U.S. Companies Look to Expand Investments in Vietnam

(Hanoi) A delegation of 21 leading U.S. companies organized by the US-ASEAN Business Council concluded a visit to Vietnam today focused on continuing to build economic ties and support Vietnam’s ongoing economic reform. The mission was led by the Council’s Vietnam Committee Chair Stu Dean, CEO of ASEAN for GE, and Council President Alexander Feldman.

“U.S. Companies are firm in our desire to partner with Vietnam and continue our support for economic reform,” said Stu Dean of GE. “We applaud the government of Vietnam’s continued focus on financial sector reform and transparency for State Owned Enterprises, and look forward to continuing to work together on applying global best practices to Vietnam’s economy."

“Vietnam’s participation in the TPP will expand the opportunities available to Vietnamese businesses, and encourage further foreign investment,” said Alexander Feldman, President of the US-ASEAN Business Council. “We strongly support the government’s engagement, and other key regional efforts like the Lower Mekong Initiative and the AEC.”

“Many companies on the delegation expressed interest in making additional investments in Vietnam.  There is no better indicator of the importance of the market than current investors willing to increase their financial commitment to a country.   We are grateful for the firm support of President Sang and Deputy Prime Minister Ninh in ensuring that these proposed investments will receive the necessary approvals in a timely and efficient manner”, Feldman added. “The Council looks forward to supporting President Sang’s planned visit to the U.S. later this year, and is hopeful that a number of the investments that were discussed will be completed prior to the visit. “

The delegation met with officials including President Truong Tan Sang, Deputy Prime Minister Vu Van Ninh, Minister of Agriculture Cao Duc Phat, Minister of Education Pham Vu Luan, Minister of Natural Resources and Environment Nguyen Minh Quang, as well as numerous Vice Ministers. The delegation also met with U.S. Ambassador to Vietnam David Shear and Embassy Staff.

The mission was preceded by a one day SME workshop held in Ho Chi Minh City. The workshop, part of the Council’s ASEAN SME Training Program, offered skills training from Council members to over 100 Vietnamese small business owners and employees. The ASEAN SME program is supported by a grant from the UPS Foundation. Council members P&G, UPS, Seagate, Google, Visa, and AIG participated in the training.

Companies participating in the delegation included Abbott, AES, AIG, Bay Global Strategies, Cargill, Carrix/SSA Marine, Chevron, the Coca-Cola Company, ExxonMobil, FedEx Express, GE, GlaxoSmithKline, Honeywell, Intel, Oracle, Pepsi, Qualcomm, Seagate, Time Warner, UPS, and Visa.

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For over 35 years, the US-ASEAN Business Council has been the premier advocacy organization for US corporations operating within the dynamic Association of Southeast Asian Nations (ASEAN). Worldwide, the Council's membership, more than 160 companies, generate over $6 trillion in revenue and employ more than 13 million people globally. Members include the largest US companies conducting business in ASEAN, and range from newcomers to the region to companies that have been working in Southeast Asia for over 100 years. The Council has offices in: Washington, DC; New York, NY; Bangkok, Thailand; Hanoi, Vietnam; Jakarta, Indonesia; Kuala Lumpur, Malaysia; Manila, Philippines; and Singapore.