The U.S. will become the biggest investor in Vietnam in the two years to come, President of the U.S.-ASEAN Business Council Matthew P. Daley told a press conference in Hanoi on May 13. Daley, who leads a top-level U.S. company delegation during their three-day visit to Vietnam to look for investment opportunities, said despite of the global economic slump, U.S. companies are still upbeat about business in Vietnam. This is why over 30 senior officials from 16 big groups namely Abbott Laboratories, AES, AIG, Caterpillar, Chevron, Citi, ConocoPhillips, ExxonMobil, Ford, General Electric, Guargian Industries, JhPIEGO, Monsanto, Pratt & Whitney, Time Warner and UPS have arrived in Vietnam. During the visit from May 13-15, the U.S. biz delegation will have a meeting with Prime Minister Nguyen Tan Dung and other leaders to discuss opportunities to invest in agriculture, infrastructure, energy, transport, financial and banking services, aviation, human resources. … [Read more...] about U.S. to Top List of Foreign Investors in Vietnam
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Vietnam remains a promising destination for foreign investors, including the U.S., thanks to its appealing investment environment, Deputy U.S. Trade Representative Demetrios Marantis said at a press briefing on June 10 in Hanoi. The U.S. official expected at the briefing that Vietnam will continue facilitating U.S. investors to do business in the country, especially in the energy and infrastructure fields. Marantis, who is in Vietnam for an annual meeting of the inter-governmental cooperation council within the Trade and Investment Framework Agreement (TIFA), also disclosed that a mission of 23 S. leading firms have come to Vietnam to boost investment and trade ties. The guests, including Bunge, Caterpillar, Chevron, Coca-Cola Company, ConocoPhillips, Dow, ExxonMobil, Ford, General Electric and Microsoff, showed their interested to invest in various projects in Vietnam, particularly infrastructure which is one of the country’s top priorities for economic … [Read more...] about Vietnam Remains Attractive for Foreign Investors: U.S. Official
Chinese officials also repeatedly pledged in two days of talks with their U.S. counterparts that they saw no need for sustained weakening of the yuan currency, which many investors fear could shock the already sluggish U.S. and global economies and roil financial markets as happened in January. A central bank vice governor, Yi Gang, announced the quota at the bilateral Strategic and Economic Dialogue talks in Beijing, without providing further details such as a timeframe. "We believe the U.S. market is very important, so we granted 250 billion yuan in RQFII quotas to the United States," he said. The Renminbi Qualified Foreign Institutional Investor program allows financial institutions to use offshore yuan to buy securities in mainland China, including stocks, bonds and money market investments. China and the United States will also each pick a qualified bank to conduct yuan clearing business in the United States, Vice Premier Wang Yang said on Tuesday. The moves will allow Beijing to … [Read more...] about China gives U.S. investment quota for first time to deepen financial ties
The economic turmoil causing shocks in the U.S financial market only put little impact on Vietnam economy, according to some domestic and foreign experts. Ayumi Konishi, ADB country director for Vietnam, said Vietnam’s banking system is at initial stage of development, and what happened to the U.S market and its banks is hardly related to Vietnam. Risks from the U.S market to Vietnam banks are very small, Konishi said. However, the negative impacts of the global financial markets will put on Vietnam’s financial investors in lending property sector. Once prices of property fall, bad debts of several banks will increase. Le Dac Son, General Director of Vietnam Bank for Private Enterprises (VPBank), said the financial “earthquake” in the U.S financial market is remote from Vietnam’s banking system. The impact, if any, is the difficulty in Vietnam’s exports to the U.S market and the possible reduction of overseas remittance, he … [Read more...] about U.S Financial Turmoil Have Little Impact on Vietnam, Experts Say
In late 2014, Uber and Lyft targeted Portland, Oregon, as the next place to launch their still-controversial ride-hailing services. Lyft's nice-guy strategy - central to its marketing and expansion efforts nationwide - gained it nothing. "We were trying to figure out a way to reward Lyft for having better business practices and not violating our laws," said Josh Alpert, mayor Charlie Hales' chief of staff, who described the interactions with both companies. "Sadly, at the end of the day, it didn't make a difference." The city passed a law regulating ride-hailing last April. Today, Uber leads the Portland market - as it does across the United States. Lyft has positioned itself as the caring alternative to Uber in relations with drivers and customers, as well as regulators. Uber's more aggressive style, while irritating to public officials, has allowed the company to expand faster, building public awareness and market share. After four years of competition, Lyft is running a distant … [Read more...] about Lyft’s nice-guy strategy leaves it struggling to catch Uber in the U.S.
Five U.S. franchisers operating in the fields of education, communications, advertising, printing and gastronomy December 15 introduced franchise opportunities with local enterprises at a conference in Ho Chi Minh. The five brands, presented at the conference co-held by the U.S. Commercial Commission in Vietnam, Edwards Global Services Inc. (EGS) and the August Bao Law Firm, include three food franchise opportunities offered by The Melting Pot, Round Table Pizza – the fifth biggest pizza brand in the U.S. and the fast-food brand Carl’s Jr., as well as a franchise for art and creative education for children under the Abrakadoodle brand, and a business guidance franchise offered by Signs Now. The franchises were offered at costs ranging from US$300,000-US$500,000 for the exclusive rights to supply their branded products, said an EGS official. According to foreign investors, Vietnamese law governing franchises has been markedly streamlined to protect … [Read more...] about U.S. Firms Seeking Franchise Opportunities in Vietnam
People’s Committee of central Quang Nam province is seeking the Prime Minister’s approval for a US$10-billion tourism project invested by U.S. investors, the local VietnamNet online newspaper said, citing a provincial official. Dinh Van Thu, spokesman of the provincial People’s Committee Office, said this will be the largest tourism project in the central and Central Highland regions of Vietnam. The project will be invested by the U.S.’s Global C&D Inc. and several other unnamed companies from this country, Thu said. The Dragon Beach Casino Resort, to be located on a site of 460 hectares in Dien Ban district, will include nine hotel-casino complexes worth US$9 billion and a US$400-million international convention center. It will also house hi-end hotels worth US$140 million, a golf course-sport club area of US$100 million, a US$140-million trade center, and several other works. If approved by the Prime Minister, the project will … [Read more...] about Quang Nam Submits U.S.-invested US$10-Bln Project to PM
An international-standard racecourse, the biggest of this kind in Vietnam will be built in Soc Son District, Hanoi in the coming time after a rather long-term delay, state media said November 22. The Global Consultant Network L.L.C of the U.S. and the Hanoi tourism company will implement and manage the project at a total cost of between US$500 million and US$1 billion on an area of 235 hectares. It will include an international-standard racecourse, a five-star hotel, trade centers, a golf course, a water park, residential area and a resort complex. The racecourse will be a luxurious entertainment venue for foreign and domestic guests, the Hanoi tourism company General Director Nguyen Manh Hung, said, adding that it will create jobs for at least 10,000 local people. Time schedule for the project construction has not made available at the moment. According to Hung, the project was firstly licensed in 1999. It, however, was postponed as the project investors gave … [Read more...] about U.S. Global Consult to Build Vietnam’s Biggest Int’l-Standard Racecourse
Photo: VNA Former Deputy PM Vu Khoan shared his views on the meaning and importance of Party chief Nguyen Phu Trong’s visit to the US in a recent interview. Benefits for bothRegarding the developments in Viet Nam-U.S. relationship, the Deputy PM highlighted the two sides’ economic cooperation achievements over the recent 20 years. Two-way trade turnover spiraled from US$700 million to nearly US$40 billion. The U.S. is the largest importer of Vietnamese goods and among the ten largest investors in Viet Nam with US$10 billion.After establishing the Comprehensive Partnership, the two nations have exchanged high-ranking delegations, formed dialogue mechanisms in terms of politics, economics, national defense and security, democracy and human rights as well as cooperated at multi-lateral forums.Currently, as many as 15,000 Vietnamese students are studying in the U.S.The two nations’ relations have … [Read more...] about VN-U.S. relations head to higher level
Photo: VGP/Quang Hieu The PM made that statement at his reception for President &CEO at Samsung Electronics Shin Jong Kyun on May 4 in Ha Noi.He hailed the Samsung Electronics’ projects in Viet Nam, which have created more than 130,000 jobs and made great contribution to Viet Nam-Republic of Korea Strategic Partnership relations.The host lauded the investment of the corporation in other areas such as energy, infrastructure, harbor, science and technology and health care.Mr. Shin Jong Kyun said he hopes that the Vietnamese Government will soon have suitable strategies to take advantages of the new information technology development trend.He pledged that the corporation will strictly follow the Vietnamese regulations on investment and business as well as salary, incentives and social welfares for laborers. Photo: … [Read more...] about PM welcomes foreign investors from RoK, U.S.