 billion


During the first months of this year, 25 of the biggest companies in the U.S.A. in the list of top 500 Fortune companies with total turnover of around US$675 billion, set up their business in Vietnam, focusing on services,  energy, chemical and auto manufacturing.


Vietnam at present can attract foreign investment in modern manufacturing industries, however it should have more open policies in energy, transportation, telecommunications, retail trade and education.


Source: TTO


Translated by Vu Hung


Source: QDND

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