A delegation from Vietnam’s northern province of Vinh Phuc has hosted a workshop in Washington, the US, to introduce investment opportunities in the province to potential investors.

Participants at the workshop

The event on September 4, which was held with assistance from the Embassy of Vietnam in the US, and the US Chamber of Commerce (USCC), attracted nearly 20 corporations and groups.

Vietnamese Ambassador to the US Ha Kim Ngoc particularly thanked Senior Vice President for Asia at the USCC Charles Freeman for supporting Vietnam and its localities in promoting trade, investment and trade relations between the two countries as well as among their localities.

The economies of Vietnam and the US are supplementary, Ngoc said, adding that to maintain high growth, Vietnam needs US goods and high-tech services such as energy, airplanes, industrial machines, farm produce, financial and digital services.

As the US firms are seeking to diversify investment sectors and markets, Vietnam is willing to be a trade partner of the US, he said.

He added that as ASEAN Chair 2020, Vietnam stands ready to coordinate with the US and countries in the Association of Southeast Asian Nations (ASEAN) to promote the ASEAN Outlook on the Indo-Pacific and the US’s Free and Open Indo-Pacific strategy.

Vice Secretary of Vinh Phuc Party Committee and Chairman of the provincial People’s Committee Nguyen Van Tri reported the socio-economic development situation in the province.

As of the end of July 2019, Vinh Phuc was home to 362 foreign direct investment (FDI) projects from 17 countries and territories with total registered capital of over 4.8 billion USD, ranking 19 out of the 63 cities and provinces in Vietnam in FDI attraction.

At present, Vinh Phuc has two projects worth 15.6 million USD invested by the US in processing and manufacturing.

At the workshop, local authorities fielded questions from the US businesses about various issues such as incentive policies, investment support, labour, infrastructure, smart city, e-commerce and logistics.

The same day, the Vinh Phuc investment promotion delegation coordinated with the Embassy of Vietnam in the US and the US-ASEAN Business Council (USABC) to host a seminar introducing favourable business conditions in Vietnam and Vinh Phuc.

Tri called on foreign investors, including those from the US, to invest in automotive engineering, electronic technology, high-tech agriculture, new material, renewable energy, tourism, education-training, health care, environmental treatment, and smart city.